Question 1

Greg dies without a will. His survivors include his spouse Helen and his two children, Irene and John. Under applicable laws, of Greg's estate, Helen will probably receive

Accepted Answer

A)  ​everything. 
B)  ​nothing. 
C)  ​one-half. 
D)  ​one-third. 
A)  ​everything. 
B)  ​nothing. 
C)  ​one-half. 
D)  ​one-third.

Question 2

A will must normally be attested to by two or three witnesses.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

A holographic will is a will expressed in 3D.

Accepted Answer

A) True 
 B)False

Question 5

Jack's will states, "I leave my red sports car to Kayla." This is

Accepted Answer

A)  ​a specific legacy. 
B)  ​a devise. 
C)  ​an execution. 
D)  ​a general legacy. 
A)  ​a specific legacy. 
B)  ​a devise. 
C)  ​an execution. 
D)  ​a general legacy.

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

Kit has two children, Lea (the eldest) and Merl, both of whom predecease Kit. Lea is survived by a son, Nat, and Merl by two daughters, Opal and Pearl. On Kit's death, if the estate is distributed per capita

Accepted Answer

A)  ​Nat will receive one-half of the estate, and Opal and Pearl will each receive one-fourth. 
B)  ​Nat will receive the entire estate. 
C)  ​the grandchildren will each receive one-third of the estate. 
D)  ​the grandchildren will not receive anything. 
A)  ​Nat will receive one-half of the estate, and Opal and Pearl will each receive one-fourth. 
B)  ​Nat will receive the entire estate. 
C)  ​the grandchildren will each receive one-third of the estate. 
D)  ​the grandchildren will not receive anything.

Question 8

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

Accepted Answer

A)  ​not permitted. 
B)  ​permitted but not probated. 
C)  ​valid only because its witness is not its beneficiary. 
D)  ​valid only because it does not involve a transfer of personal property. 
A)  ​not permitted. 
B)  ​permitted but not probated. 
C)  ​valid only because its witness is not its beneficiary. 
D)  ​valid only because it does not involve a transfer of personal property.

Question 9

A trust that a grantor executes orally in contemplation of immediate death is a testamentary trust.

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

Gunther dies intestate. The debts of the estate are paid by his​

Accepted Answer

A)  ​estate, after its assets are distributed. 
B)  ​estate, before its assets are distributed. 
C)  ​heirs, after the estate's assets are distributed. 
D)  ​heirs, before the estate's assets are distributed. 
A)  ​estate, after its assets are distributed. 
B)  ​estate, before its assets are distributed. 
C)  ​heirs, after the estate's assets are distributed. 
D)  ​heirs, before the estate's assets are distributed.

Question 12

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

Accepted Answer

A)  ​full payment in order of seniority until the assets are exhausted. 
B)  ​nothing-the assets will descend to the state. 
C)  ​reduced benefits. 
D)  ​the option of distributing the assets according to their wishes. 
A)  ​full payment in order of seniority until the assets are exhausted. 
B)  ​nothing-the assets will descend to the state. 
C)  ​reduced benefits. 
D)  ​the option of distributing the assets according to their wishes.

Question 13

To probate a will means to release it to the media.

Accepted Answer

A) True 
 B)False

Question 14

A resulting trust arises from the conduct of the parties.

Accepted Answer

A) True 
 B)False

Question 15

The debts of a decedent must be satisfied out of his or her estate.

Accepted Answer

A) True 
 B)False

Question 16

Finnegan dies without a will, with no surviving spouse or child. Finnegan's survivors include his grandson Gallagher, his niece Hailey, and his cousin Innis. In most states, his estate would pass to

Accepted Answer

A)  ​Gallagher. 
B)  ​Hailey. 
C)  ​Innis. 
D)  ​the state. 
A)  ​Gallagher. 
B)  ​Hailey. 
C)  ​Innis. 
D)  ​the state.

Question 17

A trust created by a will to come into existence on the settlor's death is an irrevocable living trust.

Accepted Answer

A) True 
 B)False

Question 18

An "X" can qualify as a signature on a will.

Accepted Answer

A) True 
 B)False

Question 19

The recipient of a legacy is a devisee.

Accepted Answer

A) True 
 B)False

Question 20

Martin's will states, "I leave my gold pocket watch to Laurie." Laurie dies before Martin. This creates

Accepted Answer

A)  ​an abatement. 
B)  ​a general devise. 
C)  ​a lapsed legacy. 
D)  ​a residuary legacy. 
A)  ​an abatement. 
B)  ​a general devise. 
C)  ​a lapsed legacy. 
D)  ​a residuary legacy.

Exam 31: Wills and Trusts

Greg dies without a will. His survivors include his spouse Helen and his two children, Irene and John. Under applicable laws, of Greg's estate, Helen will probably receive

A will must normally be attested to by two or three witnesses.

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

A holographic will is a will expressed in 3D.

Jack's will states, "I leave my red sports car to Kayla." This is

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

Kit has two children, Lea (the eldest) and Merl, both of whom predecease Kit. Lea is survived by a son, Nat, and Merl by two daughters, Opal and Pearl. On Kit's death, if the estate is distributed per capita

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

A trust that a grantor executes orally in contemplation of immediate death is a testamentary trust.

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

Gunther dies intestate. The debts of the estate are paid by his​

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

To probate a will means to release it to the media.

A resulting trust arises from the conduct of the parties.

The debts of a decedent must be satisfied out of his or her estate.

Finnegan dies without a will, with no surviving spouse or child. Finnegan's survivors include his grandson Gallagher, his niece Hailey, and his cousin Innis. In most states, his estate would pass to

A trust created by a will to come into existence on the settlor's death is an irrevocable living trust.

An "X" can qualify as a signature on a will.

The recipient of a legacy is a devisee.

Martin's will states, "I leave my gold pocket watch to Laurie." Laurie dies before Martin. This creates

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Gunther dies intestate. The debts of the estate are paid by his