Paralegal Advanced Competency Exam (PACE) Practice Exam

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Prepare for the Paralegal Advanced Competency Exam with confidence. Enhance your knowledge with a range of quizzes, multiple choice questions, and detailed explanations. Equip yourself with the skills necessary to excel in your paralegal career!

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What is "escheat" in legal terms?

The right of heirs to inherit property
The state's right to claim property without a will or heirs
The process of transferring property to a living trust
A type of property tax exemption

The correct answer is: The state's right to claim property without a will or heirs

Escheat is a legal concept that refers to the state's right to claim ownership of property when an individual dies intestate (without a will) and has no known heirs. This means that if someone passes away and there are no family members or beneficiaries to inherit their assets, the state steps in to prevent the property from becoming unclaimed or abandoned. This right of the state ensures that the property ultimately serves the public good rather than sitting in limbo. The other options provided do not accurately define escheat. The right of heirs to inherit property pertains to inheritance laws rather than the state's claim over unclaimed property. The process of transferring property to a living trust involves estate planning mechanisms, while a property tax exemption refers to reductions in property taxes, which are unrelated to the concept of escheat. Thus, option B accurately captures the meaning of escheat in legal terms.