Exam 51: Wills and Trusts

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Rose makes out a will in which Steve is appointed to administer the will. After Rose dies, Steve cannot administer the will, and a court appoints Terry to handle the probate of the estate. In this situation, the executor is

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Question 1

Correct Answer:

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Graham's will leaves $100,000 to his two children, Harry and Ida. When Graham dies, he only has $80,000 to honor his bequests. Harry and Ida each receive $40,000. This is

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Question 2

Correct Answer:

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A valid will is one that represents the maker's intention to transfer and distribute his or her property.

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(True/False)

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Question 3

Correct Answer:

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True

The assets in Doug's estate, including the value of his home on Elm Street and its contents, are insufficient to pay in full all of the gifts provided for in his will. His heirs will receive

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Question 4

Before dying from injuries suffered in an accident, Lynda tells her cousin Marina that on her death, Natalia is to be given possession of Lynda's farm. In most states, this oral "will" would be

(Multiple Choice)

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Question 5

Elizabeth authorizes Frieda to act on Elizabeth's behalf when she becomes incapacitated. Frieda will be able to write checks, collect insurance proceeds, and otherwise manage Elizabeth's affairs. This is

(Multiple Choice)

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Question 6

Per capita is a method of dividing an intestate share of an estate.

(True/False)

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Question 7

A married person who makes a will generally cannot avoid leaving a certain portion of the estate to the surviving spouse.

(True/False)

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Question 8

One who dies after having made a valid will is said to have died intestate.

(True/False)

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Question 9

A lapsed legacy will occur if the testator predeceases the gift.

(True/False)

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Question 10

Tom executes a will in which he leaves everything to his spouse, Victoria, and in which he appoints Warren to administer his estate. This must be signed by

(Multiple Choice)

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Question 11

In most states, a person must be twenty-one years of age to execute a valid will.

(True/False)

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Question 12

Undue influence can occur when a named beneficiary is in a position to influence the making of a will.

(True/False)

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Question 13

The recipient of a legacy is a devisee.

(True/False)

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Question 14

When a person dies without a valid will, and no heirs exist, the state will assume ownership of the property.

(True/False)

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Question 15

According to the terms of Carmen's will, specific gifts are made, and taxes and other estate expenses and debts are paid. The assets of Carmen's estate that remain are most likely to be distributed

(Multiple Choice)

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Question 16

Jill handwrites what she intends to be her will on a blank sheet of paper in ink. If Jill has capacity, this "will" is valid

(Multiple Choice)

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Question 17

Meryl's daughter Nixie dies before Meryl, leaving Nixie's son Orman. On Meryl's death, it is learned that her will gives "to my daughter Nixie my farm near Pratt, Kansas." Most likely, the gift of the farm will lapse in part.

(Multiple Choice)

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Question 18

A resulting trust arises from the conduct of the parties.

(True/False)

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Question 19

A testator is a decedent who dies without a will.

(True/False)

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Question 20

Showing 1 - 20 of 72

Exam 51: Wills and Trusts

​Rose makes out a will in which Steve is appointed to administer the will. After Rose dies, Steve cannot administer the will, and a court appoints Terry to handle the probate of the estate. In this situation, the executor is

​Graham's will leaves $100,000 to his two children, Harry and Ida. When Graham dies, he only has $80,000 to honor his bequests. Harry and Ida each receive $40,000. This is

A valid will is one that represents the maker's intention to transfer and distribute his or her property.​

​The assets in Doug's estate, including the value of his home on Elm Street and its contents, are insufficient to pay in full all of the gifts provided for in his will. His heirs will receive

​Before dying from injuries suffered in an accident, Lynda tells her cousin Marina that on her death, Natalia is to be given possession of Lynda's farm. In most states, this oral "will" would be

​Elizabeth authorizes Frieda to act on Elizabeth's behalf when she becomes incapacitated. Frieda will be able to write checks, collect insurance proceeds, and otherwise manage Elizabeth's affairs. This is

Per capita is a method of dividing an intestate share of an estate.

​A married person who makes a will generally cannot avoid leaving a certain portion of the estate to the surviving spouse.

One who dies after having made a valid will is said to have died intestate.

​A lapsed legacy will occur if the testator predeceases the gift.

​Tom executes a will in which he leaves everything to his spouse, Victoria, and in which he appoints Warren to administer his estate. This must be signed by

​In most states, a person must be twenty-one years of age to execute a valid will.

​Undue influence can occur when a named beneficiary is in a position to influence the making of a will.

The recipient of a legacy is a devisee.​

When a person dies without a valid will, and no heirs exist, the state will assume ownership of the property.

​According to the terms of Carmen's will, specific gifts are made, and taxes and other estate expenses and debts are paid. The assets of Carmen's estate that remain are most likely to be distributed

​Jill handwrites what she intends to be her will on a blank sheet of paper in ink. If Jill has capacity, this "will" is valid

​Meryl's daughter Nixie dies before Meryl, leaving Nixie's son Orman. On Meryl's death, it is learned that her will gives "to my daughter Nixie my farm near Pratt, Kansas." Most likely, the gift of the farm will lapse in part.

​A resulting trust arises from the conduct of the parties.

​A testator is a decedent who dies without a will.

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Rose makes out a will in which Steve is appointed to administer the will. After Rose dies, Steve cannot administer the will, and a court appoints Terry to handle the probate of the estate. In this situation, the executor is

Graham's will leaves $100,000 to his two children, Harry and Ida. When Graham dies, he only has $80,000 to honor his bequests. Harry and Ida each receive $40,000. This is

A valid will is one that represents the maker's intention to transfer and distribute his or her property.

The assets in Doug's estate, including the value of his home on Elm Street and its contents, are insufficient to pay in full all of the gifts provided for in his will. His heirs will receive

Before dying from injuries suffered in an accident, Lynda tells her cousin Marina that on her death, Natalia is to be given possession of Lynda's farm. In most states, this oral "will" would be

Elizabeth authorizes Frieda to act on Elizabeth's behalf when she becomes incapacitated. Frieda will be able to write checks, collect insurance proceeds, and otherwise manage Elizabeth's affairs. This is

A married person who makes a will generally cannot avoid leaving a certain portion of the estate to the surviving spouse.

A lapsed legacy will occur if the testator predeceases the gift.

Tom executes a will in which he leaves everything to his spouse, Victoria, and in which he appoints Warren to administer his estate. This must be signed by

In most states, a person must be twenty-one years of age to execute a valid will.

Undue influence can occur when a named beneficiary is in a position to influence the making of a will.

The recipient of a legacy is a devisee.

According to the terms of Carmen's will, specific gifts are made, and taxes and other estate expenses and debts are paid. The assets of Carmen's estate that remain are most likely to be distributed

Jill handwrites what she intends to be her will on a blank sheet of paper in ink. If Jill has capacity, this "will" is valid

Meryl's daughter Nixie dies before Meryl, leaving Nixie's son Orman. On Meryl's death, it is learned that her will gives "to my daughter Nixie my farm near Pratt, Kansas." Most likely, the gift of the farm will lapse in part.

A resulting trust arises from the conduct of the parties.

A testator is a decedent who dies without a will.