Question 1

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 2

Patty,who is divorced,owns a house.She has no reasonable expectation of benefit from the life of Quinn,her ex-spouse,but she applies for insurance on his life anyway.She also obtains a fire insurance policy on the house,which she later sells.Five years later,Quinn dies and the house is destroyed in a fire.Can Patty obtain payment on either the death of Quinn or the loss of the house Explain.

Accepted Answer

The answer of Patty,who is divorced,owns a house.She has no...

Question 3

Cliff dies without a will.His survivors include his spouse Dana and his two children,Efrem and Fay.Under applicable laws,Dana will probably receive

Accepted Answer

In the absence of a will, Cliff's estate will be distributed according to the laws of intestacy. In most states, including the default rules under the Uniform Probate Code, a surviving spouse is entitled to a portion of the estate, with the rest going to the children. In this case, Dana will likely receive one-third of Cliff's estate, with Efrem and Fay each receiving one-third as well.

Question 4

Benny dies without a will,with no surviving spouse or child.Benny's survivors include his granddaughter Callie,his nephew Doug,and his cousin Earl.In most states,his estate would pass to

Accepted Answer

In most states, when someone dies without a will and without a surviving spouse or child, their estate passes to their closest living relative. In this case, Callie is Benny's closest living relative as his granddaughter, and therefore would inherit his estate.

Question 5

Dieter's will provides for a distribution of his assets on his death.Who will "distribute" Dieter's property,and what are the steps involved

Accepted Answer

The answer of Dieter's will provides for a distribution of...

Question 6

Don executes a will leaving half of his farm to his spouse Elsie and the rest to his sons,Frank and Greg,in equal shares.The will disinherits a third son,Hal.Don and Elsie divorce,but Don dies before changing his will.Under the Uniform Probate Code

Accepted Answer

The answer of Don executes a will leaving half of...

Question 7

Dyan executes her will to give "to my nephew Esau my stock in Fargo,Inc." Later,Dyan writes separately,with the same formalities required for a will,to leave the stock to her niece Ginny and cash to Esau.This writing

Accepted Answer

The later writing revokes the gift of the stock to Esau in the will. Therefore, the stock will not pass to Esau, and Ginny will not have to share it with him.

Question 8

Mason creates a trust to prevent his son,Newt,the beneficiary,from assigning his rights to future payments of income from the trust.This is

Accepted Answer

This is a spendthrift trust, as it restricts the beneficiary from assigning their rights to future payments. Charitable trusts involve the purpose of the trust being for charitable causes, constructive trusts arise due to a wrongful act, and illegal trusts are not enforceable by law.

Question 9

Orin creates a living trust to pass his assets,including stock in Petro Oil Company and other business investments,to his heirs.One advantage of this arrangement is that

Accepted Answer

One advantage of a living trust is that assets can be transferred without going through probate, which can be a time-consuming and costly process. This can save time and money for the heirs, and also provide more privacy as the distribution of assets does not become public record.

Question 10

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

Accepted Answer

A separate written instrument that amends a prior will is called a codicil. A constructive will is not a valid legal term. An inter vivos will is a will that is made while the testator is still alive, and a nuncupative will is an oral will, which generally has limited legal validity.

Question 11

Ratzo is asked to be a witness to Sade's will.Before attesting to the will,

Accepted Answer

As a witness to the will, Ratzo's role is simply to confirm that Sade signed the document and that it appears to be executed properly. Ratzo is not required to read the will or be informed of its contents.

Question 12

Juli types onto a computer what she intends to be "My Will" and prints it out.Juli has capacity."My Will" is

Accepted Answer

The answer of Juli types onto a computer what she...

Quiz 45: Insurance,wills,and Trusts