EXAM 450 QUESTIONS AND CORRECT DETAILED
ANSWERS (100% VERIFIED ANSWERS) |AGRADE
A distance cousin died 8 year ago and his estate was settled with no know relatives at the time. The
property was sold 7 years ago and the funds were deposited with the Chief Financial Officer of the state
of Florida . How much longer do you have to claim the funds from your cousin's estate? - ANSWER-3
years.
At any time within ____ after the payment to the chief financial officer a person claiming to be entitled
to the proceeds may reopen the administration to assert entitlement to the proceeds. if no claim is
timely asserted the states rights to the proceeds shall become absolute. - ANSWER-10 years
What is the effect of adoption on the adopted child relative to the adoptive parents estate? -
ANSWERThe adopted child in a lineal descendant of the adopting parents and is one of the natural
kindred of all members of the adopting parents family. They are NOT lineal descendants of his or her
natural parents or any prior adoptive families.
Robert and Pamela have 1 child Ethan. Pamela who was an only child died 4 years ago, and Robert
remarried (new wife is Mary). Mary adopted Ethan who was 6 at the time. If Pamela's widowed mother
dies and has an estate worth $50,000, is Robert, Mary or Ethan entitled to any portion of the estate? -
ANSWER-robert and ethan do, mary does not
When alice gave birth to steven she was a single mom and the father was never known. If alice dies is
steven entitled to the estate. - ANSWER-yes,
When Alice gave birth to Steven, she was a single mom, and claimed that Henry was the child's father,
though they never married, Henry denied it and there was never a paternity test. If Henry dies, is Steven
entitled to the estate? - ANSWER-no.
The paternity of the father must be established by an adjudication before or after the death of the father
and The paternity of the father is acknowledged in writing by the father.
,If a husband and wife have joint ownership of a house with an appraised worth of $300,000 and there is
no loan or mortgage on the home, when the wife dies, what portion of that is considered to be part of
her estate? - ANSWER-50% ($150,000)
When would a homestead not be included as part of the estate? - ANSWER-when there is a surviving
spouse
If you own a home worth $100,000, but have a $75,000 mortgage on the home, at your death, will that
house be considered exempt property since it is the homestead? - ANSWER-No, mortgage is
considered perfected security interest
What is the net value of the household items which are exempt under the homestead exemption? -
ANSWER-$20,000
what items are covered under the homestead exemption? - ANSWER-homestead, appliances,
furniture, furnishings,
Are automobiles exempt under the homestead exemption? - ANSWER-Two automobiles held in the
decedents name and regularly used by the decedent or members of the decedents immediate family as
their personal automobiles are exempt
In the event of a death what is meant by a family allowance? - ANSWER-money given to the family to
use while settling the estate
What is the maximum amount of the Family Allowance in Florida? - ANSWER-$18000
What are the qualifications for a person to make a will? - ANSWER-Any person who is of sound mind
and who is either 18 or emancipated minor with testamentary capacity.
how many witnesses must sign a will? - ANSWER-2
,In a husband's will, he leaves EVERYTHING to his wife. May she sign the will as a witness? - ANSWER-
yes
In May 2002, John wrote a will. In January 2004 he acquired additional real estate and wrote a codicil to
the will to dispose of the new real estate. In November 2005 John became upset with the beneficiaries
of the will and destroyed all copies of the will. Is the codicil still valid? - ANSWER-no
In what ways may a will be revoked? - ANSWER-by burning, tearing, canceling, defacing, obliterating,
or destroying it with the intent, and for the purpose, of revocation. or codocil
Where must a personal representative publish the notice to creditors in probating an estate? -
ANSWER-
Newspaper of regular circulation in the county where the estate is
How long must a creditor's notice be published in the newspaper? - ANSWER-once a week for 2 weeks
After the death of Larry Roosevelt, your funeral establishment or direct disposer establishment served
the family by providing the final services. If the administrator published a notice to creditor on June 24th
in the local newspaper, by when must you file a claim to be paid for your services? - ANSWER-3
months
After the death of Larry Roosevelt, your funeral establishment or direct disposer establishment served
the family by providing the final services. If the administrator sent you a certified letter you received on
June 24th asking you to submit a claim, by when must you file a claim to be paid for your services? -
ANSWER-30 days
Given the following charges of an estate, list the order in which they will be paid:
$7000 in funeral expenses;
$2000 in state taxes;
, $580 in credit card debt;
$5000 for administrative probate expenses;
$300 ambulance fee for transport to the hospital where the decedent was pronounced dead on arrival;
Family allowance for wife and 2 minor children;
$9000 on a car loan. - ANSWER-1- $5,000 administrative probate expenses
2-funeral expenses up to $6000
3-state tax
credit card debt
car loan 4-
ambulance ride
5-family allowance
6-child support arrearage
Describe the jobs, hours, and hazards children of the following ages may work by the child labor laws of
FLSA...
...14-15? - ANSWER-MAY NOT BE EMPLOYED in nonagricultural occupations covered by the FLSA. may
not work in processing, mining, or in any workroom or workplace where goods are manufactured or
processed. also are prohibited from working in any of the Hazardous Orders or in occupations involving
transportation, construction, warehousing, communications and public utilities
MAY WORK IN most office jobs and retail food service establishments,
Describe the jobs, hours, and hazards children of the following ages may work by the child labor laws of
FLSA...
16-17 - ANSWER-16 & 17 year olds may be employed for unlimited hours in any occupation other than
those declared hazardous by the secretary of labor