FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 48: Wills and Trusts

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 1

Multiple Choice

Review LaterAdd Note

Review Later

Jason does not execute a will before he dies. With respect his estate, the assets are distributed first to

A) pay his debts.
B) support his surviving spouse and children.
C) benefit his collateral heirs.
D) satisfy gifts to his lineal heirs.

E) A) and B)
F) C) and D)

Correct Answer

verified

Show Answer

Question 2

Multiple Choice

Review LaterAdd Note

Review Later

Leif executes a will in which he leaves everything to his spouse, Marta, and in which he appoints Nora to administer the estate. The will must be signed by

A) Leif only.
B) Leif and Marta only.
C) Leif, Marta, and Nora.
D) a probate judge.

E) B) and C)
F) C) and D)

Correct Answer

verified

Show Answer

Question 3

Multiple Choice

Review LaterAdd Note

Sally handwrites her will on a sheet of blank paper. This will is

An advance health directive that allows a person to control what medical treatment he or she may receive after a serious accident or illness is

A will must comply with statutory formalities to ensure that the testator understood his or her actions at the making of the will. These formalities are intended to

Health-care powers of attorney have grown in importance as medical technology has enabled physicians and hospitals to keep people alive for ever-increasing periods of time.

Carl dies without a will, survived by his granddaughter Doral and her brother Elton. The grandchildren are Carl's

Because a general bequest or devise does not single out any particular item of property to be transferred by will, a testator does not have to know the nature and extent of his or her property to create a valid will.

If a will does not provide how an estate will be distributed to grandchildren, under the per capita method of distribution, an heir takes the share that his or her deceased parent would have been entitled to inherit.

The costs of long-term improvements to the assets of a trust and the proceeds from a sale of the assets are allocated to the principal's beneficiary.

An owner can transfer property outside the probate process by making gifts of property while the owner is still living.

The laws governing how property is transferred on the death of its owner are a corollary to the concept of the private ownership of property.

Diego executes a will that clearly states his brother Enrique is to receive none of Diego's estate, which is to be distributed entirely to Diego's friend Frieda. At the time of Diego's death, Frieda has died, leaving no heirs, and Diego's only surviving natural heir is Enrique. Most likely, the estate will be distributed to

Nadia does not execute a will before she dies. The distribution of her estate is regulated by

If a will does not provide how an estate will be distributed to grandchildren, under the per stirpes method of distribution, all heirs in a certain class inherit equally.

A trust must be express because the essential elements of a trust include a writing.

A testator must be able to remember the persons who would naturally be heirs to the estate, as the testator is required to give the estate to the natural heirs.

The formalities of a will are intended to ensure that the testator understood his or her actions at the time a will was made and to help prevent fraud.

Kit has two children, Lea and Merl, both of whom predecease Kit. Lea is survived by her son Nat. Merl is survived by her daughters Opal and Pearl. On Kit's death, if the distribution of the estate is per capita, Pearl will receive

Rollo opens an account for $250,000 at Savers Bank. The account provides that the funds are held in trust for Thea, Rollo's daughter. This is