Exam 31: Wills and Trusts

For Melinda's will to be valid, she must be mentally competent at the time of

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

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

In his will, Jason leaves $10,000 to each of his three children. However, after Jason dies and all his debts are paid, there is only $9,000 left in his estate. Each child will receive

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

The owners of Designer Apps, Inc., want to execute wills. Eve is fifteen years old, Fran is seventeen, and Gail is nineteen. In most states, those with the capacity to execute a will are

Gwen and Hunt are partners in Investment Associates. Hunt takes advantage of a partnership opportunity for personal gain that causes the firm's business to suffer. A court orders Hunt to hold the profits in trust for the partnership. This is​

Edie holds title to Floyd's property under circumstances that, although nothing is express, indicate this is apparently only for Floyd's benefit. This is

Ruth executes a will in 2015 naming her nephew Stan as sole beneficiary. In 2017, Ruth executes another will, naming her niece Tammy as sole beneficiary, but does not state that she is revoking the previous will. On Ruth's death

Lorenzo owns a certificate of deposit with Maria, his sister, and a commercial building with Navarro, his brother, in both cases as a joint tenant. Lorenzo, a partner with Othelia in Lorenzo & Othelia Physicians, obtains a life insurance policy with Othelia as the designated beneficiary. Lorenzo writes a will that gives particular items of personal property, as well as specific amounts of cash, to his children and his friends. The will leaves the residue of the estate to Paulina, Lorenzo's favorite cousin. Navarro dies. Lorenzo, on his own deathbed, makes a gift to the United Way. Will the certificate of deposit, the commercial building, the proceeds from the life insurance policy, and the gift to the United Way become part of Lorenzo's estate and be distributed under the will? If not, how will these items be distributed and to whom?​

The trustee is the person who benefits from a trust.

Callahan dies without a will, survived by his granddaughter Doreen and her brother Egan. Doreen and Egan are Callahan's