Question 1

Which of the following is true of a joint will?

Accepted Answer

A)  Whether a joint will is revocable depends only on the language of the will. 
B)  The mere fact that a joint will has been executed creates the presumption of a contract not to revoke the will. 
C)  Underlying a joint will is an agreement on a common plan. 
D)  A testator who has made a joint will cannot change the will later under any circumstances. 
A)  Whether a joint will is revocable depends only on the language of the will. 
B)  The mere fact that a joint will has been executed creates the presumption of a contract not to revoke the will. 
C)  Underlying a joint will is an agreement on a common plan. 
D)  A testator who has made a joint will cannot change the will later under any circumstances. C

Question 2

A joint will can never be revoked.

Accepted Answer

A) True 
 B)False  False

Question 3

Rasool and Kelly are married and have three children.Rasool and Kelly own their home together as tenants in the entirety.If Rasool dies intestate,under the laws of most states,who owns the home?

Accepted Answer

A)  Kelly owns one-half and the children each own one-sixth share of the home. 
B)  Kelly and each of the children own one-fourth share of the home. 
C)  Each of the children owns one-third of the home. 
D)  Kelly owns the home by right of survivorship. 
A)  Kelly owns one-half and the children each own one-sixth share of the home. 
B)  Kelly and each of the children own one-fourth share of the home. 
C)  Each of the children owns one-third of the home. 
D)  Kelly owns the home by right of survivorship. D

Question 4

In terms of intestacy statutes,adopted children will:

Accepted Answer

A)  inherit from their biological parents. 
B)  inherit from their adopted parents. 
C)  inherit from their adopted parents but a share lesser than the adopted parents' biological children. 
D)  not be able to inherit anything. 
A)  inherit from their biological parents. 
B)  inherit from their adopted parents. 
C)  inherit from their adopted parents but a share lesser than the adopted parents' biological children. 
D)  not be able to inherit anything.

Question 5

If a person wants to make a change to their will,the person can do so by:

Accepted Answer

A)  appearing in court. 
B)  executing a codicil. 
C)  posting a legal notice of the amendment. 
D)  striking out objectionable provisions in an existing will. 
A)  appearing in court. 
B)  executing a codicil. 
C)  posting a legal notice of the amendment. 
D)  striking out objectionable provisions in an existing will.

Question 6

Describe the responsibilities of a personal representative in the administration of an estate.

Accepted Answer

The responsibilities of a personal repre

Question 7

Miriam established a trust by placing substantial funds in a trust account for the benefit of her son,Robert.Miriam appointed her brother,Fred,as trustee for the trust.In the trust document,she did not expressly define Fred's powers as trustee,or his duties.Under these circumstances,Fred _____.

Accepted Answer

A)  must use a reasonable degree of skill, judgment, and care in the exercise of his duties 
B)  does not owe any fiduciary duty to the beneficiary 
C)  has the right to commingle his property with the property he holds in trust 
D)  is obligated to turn over the money to Robert at the earliest 
A)  must use a reasonable degree of skill, judgment, and care in the exercise of his duties 
B)  does not owe any fiduciary duty to the beneficiary 
C)  has the right to commingle his property with the property he holds in trust 
D)  is obligated to turn over the money to Robert at the earliest

Question 8

Abe deposits money in First Bank,in trust for his daughter,Esther.At Abe's death,if he has not revoked this trust,then the money in the account will:

Accepted Answer

A)  belong to Esther. 
B)  be transferred to a charitable organization. 
C)  belong to the bank. 
D)  belong to the state and will be used for the benefit of the society. 
A)  belong to Esther. 
B)  be transferred to a charitable organization. 
C)  belong to the bank. 
D)  belong to the state and will be used for the benefit of the society.

Question 9

Which of the following is one of the requirements for forming an express trust?

Accepted Answer

A)  The settlor need not necessarily attain the age required by state law for the creation of valid wills and contracts. 
B)  The trust cannot be created for a reason that is contrary to public policy. 
C)  The settler must name a trustee for the trust and a substitute trustee in the event the named trustee refuses to act. 
D)  The beneficiaries cannot be members of a specific class, such as "my children." 
A)  The settlor need not necessarily attain the age required by state law for the creation of valid wills and contracts. 
B)  The trust cannot be created for a reason that is contrary to public policy. 
C)  The settler must name a trustee for the trust and a substitute trustee in the event the named trustee refuses to act. 
D)  The beneficiaries cannot be members of a specific class, such as "my children."

Question 10

Intestacy statutes are designed to reflect the presumed intent of the deceased.

Accepted Answer

A) True 
 B)False

Question 11

Benny is the sole beneficiary of Paul's trust.In this trust,Benny can:

Accepted Answer

A)  can also serve as the sole trustee. 
B)  cannot serve as the sole trustee. 
C)  cannot serve as a trustee or testator. 
D)  can serve as sole trustee during the trustor's lifetime. 
A)  can also serve as the sole trustee. 
B)  cannot serve as the sole trustee. 
C)  cannot serve as a trustee or testator. 
D)  can serve as sole trustee during the trustor's lifetime.

Question 12

Since a will can direct only property that is owned by the testator at the time of his death,a specific bequest of property that the testator has disposed of before his death is ineffective.This is called _____.

Accepted Answer

A)  residuary 
B)  will devise 
C)  per stirpes 
D)  ademption 
A)  residuary 
B)  will devise 
C)  per stirpes 
D)  ademption

Question 13

Under the Uniform Simultaneous Death Act,if a husband and wife die under circumstances that make it difficult or impossible to determine who died first,_____.

Accepted Answer

A)  the husband's property will go to his relatives and the wife's property to her relatives 
B)  the husband's property will automatically be distributed among his siblings 
C)  the wife's property will revert to the state 
D)  the entire property will automatically be distributed among the husband's relatives 
A)  the husband's property will go to his relatives and the wife's property to her relatives 
B)  the husband's property will automatically be distributed among his siblings 
C)  the wife's property will revert to the state 
D)  the entire property will automatically be distributed among the husband's relatives

Question 14

Which of the following is a formality usually required by state law for the creation of a valid will?

Accepted Answer

A)  The will must be witnessed and signed by at least two persons who stand to inherit under the will. 
B)  Notice of the making of the will must be published in the newspaper. 
C)  The will must be signed by the testator or by someone else at the testator's direction. 
D)  The witnesses should declare, after the signing, that the instrument is the testator's will. 
A)  The will must be witnessed and signed by at least two persons who stand to inherit under the will. 
B)  Notice of the making of the will must be published in the newspaper. 
C)  The will must be signed by the testator or by someone else at the testator's direction. 
D)  The witnesses should declare, after the signing, that the instrument is the testator's will.

Question 15

Name the basic formalities required by most states in the execution of a will.

Accepted Answer

While formalities required for a valid w

Question 16

Alma was suffering from a terminal disease.Because she distrusted attorneys,she wrote a statement in her own handwriting,labeling it "My Last Will and Testament." The statement contained a provision specifying that Alma wanted all of her property to go to her church upon her death.She signed the statement and stored it in her jewelry box,and she told her friend Willa of its location.When Alma died,Willa produced Alma's statement.Willa is now attempting to have the statement admitted to probate as Alma's will.Alma's grown children claim that Alma died intestate and that they should inherit her property.In this scenario,_____.

Accepted Answer

A)  Alma's will is void and Willa will inherit her property 
B)  the church will inherit Alma's property if Alma's state recognizes holographic wills 
C)  Alma's children and the church will split Alma's property because Alma's will is nuncupative 
D)  the will may be declared void and the property will go to the state 
A)  Alma's will is void and Willa will inherit her property 
B)  the church will inherit Alma's property if Alma's state recognizes holographic wills 
C)  Alma's children and the church will split Alma's property because Alma's will is nuncupative 
D)  the will may be declared void and the property will go to the state

Question 17

The rights of beneficiaries are superior to the rights of creditors under a will.

Accepted Answer

A) True 
 B)False

Question 18

Federal inheritance taxes are imposed on a person who receives a statutory share from an estate.

Accepted Answer

A) True 
 B)False

Question 19

Explain durable power of attorney for health care.

Accepted Answer

Durable power of attorney for health car

Question 20

A person may amend his or her valid will by merely striking out objectionable provisions and inserting new provisions.

Accepted Answer

A) True 
 B)False

Exam 36: Estates and Trusts

Which of the following is true of a joint will?

A joint will can never be revoked.

Rasool and Kelly are married and have three children.Rasool and Kelly own their home together as tenants in the entirety.If Rasool dies intestate,under the laws of most states,who owns the home?

In terms of intestacy statutes,adopted children will:

If a person wants to make a change to their will,the person can do so by:

Describe the responsibilities of a personal representative in the administration of an estate.

Miriam established a trust by placing substantial funds in a trust account for the benefit of her son,Robert.Miriam appointed her brother,Fred,as trustee for the trust.In the trust document,she did not expressly define Fred's powers as trustee,or his duties.Under these circumstances,Fred _____.

Abe deposits money in First Bank,in trust for his daughter,Esther.At Abe's death,if he has not revoked this trust,then the money in the account will:

Which of the following is one of the requirements for forming an express trust?

Intestacy statutes are designed to reflect the presumed intent of the deceased.

Benny is the sole beneficiary of Paul's trust.In this trust,Benny can:

Since a will can direct only property that is owned by the testator at the time of his death,a specific bequest of property that the testator has disposed of before his death is ineffective.This is called _____.

Under the Uniform Simultaneous Death Act,if a husband and wife die under circumstances that make it difficult or impossible to determine who died first,_____.

Which of the following is a formality usually required by state law for the creation of a valid will?

Name the basic formalities required by most states in the execution of a will.

The rights of beneficiaries are superior to the rights of creditors under a will.

Federal inheritance taxes are imposed on a person who receives a statutory share from an estate.

Explain durable power of attorney for health care.

A person may amend his or her valid will by merely striking out objectionable provisions and inserting new provisions.

Law, Legal Reasoning, and the Legal Profession

Dispute Settlement

Business Ethics and Corporate Social Responsibility

Business and the Constitution

Crimes

Intentional Torts

Negligence and Strict Liability

Licensing and Intellectual Propertypart Two Contracts

The Nature and Origins of Contracts

Creating a Contract: Offers

Creating a Contract: Acceptances

Consideration

Capacity to Contract

Voluntary Consent

Illegality

The Form and Meaning of Contracts

Third Parties Contract Rights

Performance and Remediespart Three Sales

Formation and Terms of Sales Contracts

Warranties and Product Liability

Performance of Sales Contracts

Remedies for Breach of Sales Contractspart Four Agency and Employment

The Agency Relationship-Creation, duties, and Termination

Liability of Principals and Agents to Third Parties

Employment Laws-Part Five Business Organizations

Which Form of Business Organization

Partnerships

Formation and Termination of Corporations

Management of the Corporate Business

Financing the Corporation and the Role of the Shareholders

Securities Regulation

Legal Liability of Accountantspart Six Property

Personal Property and Bailments

Real Property

Landlord and Tenant

Insurance-Part Seven Commercial Paper

Negotiable Instruments

Negotiation and Holder in Due Course

Liability of Parties

Checks and Electronic Fund Transfers-Part Eight Credit Transactions

Introduction to Security

Security Interests in Personal Property

Bankruptcy-Part Nine Government Regulation

The Antitrust Laws

Consumer Protection Laws

Environmental Regulation

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