Deck 2: The Estate Plan and the Purpose and Need for a Will

Question 1

MATCHING:
a.testamentary capacity
b.testator or testatrix
c.real property
d.ambulatory
e.codicil
f.property guardian
g.fiduciary duty
h.legal title of a trust
i.principal
j.domiciliary administration
Subject to change or revocation any time before death

Answer 1

D

Question 2

Anyone may dispose of property as a gift while alive.

Answer 2

True

Question 3

MATCHING:
a.testamentary capacity
b.testator or testatrix
c.real property
d.ambulatory
e.codicil
f.property guardian
g.fiduciary duty
h.legal title of a trust
i.principal
j.domiciliary administration
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

Answer 3

G

Question 4

MATCHING:
a.testamentary capacity
b.testator or testatrix
c.real property
d.ambulatory
e.codicil
f.property guardian
g.fiduciary duty
h.legal title of a trust
i.principal
j.domiciliary administration
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 5

MATCHING:
a.testamentary capacity
b.testator or testatrix
c.real property
d.ambulatory
e.codicil
f.property guardian
g.fiduciary duty
h.legal title of a trust
i.principal
j.domiciliary administration
The sanity (sound mind) requirement for any person making a valid will

Question 6

MATCHING:
a.testamentary capacity
b.testator or testatrix
c.real property
d.ambulatory
e.codicil
f.property guardian
g.fiduciary duty
h.legal title of a trust
i.principal
j.domiciliary administration
An individual or trust institution appointed by a court to care for and manage the property of a minor or an incompetent person

Question 7

All wills are ambulatory.

Question 8

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

Question 9

MATCHING:
a.testamentary capacity
b.testator or testatrix
c.real property
d.ambulatory
e.codicil
f.property guardian
g.fiduciary duty
h.legal title of a trust
i.principal
j.domiciliary administration
A man or woman who makes and/or dies with a valid will

Question 10

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

Question 11

MATCHING:
a.testamentary capacity
b.testator or testatrix
c.real property
d.ambulatory
e.codicil
f.property guardian
g.fiduciary duty
h.legal title of a trust
i.principal
j.domiciliary administration
The capital or property of a trust, as opposed to the income, which is the product of the capital

Question 12

MATCHING:
a.testamentary capacity
b.testator or testatrix
c.real property
d.ambulatory
e.codicil
f.property guardian
g.fiduciary duty
h.legal title of a trust
i.principal
j.domiciliary administration
Land, buildings, and the objects permanently attached to them

Question 13

MATCHING:
a.testamentary capacity
b.testator or testatrix
c.real property
d.ambulatory
e.codicil
f.property guardian
g.fiduciary duty
h.legal title of a trust
i.principal
j.domiciliary administration
The administration of an estate in the state where the decedent was domiciled at the time of death

Question 14

MATCHING:
a.testamentary capacity
b.testator or testatrix
c.real property
d.ambulatory
e.codicil
f.property guardian
g.fiduciary duty
h.legal title of a trust
i.principal
j.domiciliary administration
A written amendment to a will that changes but does not invalidate the will

Question 15

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

Question 16

Everyone needs a will.

Question 17

Most states require that a valid will be dated.

Question 18

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

Question 19

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

Question 20

Not everyone can legally make a will.

Question 21

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

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

Question 22

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

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

Question 23

Who is the only person a testator CANNOT disinherit?

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

Question 24

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 25

A testator must have all of the following EXCEPT:

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

Question 26

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

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

Question 27

If a person wants to donate his/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 28

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

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

Question 29

If a person preplans his/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 30

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

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