CELE SQE

CELE SQE1 模拟练习

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Mrs. Smith, an executor, is administering the estate of her late uncle. The estate includes various assets and liabilities. What should be her first step in administering the estate?

A. Distribute the estate to the beneficiaries.

B. Pay off all outstanding debts and liabilities.

C. Notify all known creditors of the death.

D. Collect and value all assets of the estate.

E. File a tax return for the estate.

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The first step in administering an estate is to collect and value all the assets. This allows the executor to understand the extent of the estate, which is necessary for paying debts, calculating taxes, and ultimately distributing the assets to the beneficiaries.

Key Point: Proper administration of an estate begins with collecting and valuing all assets to ensure accurate payment of debts and distribution to beneficiaries.

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Wills and the Administration of EstatesUnit 3Chapter 8

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