Deck 43: Wills Inheritances and Trust

Question 1

Holographic wills are oral wills declared by the testator in the presence of witnesses. ​

Answer 1

False

Question 2

When a person dies intestate, the property is distributed in accordance with the state law of descent. ​

Answer 2

True

Question 3

A(n)is most commonly used when a grantor, for some reason, does not want to know exactly what is in the trust, but wants to retain the benefit of the property. ​

A)blind trust
B)purchase money trust
C)resulting trust
D)testamentary trust

Answer 3

A

Question 4

wills are written entirely in longhand by the testator. ​

A)Holographic
B)Nuncupative
C)Codicil
D)Oral

Question 5

The person making a will is called a testator. ​

Question 6

A codicil must be executed with all the formalities of the original will. ​

Question 7

Which of the following best describes a legatee? ​

A)An attorney executing a will
B)A person receiving a gift of real estate
C)A third-party who signs and witnesses a will
D)A person receiving a gift of personal property

Question 8

A(n)occurs when a testator makes bequests of money in the will and the estate does not have enough money to pay all the bequests so they are paid proportionally.

A)redemption
B)ademption
C)abatement
D)probate

Question 9

If the court can ascertain a testator's intentions in a will, it will carry out those provisions.

Question 10

A person receiving personal property by a will is known as a devisee. ​

Question 11

Which of the following best describes a probate?

A)It is a witness based procedure used to terminate a will.
B)It is the legal transfer of real estate to a legatee.
C)It is a court procedure that determines the validity of a will and distribution of estate .
D)It is a procedure used by a legatee to speed up the execution of a will.

Question 12

When a testator dies leaving a will, the will must be probated. ​

Question 13

​ A(n)is an instrument prepared in the form prescribed by law that provides for the disposition of a person's property and takes effect after death.

A)estate
B)testatrix
C)devise
D)will

Question 14

A constructive trust is also known as a purchase money trust. ​

Question 15

An trust is created when a testator makes a bequest of specific property and the estate does not have the property at death. ​

Question 16

A divorce will revoke a will to the extent of property left to the former spouse.

Question 17

Who may elect to take a share of a decedent's estate regardless of the terms of the will? ​ ​

A)A child born outside of marriage
B)A surviving spouse
C)Anyone not mentioned in the will
D)A joint tenant

Question 18

Define constructive trust.

Question 19

Ownership of property in trust can be described as a division at the same time of what two ownership interests?

A)Joint tenancy and tenancy by the entirety
B)Legal and beneficial
C)Affirmative and negative
D)Per stirpes and Per capita

Question 20

A person appointed by a court to settle the affairs of an intestate most frequently referred to as a personal representative or administrator.