Paralegal Advanced Competency Exam (PACE) Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Study for the Paralegal Advanced Competency Exam (PACE). Utilize flashcards and multiple-choice questions designed to enhance your knowledge of paralegal standards and competencies. Prepare effectively and increase your chances of passing!

Practice this question and more.

What does a "claim" represent in the context of probate law?

A legal opinion on a case
A debt owed by the decedent
An appeal filed by a creditor
A tax obligation of the estate

The correct answer is: A debt owed by the decedent

In the context of probate law, a "claim" specifically refers to a demand for payment of a debt owed by the decedent at the time of their death. This encompasses any financial obligations the decedent had that need to be resolved during the probate process. This can include a wide range of debts, such as loans, credit card balances, or unpaid bills, which creditors assert against the estate. Understanding this definition is crucial, as claims must be settled before the estate can be distributed to beneficiaries. The executor or administrator of the estate has a duty to identify and resolve claims, ensuring debts are paid in the appropriate order of priority as dictated by probate law. Claims are an integral part of simplifying the estate's financial situation, allowing beneficiaries to receive their inheritance free of the decedent's liabilities.