Certified Financial Planner (CFP) Practice Exam · Question
What is 'probate' in the context of estate administration?
Probate is the legal process that officially proves the validity of a will and grants the executor the legal authority to administer the deceased's estate.
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Question: What is 'probate' in the context of estate administration?
Answer options:
- The process of drafting a will. ✅ The legal process of validating a will and confirming the executor's authority.
- The act of distributing assets to beneficiaries without a will.
- A tax levied on inherited assets.
Correct answer: The legal process of validating a will and confirming the executor's authority.
Explanation: Probate is the legal process that officially proves the validity of a will and grants the executor the legal authority to administer the deceased's estate.
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