Deck 1: The Estate Plan and the Purpose and Need for a Will

Question 1

To acquire the authority and powers of the position,a personal representative must be appointed by the testator.

Answer 1

False

Question 2

MATCHING

An individual or trust institution appointed by a court to care for and manage the property of a minor or an incompetent person

Answer 2

F

Question 3

MATCHING

Subject to change or revocation any time before death

Answer 3

D

Question 4

All wills are ambulatory.

Question 5

Not everyone can legally make a will.

Question 6

The testator has no control over the determination of the source from which death taxes will be paid.

Question 7

Everyone needs a will.

Question 8

MATCHING

The sanity sound mind)requirement for any person making a valid will

Question 9

A single person can be a settlor,trustee,and beneficiary.

Question 10

MATCHING

A man or woman who makes and/or dies with a valid will

Question 11

The surviving natural parent is automatically appointed the property guardian for the decedent's minor or incompetent children.

Question 12

Anyone may dispose of property as a gift while alive.

Question 13

MATCHING

Land,buildings,and the objects permanently attached to them

Question 14

MATCHING

The form of ownership for a trust property held by the trustee,giving the trustee the right to control and manage the property for another person's benefit

Question 15

MATCHING

The administration of an estate in the state where the decedent was domiciled at the time of death

Question 16

MATCHING

A written amendment to a will that changes but does not invalidate the will

Question 17

MATCHING

The capital or property of a trust,as opposed to the income,which is the product of the capital

Question 18

MATCHING

A duty or responsibility required of a fiduciary,which arises out of a position of loyalty and trust,to act solely for another person's benefit

Question 19

Most states require that a valid will be dated.

Question 20

Copies of the letter of instructions should be given to family members.

Question 21

Which is NOT a reason that many people die without a valid will?

A)Request of the beneficiary
B)Assumed expense
C)Reluctance to discuss property and finances with strangers
D)Procrastination

Question 22

When a testator signs his or her name at the bottom of the will,he or she is:

A)Subscribing
B)Executing
C)Attesting
D)Witnessing

Question 23

If a person preplans his or her funeral and burial arrangements,these arrangements should be included in the:

A)Letter of instructions
B)Will
C)Codicil
D)Uniform Probate Code UPC)

Question 24

If a person wants to donate his or her organs or remains,this request should be made in the:

A)Letter of instructions
B)Will
C)Codicil
D)Donor card signed only by the donor

Question 25

A testator must have all of the following EXCEPT:

A)Executor
B)Testamentary capacity
C)Legal capacity
D)Designation of property

Question 26

Which would be a reason for the creation of a trust?

A)For religious,educational,or charitable purposes
B)To encourage spendthrift beneficiaries to deplete the trust fund
C)To save taxes but incur probate expenses
D)To appoint a property guardian for a minor

Question 27

Which is LEAST likely to be used as a substitute for a will?

A)Testamentary trust
B)Joint tenancy
C)Life insurance
D)Community property agreement

Question 28

In order for a will to be valid,it must:

A)Be written or typed with a typewriter or word processor
B)Be signed only by witnesses
C)Be witnessed by no fewer than five people
D)Include the date of death

Question 29

Who is the only person a testator CANNOT disinherit?

A)Surviving spouse
B)Surviving minor child
C)Surviving adult child
D)Sibling

Question 30

The minor daughter of a decedent can generally be any of the following EXCEPT:

A)Executrix
B)Distributee
C)Heir
D)Next of kin