Question 1

Giovanni opens an account for $250,000 at Home Federal Bank.The account pro-vides that its funds,which represent most of Giovanni's assets,are held in trust for Harriet,the nurse who cares for Giovanni during the last years of his life.Less than a year later,Giovanni dies,and Harriet withdraws the funds.These facts indicate​

Accepted Answer

The fact that the funds in the account were held in trust for Harriet, the nurse who cared for Giovanni, raises a suspicion of undue influence. It is possible that Harriet exerted pressure on Giovanni to make her the beneficiary of the account, which would make the transfer of funds invalid due to undue influence. Therefore, D is the best choice. A will substitute, a holographic will, and per stirpes distribution are not applicable in this scenario.

Question 2

Kendall executes a separate written instrument to amend her prior will.This separate document is​

Accepted Answer

The separate written instrument that Kendall executes to amend her prior will is called a codicil. A codicil is a legal document that modifies or amends an existing will.

Question 3

Meryl's daughter Nixie dies before Meryl,leaving Nixie's son Orman.On Meryl's death,it is learned that her will gives "to my daughter Nixie my farm near Pratt,Kansas." Most likely,the gift of the farm will​

Accepted Answer

Since Nixie died before Meryl, the gift of the farm would normally lapse. However, Meryl stated "to my daughter Nixie," without specifying that it was only for Nixie's lifetime. Therefore, the gift will pass to Nixie's heirs, including her son Orman. This is known as a "gift to a class" and follows the anti-lapse statute, which prevents lapse in certain situations.

Question 4

Regina handwrites her entire will on a legal pad.Regina's will is

Accepted Answer

Regina's will is a holographic will because it is entirely handwritten by her. In some states, holographic wills are considered valid even if they aren't witnessed or notarized, as long as they meet certain requirements.

Question 5

Jill handwrites what she intends to be her will on a blank sheet of paper in ink.If Jill has capacity,this "will" is valid​

Accepted Answer

Most states recognize a holographic will, which is a will that is entirely written, dated, and signed in the testator's handwriting. While witnesses are not required for this type of will to be valid, some states may require additional evidence to prove that the handwriting and signature are that of the testator.

Question 6

Paxton makes a gift of real estate in his will to Orinda.This gift is​

Accepted Answer

A devise is a gift of real property in a will. Bequest refers to a gift of personal property, a legacy refers to a gift of money or personal property, and residuary refers to the remaining assets of an estate after all specific gifts and debts have been settled.

Question 7

According to the terms of Carmen's will,specific gifts are made,and taxes and other estate expenses and debts are paid.The assets of Carmen's estate that remain are most likely to be distributed​

Accepted Answer

When a will includes a residuary clause, it specifies how any remaining assets should be distributed after specific gifts and obligations have been fulfilled. This is the most common way for assets to be distributed in an estate.

Question 8

Ruth executes a will in 2012 naming her nephew Stan as sole beneficiary.In 2014,Ruth executes another will,naming her niece Tammy as sole beneficiary,but does not state that she is revoking the previous will.On Ruth's death​

Accepted Answer

In this scenario, Tammy's will executed in 2014 will be considered as the valid will. Even though Ruth did not explicitly revoke the 2012 will, the later will naming Tammy as the sole beneficiary will supersede the earlier will. Therefore, Tammy will be the sole beneficiary of Ruth's estate.

Question 9

Martin's will states,"I leave my gold pocket watch to Laurie." Laurie dies before Martin.This creates​

Accepted Answer

A lapsed legacy occurs when a beneficiary dies before the testator (the person who made the will), and there is no alternate beneficiary named in the will. In this case, since Laurie died before Martin, they cannot receive the gold pocket watch, and it will pass to the residuary beneficiary or the heirs-at-law according to the laws of intestacy.

Question 10

Kim is asked to serve as a witness to Lian's will.To qualify,Kim must be​

Accepted Answer

The answer of Kim is asked to serve as a...

Question 11

In his will,Bryson makes a gift of $12,000 to Curtis.This is​

Accepted Answer

The answer of In his will,Bryson makes a gift of...

Question 12

Lani is asked to serve as a witness to Mona's will.To qualify,Lani must be​

Accepted Answer

The answer of Lani is asked to serve as a...

Question 13

In his will,Jason leaves $10,000 to each of his three children.However,after Jason dies and all his debts are paid,there is only $9,000 left in his estate.Each child will receive​

Accepted Answer

Since there is only $9,000 left in Jason's estate after all his debts are paid, we can conclude that he did not have enough money to fulfill his entire will. Therefore, each child will receive an equal share of the remaining money, which is $3,000 divided by 3 children, equaling $1,000 per child. So the correct answer is B.

Question 14

Graham's will leaves $100,000 to his two children,Harry and Ida.When Graham dies,he only has $80,000 to honor his bequests.Harry and Ida each receive $40,000.This is

Accepted Answer

An abatement occurs when there are not enough assets in an estate to satisfy all bequests. In this situation, the bequests are reduced proportionally to meet the available assets. Therefore, Harry and Ida each receive $40,000 instead of the full $50,000 they were each entitled to.

Question 15

For Melinda's will to be valid,she must be mentally competent at the time of​

Accepted Answer

Melinda must be mentally competent at the time she makes the will, also known as the execution of the will. The other options are incorrect because Melinda's mental capacity at the time of death, acquisition of property, or probate of the will are irrelevant to the validity of the will.

Question 16

Jackie's will states,"I leave my red sports car to Angela." This is​

Accepted Answer

A specific legacy is a gift of a particular item, such as Jackie's red sports car to Angela, which is clearly identified and distinguished from all other similar items. A devise typically refers to a gift of real property, whereas an execution refers to the carrying out of a will's instructions. A general legacy refers to a gift of money or assets from the general estate, rather than a particular item.

Question 17

Tom executes a will in which he leaves everything to his spouse,Victoria,and in which he appoints Warren to administer his estate.This must be signed by​

Accepted Answer

A will only needs to be signed by the testator (Tom in this case). While it is recommended to have witnesses sign as well for validity, it is not required. Therefore, choice A is the correct answer.

Question 18

Jaime is fifteen years old,Leo is eighteen years old and Bev is twenty-one years old.Phil is looking for witnesses for his will.Of the three persons mentioned,the witnesses can include​

Accepted Answer

According to most laws, witnesses for a will must be at least 18 years old. Therefore, Jaime is not eligible to be a witness, but Leo and Bev are eligible. As Phil is looking for witnesses, he can choose either Leo or Bev or both of them. So, the witnesses can include Jaime, Leo, and Bev.

Question 19

The owners of Designer Software,Inc.,want to execute wills.Eve is fifteen years old,Fran is seventeen,and Gail is nineteen.In most states,those with the capacity to execute a will are​

Accepted Answer

In most states, the legal age to execute a will is 18. Gail, being nineteen, is the only one who meets this requirement.

Question 20

Before dying from injuries suffered in an accident,Lynda tells her cousin Marina that on her death,Natalia is to be given possession of Lynda's farm.In most states,this oral "will" would be​

Accepted Answer

In most states, an oral will is not valid or permitted. A will must be in writing and signed by the testator (person making the will) and witness(es) in accordance with the laws of the state in order to be valid. Even if Lynda had expressed her wishes verbally, it would not be enforceable as a legal will.

Quiz 39: Wills and Trusts

Kendall executes a separate written instrument to amend her prior will.This separate document is​

Meryl's daughter Nixie dies before Meryl,leaving Nixie's son Orman.On Meryl's death,it is learned that her will gives "to my daughter Nixie my farm near Pratt,Kansas." Most likely,the gift of the farm will​

Regina handwrites her entire will on a legal pad.Regina's will is

Jill handwrites what she intends to be her will on a blank sheet of paper in ink.If Jill has capacity,this "will" is valid​

Paxton makes a gift of real estate in his will to Orinda.This gift is​

According to the terms of Carmen's will,specific gifts are made,and taxes and other estate expenses and debts are paid.The assets of Carmen's estate that remain are most likely to be distributed​

Ruth executes a will in 2012 naming her nephew Stan as sole beneficiary.In 2014,Ruth executes another will,naming her niece Tammy as sole beneficiary,but does not state that she is revoking the previous will.On Ruth's death​

Martin's will states,"I leave my gold pocket watch to Laurie." Laurie dies before Martin.This creates​

Kim is asked to serve as a witness to Lian's will.To qualify,Kim must be​

In his will,Bryson makes a gift of $12,000 to Curtis.This is​

Lani is asked to serve as a witness to Mona's will.To qualify,Lani must be​

In his will,Jason leaves $10,000 to each of his three children.However,after Jason dies and all his debts are paid,there is only $9,000 left in his estate.Each child will receive​

Graham's will leaves $100,000 to his two children,Harry and Ida.When Graham dies,he only has $80,000 to honor his bequests.Harry and Ida each receive $40,000.This is

For Melinda's will to be valid,she must be mentally competent at the time of​

Jackie's will states,"I leave my red sports car to Angela." This is​

Tom executes a will in which he leaves everything to his spouse,Victoria,and in which he appoints Warren to administer his estate.This must be signed by​

Jaime is fifteen years old,Leo is eighteen years old and Bev is twenty-one years old.Phil is looking for witnesses for his will.Of the three persons mentioned,the witnesses can include​

The owners of Designer Software,Inc.,want to execute wills.Eve is fifteen years old,Fran is seventeen,and Gail is nineteen.In most states,those with the capacity to execute a will are​

Before dying from injuries suffered in an accident,Lynda tells her cousin Marina that on her death,Natalia is to be given possession of Lynda's farm.In most states,this oral "will" would be​

Kendall executes a separate written instrument to amend her prior will.This separate document is

Meryl's daughter Nixie dies before Meryl,leaving Nixie's son Orman.On Meryl's death,it is learned that her will gives "to my daughter Nixie my farm near Pratt,Kansas." Most likely,the gift of the farm will

Jill handwrites what she intends to be her will on a blank sheet of paper in ink.If Jill has capacity,this "will" is valid

Paxton makes a gift of real estate in his will to Orinda.This gift is

According to the terms of Carmen's will,specific gifts are made,and taxes and other estate expenses and debts are paid.The assets of Carmen's estate that remain are most likely to be distributed

Ruth executes a will in 2012 naming her nephew Stan as sole beneficiary.In 2014,Ruth executes another will,naming her niece Tammy as sole beneficiary,but does not state that she is revoking the previous will.On Ruth's death

Martin's will states,"I leave my gold pocket watch to Laurie." Laurie dies before Martin.This creates

Kim is asked to serve as a witness to Lian's will.To qualify,Kim must be

In his will,Bryson makes a gift of $12,000 to Curtis.This is

Lani is asked to serve as a witness to Mona's will.To qualify,Lani must be

In his will,Jason leaves $10,000 to each of his three children.However,after Jason dies and all his debts are paid,there is only $9,000 left in his estate.Each child will receive

For Melinda's will to be valid,she must be mentally competent at the time of

Jackie's will states,"I leave my red sports car to Angela." This is

Tom executes a will in which he leaves everything to his spouse,Victoria,and in which he appoints Warren to administer his estate.This must be signed by

Jaime is fifteen years old,Leo is eighteen years old and Bev is twenty-one years old.Phil is looking for witnesses for his will.Of the three persons mentioned,the witnesses can include

The owners of Designer Software,Inc.,want to execute wills.Eve is fifteen years old,Fran is seventeen,and Gail is nineteen.In most states,those with the capacity to execute a will are

Before dying from injuries suffered in an accident,Lynda tells her cousin Marina that on her death,Natalia is to be given possession of Lynda's farm.In most states,this oral "will" would be