Exam 31: Estate Planning

Jacob has been quite ill.When three of his neighbors come to visit one day,he tells them that he is dying and that he wants them to witness his oral will.In some states,he can validly dispose of his personal property by his witnessed,oral statements.

Which of the following is true about wills?

When a married person dies intestate,the surviving spouse is entitled to:

If Walter becomes incompetent to manage his affairs:

Property of a person who dies without a will is distributed according to intestacy laws.

The federal government has established uniform probate laws that apply in all 50 states.

A pretermitted child is:

Joel is displeased with his son's lifestyle choices and,instead of dividing his estate,Joel wants to leave all of his property to his daughter,Marie,when he dies.Joel:

A minor (under age 18)can prepare a valid will if it is co-signed by a parent.

In legal terms,the word "issue" means:

Under the Uniform Anatomical Gift Act:

A later will revokes a prior will only if that revocation is clearly stated.

Reva prepares and signs a document that she intends to be her will.If she has not followed the legal technicalities of her state regarding executing a will,the court may not enforce the will.

A trust created in a will is:

Legal requirements for a will depend on state law,but generally include all but which of the following?

An executor who is related to the testator is not entitled to compensation.

The major disadvantage of a trust is:

When a testator wants to change or amend a limited portion of a will,he may use:

Lying on her hospital bed alone one night,Phyllis grabs a pen and paper.With the last of her strength,she wrote her last will and testament leaving all her worldly possessions to her next-door neighbor,Aaron.This type of will is:

Which of the following is not required to create a valid trust: