Future Business Leaders of America (FBLA) Agribusiness Practice Test

What is often included in the probate property?

1. All financial accounts

2. Property with joint ownership

3. All property administered under the court’s supervision

4. Only real estate assets

The correct answer is: All property administered under the court’s supervision

Probate property typically refers to assets that are subject to the probate process, which involves administering a deceased person's estate through the court. This process is necessary for distributing the deceased's assets according to their will or state laws if there is no will. The correct choice indicates that all property administered under the court’s supervision is included in probate property. This encompasses various types of assets, including real estate, bank accounts, and personal belongings, as long as they are not otherwise exempt from probate. The court's supervision is crucial in ensuring that the estate is settled fairly, debts are paid, and the remaining assets are distributed to beneficiaries. Other choices might imply restrictions on what types of property can be included in probate. For example, jointly owned property typically does not go through probate, as it usually passes directly to the surviving owner. Financial accounts that have designated beneficiaries or payable-on-death instructions also bypass probate. Therefore, the comprehensive nature of the option stating all property administered under the court’s supervision is what makes it the correct answer.