Auctioneer Practice Exam

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What is 'testate'?

To have a will at the time of death
To die without assets
A type of property ownership
An involuntary transfer of property

The correct answer is: To have a will at the time of death

The term 'testate' refers specifically to an individual who has made a valid will before their death. When someone dies testate, it means that their assets are to be distributed according to the instructions outlined in that will. This is significant in the context of estate planning and probate, as having a will can streamline the process of asset distribution and help ensure that the deceased's wishes are honored. The other options, while related to estate and property concepts, do not accurately convey the definition of 'testate.' For example, dying without assets pertains to a different scenario altogether and does not consider the existence of a will. Similarly, property ownership types and involuntary transfers of property involve other legal terms and principles that are not directly linked to the concept of dying with a will.