Question 1

Which of the following is not a characteristic of reciprocal wills?

Accepted Answer

A)  They are separate wills where the testators leave property to each other. 
B)  The leaving of property to each other is conditioned on the beneficiary disposing further of the property only in accordance with the terms of the reciprocal wills. 
C)  They can be executed only by husband and wife. 
D)  They cannot be revoked after one of the parties dies. 
A)  They are separate wills where the testators leave property to each other. 
B)  The leaving of property to each other is conditioned on the beneficiary disposing further of the property only in accordance with the terms of the reciprocal wills. 
C)  They can be executed only by husband and wife. 
D)  They cannot be revoked after one of the parties dies.

Question 2

A bequest is a gift of personal property in a will.

Accepted Answer

A) True 
 B)False

Question 3

A document executed with the formalities of a will in order to modify an existing will is called a(n):

Accepted Answer

A)  rider 
B)  ademption 
C)  nuncupative addendum 
D)  endorsement 
E)  codicil 
A)  rider 
B)  ademption 
C)  nuncupative addendum 
D)  endorsement 
E)  codicil

Question 4

The settlor is the person who transfers property in order to form a trust.

Accepted Answer

A) True 
 B)False

Question 5

In general,a will must be in writing to be effective.

Accepted Answer

A) True 
 B)False

Question 6

A resulting trust is not valid because it is not in writing.

Accepted Answer

A) True 
 B)False

Question 7

An intervivos trust refers to a trust that is created after the settler dies.

Accepted Answer

A) True 
 B)False

Question 8

Joe wrote a will in 1994 when he was age 65.The only two provisions are that his older son will receive his 1984 Cadillac and that the remainder of his estate be divided one-third to his older son and two-thirds to his younger son.When Joe is 72 he quits driving and sells his car.Joe dies 10 years after executing the will without changing it.How will Joe's estate be divided?

Accepted Answer

A)  The older son will get one-third and the younger son will get two-thirds of the estate. 
B)  The older son will receive an amount equal to the value of the Cadillac in 1994; the remainder will go one-third to the older son and two-thirds to the younger son. 
C)  The older son will receive an amount equal to the value of a 1984 Cadillac at the time of Joe's death,the remainder will go one-third to the older son and two-thirds to the younger son. 
D)  If the proceeds from the sale of the Cadillac can be separately traced,the older son will receive these,and the remainder will go one-third to the older son and two-thirds to the younger son; if the proceeds cannot be separately traced,the entire estate will go one-third to the older son and two-thirds to the younger son. 
A)  The older son will get one-third and the younger son will get two-thirds of the estate. 
B)  The older son will receive an amount equal to the value of the Cadillac in 1994; the remainder will go one-third to the older son and two-thirds to the younger son. 
C)  The older son will receive an amount equal to the value of a 1984 Cadillac at the time of Joe's death,the remainder will go one-third to the older son and two-thirds to the younger son. 
D)  If the proceeds from the sale of the Cadillac can be separately traced,the older son will receive these,and the remainder will go one-third to the older son and two-thirds to the younger son; if the proceeds cannot be separately traced,the entire estate will go one-third to the older son and two-thirds to the younger son.

Question 9

The party who makes a will is called the beneficiary.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is generally true about witnesses to wills?

Accepted Answer

A)  In most states one witness is sufficient. 
B)  Witnesses must be residents of the same state as the testator. 
C)  Multiple witnesses must sign in the presence of one another. 
D)  Witnesses must know of the contents of the will. 
E)  Witnesses must be relatives who know the testator well. 
A)  In most states one witness is sufficient. 
B)  Witnesses must be residents of the same state as the testator. 
C)  Multiple witnesses must sign in the presence of one another. 
D)  Witnesses must know of the contents of the will. 
E)  Witnesses must be relatives who know the testator well.

Question 11

When a testator leaves her property to her descendants per capita,all living descendants receive an equal share regardless of the generation they are in.

Accepted Answer

A) True 
 B)False

Question 12

The party who executes a will is called the:

Accepted Answer

A)  executor 
B)  administrator 
C)  settlor 
D)  declaror 
E)  testator 
A)  executor 
B)  administrator 
C)  settlor 
D)  declaror 
E)  testator

Question 13

A gift of personal property made in a will is known as a:

Accepted Answer

A)  devise 
B)  legacy 
C)  corpus 
D)  bequest 
E)  Both B and D 
A)  devise 
B)  legacy 
C)  corpus 
D)  bequest 
E)  Both B and D

Question 14

A holographic will is a will in the handwriting of the testator and signed by the testator.

Accepted Answer

A) True 
 B)False

Question 15

Which laws address the passage of property to heirs when someone dies without a will?

Accepted Answer

A)  ademption 
B)  collateral 
C)  probate 
D)  intestacy 
E)  estray 
A)  ademption 
B)  collateral 
C)  probate 
D)  intestacy 
E)  estray

Question 16

A will that is made entirely in the testator's own handwriting is what kind of will?

Accepted Answer

A)  nuncupative 
B)  invalid 
C)  holographic 
D)  reciprocal 
E)  self-proving 
A)  nuncupative 
B)  invalid 
C)  holographic 
D)  reciprocal 
E)  self-proving

Question 17

A will that is made orally in front of witnesses during the testator's final illness is what kind of will?

Accepted Answer

A)  nuncupative 
B)  invalid 
C)  holographic 
D)  reciprocal 
E)  self-proving 
A)  nuncupative 
B)  invalid 
C)  holographic 
D)  reciprocal 
E)  self-proving

Question 18

The majority rule regarding in-laws is that they do not inherit under intestacy statutes.

Accepted Answer

A) True 
 B)False

Question 19

Under the Uniform Simultaneous Death Act,when two persons who would inherit property from each other die together in such a way that it is impossible to determine who died first,the property of each is distributed:

Accepted Answer

A)  as if he or she had died first 
B)  as if he or she had died after the other person 
C)  as if the older person had died first 
D)  as if the other person had not been left anything in the will 
E)  as if each had half the combined assets of both parties 
A)  as if he or she had died first 
B)  as if he or she had died after the other person 
C)  as if the older person had died first 
D)  as if the other person had not been left anything in the will 
E)  as if each had half the combined assets of both parties

Question 20

Which of the following best describes the doctrine of ademption?

Accepted Answer

A)  When there are not enough assets to satisfy all the gifts in the will,the residual gifts will be the last to be paid. 
B)  When assets are distributed to lineal descendants,equal shares are given to all descendants regardless of which generation they are in. 
C)  If a decedent dies without owning the property that was the subject of a specific gift in the will,the beneficiary will receive nothing for it. 
D)  When there are not enough assets in the estate to satisfy all general gifts,they are all satisfied on a pro-rata basis. 
A)  When there are not enough assets to satisfy all the gifts in the will,the residual gifts will be the last to be paid. 
B)  When assets are distributed to lineal descendants,equal shares are given to all descendants regardless of which generation they are in. 
C)  If a decedent dies without owning the property that was the subject of a specific gift in the will,the beneficiary will receive nothing for it. 
D)  When there are not enough assets in the estate to satisfy all general gifts,they are all satisfied on a pro-rata basis.

Exam 52: Wills, Trusts, and Elder Law

Which of the following is not a characteristic of reciprocal wills?

A bequest is a gift of personal property in a will.

A document executed with the formalities of a will in order to modify an existing will is called a(n):

The settlor is the person who transfers property in order to form a trust.

In general,a will must be in writing to be effective.

A resulting trust is not valid because it is not in writing.

An intervivos trust refers to a trust that is created after the settler dies.

The party who makes a will is called the beneficiary.

Which of the following is generally true about witnesses to wills?

When a testator leaves her property to her descendants per capita,all living descendants receive an equal share regardless of the generation they are in.

The party who executes a will is called the:

A gift of personal property made in a will is known as a:

A holographic will is a will in the handwriting of the testator and signed by the testator.

Which laws address the passage of property to heirs when someone dies without a will?

A will that is made entirely in the testator's own handwriting is what kind of will?

A will that is made orally in front of witnesses during the testator's final illness is what kind of will?

The majority rule regarding in-laws is that they do not inherit under intestacy statutes.

Under the Uniform Simultaneous Death Act,when two persons who would inherit property from each other die together in such a way that it is impossible to determine who died first,the property of each is distributed:

Which of the following best describes the doctrine of ademption?

Legal Heritage and the Information Age

Court Systems and Jurisdiction

Judicial, Alternative, and Online Dispute Resolution

Constitutional Law for Business and E-Commerce

Intentional Torts and Negligence

Strict Liability and Product Liability

Intellectual Property and Cyber Piracy

Criminal Law and Cyber Crimes

Nature of Traditional and E-Contracts

Agreement

Consideration and Promissory Estoppel

Capacity and Legality

Genuineness of Assent and Undue Influence

Statute of Frauds and Equitable Exceptions

Third-Party Rights and Discharge

Remedies for Breach of Traditional and E-Contracts

Internet Law and E-Commerce

Formation of Sales and Lease Contracts

Title to Goods and Risk of Loss

Remedies for Breach of Sales and Lease Contracts

Sales and Lease Warranties

Creation of Negotiable Instruments

Transferability and Holder In Due Course

Liability,Defenses and Discharge

Checks, the Banking System, and E-Money

Creditor's and Debtor's Rights

Secured Transactions and Electronic Filing

Bankruptcy and Reorganization

Agency Formation and Termination

Liability of Principals, Agents, and Independent Contractors

Employment,Worker Protection,and Immigration Laws

Labor Law and Collective Bargaining

Equal Opportunity in Employment

Small Businesses, Entrepreneurs, and General Partnerships

Limited Partnerships and Limited Liability Limited Partnerships

Corporate Formation and Financing

Corporate Governance and the Sarbanes Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Companies and Limited Liability Partnerships

Franchises and Special Forms of Business

Investor Protection and Online Securities Transactions

Ethics and Social Responsibility of Business

Administrative Law and Regulatory Agencies

Consumer Protection and Product Safety

Environmental Protection and Global Warming

Antitrust Law and Unfair Trade Practices

Personal Property and Bailment

Real Property

Landlord Tenant Law and Land Use Regulation

Insurance

Accountants' Liability

Family Law

International and World Trade Law

Filters