Exam 52: Wills and Trusts

Skyler dies after having made a valid will. Skyler has died

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

A divorce necessarily revokes an entire will.

Once executed, a will cannot be revoked.

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

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

Before dying from injuries suffered in a fall from a horse, Inez tells her cousin Juana that on her death, Lysander is to be given possession of Inez's Rancho Mirage. In most states, this oral "will" would be

To execute a valid will, a testator must remember the "natural objects of his or her bounty."

A gift of real estate other than by will is called a devise.

Sherman dies without a will, survived by his granddaughter Roxy and Roxy's brother Pio. Roxy and Pio are Sherman's

Undue influence may be inferred when a named beneficiary is in a position to influence the making of a will.

A nuncupative will is a will that is completely in the handwriting of the testator.

The trustee is the person for whose benefit a trust is held.

Orin creates a living trust to pass his assets, including stock in Petro Oil Company and other business investments, to his heirs. One advantage of this arrangement is that

A living trust is created or declared in explicit terms.

If a trust does not provide for its termination, it will not terminate.

Aaron owns a certificate of deposit with Beth, his sister, and an apartment building with Carl, his brother, in both cases as a joint tenant. Aaron, a partner with Debra in Aaron & Debra Accountants, obtains a life insurance policy with Debra as the designated beneficiary. Aaron 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 Eve, Aaron's favorite cousin. Carl dies. Aaron, on his own deathbed, makes a gift to the United Way. Will the certificate of deposit, the apartment building, the proceeds from the life insurance policy, and the gift to the United Way become part of Aaron's estate and be distributed under the will If not, how will these items be distributed and to whom

Ruby, an elderly woman, is diagnosed with lung cancer. She realizes her condition may worsen, and that there is a chance that at some point she will become so weak the only way she will be able to breathe is with the help of medical machinery. She does not want to be kept alive in such a "vegetative state." What are Ruby's options

The assets in Dong'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

An executor is a personal representative named in a will.