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Exam 52: Wills and Trusts

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Question 41

Multiple Choice

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Who will be the primary beneficiary of Mark's estate, Karen or John?

A) John, because even though a codicil may be handwritten, it is invalid unless the first will is destroyed.
B) John, because the judge couldn't read the writing on the cutting board.
C) John, because a codicil must be on paper, it was ineffective to change the will.
D) Karen, because the cutting board codicil meets all the requirements of a valid will.
E) Karen, because he attached the cutting board codicil to the will, and that makes it controlling.

F) All of the above
G) A) and B)

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Question 42

Multiple Choice

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A(n) ________ trust is a trust created by a court rather than a settlor.

A) Implied
B) Untrue
C) Limited
D) Reduced
E) Protection

F) A) and B)
G) None of the above

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Question 43

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What is the rationale behind the principle that a witness does not have to sign or witness the testator sign a holographic will?

[Family Trust] Jasmine had made lots of money in the stock market. She was getting older and was concerned about the integrity of her children and grandchildren who seemed unwilling to work. She decided that she would place the majority of her money in a trust and instruct that it be distributed only to family members who were gainfully employed or attending school on a full-time basis throughout the next twenty years. The remainder of the trust at that time was to be given to a local animal shelter. She also told her lawyer, Bao, that although she was in good health and mind at the present time, she would like a document drawn up giving her daughter Erica the power to make decisions for her, including financial decisions, should her health deteriorate to the point that she could not handle her own affairs. -What is the appropriate term for a person or entity that receives a portion of the trust corpus when a trust is terminated?

When it is said that a person dies ________, it means that he or she died without a will.

Which of the following allows a person to transfer property to another person with the property to be used for the benefit of a third person?

Signatories to ________ agree to accept wills of other signatories for probate, as to matters of form, if such wills are executed with the provisions of the convention.

Which of the following is not an example of nonprobate property?

A trust created while the settlor is alive or by will is known as a(n) ________.

[Will Formalities] Mark decided he wanted a will. Mark contacted Anthony, a reputable attorney with an expertise in estate planning. In their initial meeting, Mark described the property he owned and how he wished it to be distributed upon his death. Mark also specified his funeral arrangements. Anthony drew up the will and provided Mark with a draft. Mark made some minor revisions, which Anthony incorporated. Mark and Anthony went over the will one last time, in the presence of Anthony's administrative assistants, Stacy and Jason. Mark was satisfied with the will and signed it. Two years later, Mark wanted to revise his will to add his new wife, Karen. The document named Karen as the primary beneficiary instead of Mark's brother, John. Mark handwrote these provisions on a thin cutting board and labeled it "codicil," signed it, and attached it to his will. Mark unexpectedly dies and Karen and John dispute who should receive the majority of Mark's assets. -Which of the following statements is true regarding the will Anthony drafted?

Wills are governed primarily by federal law.

Which of the following is not a requirement of a witness to a will?

Kiki, planning ahead, executed a ________ which allows Barthem to act as her agent for purposes of making medical decisions if she can no longer make those decisions herself.

How many states, if any, have adopted the Uniform Anatomical Gifts Act?

A ________ is a person who creates a trust.

Jolie is concerned about her health so she writes and signs a will and puts it in her drawer. This type of will is considered to be a(n) ________ will.

A will is a legal document that outlines how a person wants his or her property distributed upon death.

A(n) ________ trust is created by a court to hold property in trust for its rightful owner.

Distribution per capita means distributing an estate ________.

Which type of trust is designed to take effect on the completion of a specified behavior?