Exam 52: Wills, Trusts, and Elder Law

The majority of trusts are revocable.

In 2000,Pam writes a will leaving her 1995 BMW to her oldest daughter,Ann.In 2002,she writes another will leaving the 1995 BMW to her youngest son,Frank.In 2004,she trades the BMW in on a Porsche.Shortly thereafter she writes a codicil that states in part,"This codicil is amending my will in which I left my 1995 BMW to my daughter Ann.I am now changing that to read that I am leaving my 2004 Porsche to Ann." Assuming that both wills and the codicil met all the required formalities,who gets the Porsche when Pam dies in 2008? Explain your reasoning.

A constructive trust can be implied to prevent fraud or unjust enrichment.

Receiving one-fourth of what is left in the estate after specific items are given to named individuals in a will is a(n):

Which of the following is true about witnesses who attest to a will?

A trust created by the terms of a will is a:

The legal age for executing a will is set by state statute.

A codicil is the common name for a document that changes the terms of a will.

What is the legal effect of a testator executing a second will when the testator already has an earlier existing valid will?

With a trust,all aspects of title to the trust property are transferred to the trustee.

Dying intestate means dying without a will.

In a per stirpes distribution,a person in a higher generation receives twice the share of one in the next lower generation.

An attestation clause is an assertion by the person making the will that it is valid.

Sandy has three children.Her oldest child has three children and her second has two.Her youngest child has no children.In addition,Sandy's fourth child died 2 years ago leaving behind a husband and one young child of theirs.If Sandy's will leaves all her property "to her lineal descendants," indicate the portions that each of her survivors would receive under both per stirpes and per capita distribution if Sandy were to die before there are any additional deaths among the above.

A codicil must be executed with the same formalities as a will.

The existence of a later will does not automatically revoke all earlier wills by operation of law.

Once a valid will has been executed,permission of the court is required to revoke it.

A devise is any gift of property other than cash made in a will.

Abatement refers to the order in which bequests are paid based on the sufficiency of the estate to distribute the property.

A nuncupative will and dying declarations both represent oral wills,usually made during the testator's final illness.