Exam 50: Wills and Trusts

Kerilyn executes a will to distribute her assets, including two commercial buildings in Little Rock, Arkansas, and other investment properties in other states, on her death. Subject to certain limitations, the most important, and controlling, factor for this distribution is

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

Dieter opens an account for $100,000 at East State Bank. The account pro?vides that its funds, which represent most of Dieter's assets, are held in trust for Flo, the bank employee who opens the account and who re?tains the card required to access it. Less than a year later, Dieter dies, and Flo withdraws the funds. These facts indicate

One who dies without a valid will creates a lapsed legacy.