Exam 52: Wills Trusts and Estates

What is a codicil?

Euthanasia pursuant to a living will is considered legal.

Mr.Rolleck places his estate in a trust while he is alive and he names a local bank as the trustee to administer the trust and invest its assets.The trust designates his wife as the income beneficiary of his estate and stipulates that after his wife's death, their children James and Joyce will receive the trust.James and Joyce are ________ in this scenario.

A gift of $30, 000 to a named beneficiary is an example of a ________ gift.

A codicil is considered to be a separate instrument from the will it references.

Bob and Clara were married for 22 years when they died in a car accident, without leaving behind a will.They had no surviving children but they were close to many of their living relatives.According to the Uniform Simultaneous Death Act, how would the couple's properties be distributed following their death?

A(n)________ is a declaration of how a person wants his or her property to be distributed upon death.

Who is a beneficiary of a will?

A codicil must be ________.

In case of abatement, if a will provides for both general and residuary gifts, the residuary gifts are abated first.