Question

Select from among the following statements that are true.

A. The Uniform Probate Code (UPC) is a uniform act prepared by the National Conference of Commissioners on Uniform State Laws. The UPC governs inheritance and decedents' estates in the United States and is designed to streamline the probate process. B. Like the Uniform Commercial Code, the UPC has been adopted in all 50 states. C. State law governs the creation and implementation of wills. Federal law governs the creation and implementation of trusts. D. State law governs the creation and implementation of wills and trusts. E.Both the federal government and many states levy estate taxes. F. The U.S. Constitution prohibits states from levying estate taxes.

Answer 1

A. The Uniform Probate Code (UPC) is a uniform act prepared by the National Conference of Commissioners on Uniform State Laws. The UPC governs inheritance and decedents' estates in the United States and is designed to streamline the probate process - This is True

Explanation Uniform Probate Code is prepared by National Conference of Commissioners on Uniform State Laws (NCCUSL) to governs inheritance and decedents estates and to streamline the probate process.

B. Like the Uniform Commercial Code, the UPC has been adopted in all 50 states - This is False

Explanation - This has been intended to be adopted by all 50 cities however many cities have adopted it partially rather fully and there is variation in the version of cities.

C. State law governs the creation and implementation of wills. Federal law governs the creation and implementation of trusts -  This is False

Explanation - Both Will and Trust is govern by state law. Intention of Uniform Probate Code (UPC) is to standardize that.

D. State law governs the creation and implementation of wills and trusts. -  This is True

Explanation - Both Will and Trust is govern by state law. Intention of Uniform Probate Code (UPC) is to standardize that.

E. Both the federal government and many states levy estate taxes. -  This is True

Explanation - Federal government and few state governments levy estate taxes. There are few cases where levy can be exempted from Federal govt however they will be charged by state governments.It will be levied by the state in which the person was living when hi died.

F. The U.S. Constitution prohibits states from levying estate taxes. - This is False

Explanation - Federal government and few state governments levy estate taxes. There are few cases where levy can be exempted from Federal govt however they will be charged by state governments.

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