Question 1

When drafting a will, simple language should be used.

Accepted Answer

Using simple language in a will helps ensure that the intentions of the person drafting the will (the testator) are clear and unambiguous, reducing the risk of misinterpretation or legal challenges.

Question 2

For smaller estates, joint tenancy ownership can prevent additional administration expenses.

Accepted Answer

Joint tenancy ownership allows property to pass automatically to the surviving owner(s) without going through probate, thus preventing additional administration expenses that are typically associated with transferring assets of a deceased person's estate.

Question 3

MATCHING:
-An interest in real property
A)spendthrift
B)life estate
C)disinheritance
D)dividend
E)fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary

Accepted Answer

B

Question 4

MATCHING:
-A legally binding agreement by which one party promises to pay another a certain sum of money if the policyholder dies or suffers a disability
A)spendthrift
B)life estate
C)disinheritance
D)dividend
E)fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary

Accepted Answer

Life insurance is a legally binding contract that pays a sum of money upon the death of the policyholder or in some cases upon a severe disability.

Question 5

Recommending periodic reviews of the will whenever the client's marital status changes constitutes improper solicitation.

Accepted Answer

Recommending periodic reviews of the will whenever the client's marital status changes is considered a best practice in estate planning, not improper solicitation. It ensures the will remains up-to-date with the client's current life circumstances.

Question 6

MATCHING:
-An agreement to sell real property on an installment basis
A)spendthrift
B)life estate
C)disinheritance
D)dividend
E)fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary

Accepted Answer

A contract for deed is a type of agreement where the seller retains legal title to the property while the buyer makes installment payments. The legal title is transferred to the buyer only after the final payment is made.

Question 7

The client should receive a rough draft of the will.

Accepted Answer

Providing a rough draft of the will to the client allows for review, adjustments, and ensures that the final document accurately reflects the client's wishes and intentions.

Question 8

MATCHING:
-The monetary amount an item would bring if it were sold on the open market
A)spendthrift
B)life estate
C)disinheritance
D)dividend
E)fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary

Accepted Answer

Fair market value is the monetary amount an item would likely sell for on the open market, reflecting what a willing buyer would pay a willing seller when neither is under pressure to buy or sell.

Question 9

One of the paralegal's duties is to collect complete information about the client, his/her family, and the beneficiaries to be named in the will.

Accepted Answer

Paralegals often assist in gathering comprehensive information about the client, their family, and beneficiaries for various legal documents, including wills, to ensure accuracy and compliance with legal requirements.

Question 10

MATCHING:
-The family home and adjoining land
A)spendthrift
B)life estate
C)disinheritance
D)dividend
E)fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary

Accepted Answer

The term "homestead" specifically refers to a family home and the adjoining land, highlighting its use and significance as a primary residence often protected under homestead exemption laws.

Question 11

MATCHING:
-A testator's act of specifically depriving someone who would otherwise be that testator's legal beneficiary
A)spendthrift
B)life estate
C)disinheritance
D)dividend
E)fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary

Accepted Answer

Disinheritance is the act of specifically depriving someone who would otherwise be a legal beneficiary of their inheritance from a testator's estate.

Question 12

Checklists should be used to collect information during the initial interview.

Accepted Answer

Checklists can be useful tools during the initial interview to ensure that all necessary information is systematically collected and nothing important is overlooked.

Question 13

MATCHING:
-Debts established in the course of business that are currently due from others
A)spendthrift
B)life estate
C)disinheritance
D)dividend
E)fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary

Accepted Answer

Receivables are amounts owed to a business by its customers or other parties and are considered assets on the balance sheet. They represent debts established in the course of business that are currently due from others.

Question 14

MATCHING:
-The share of profits or property to which the owners of a business are entitled
A)spendthrift
B)life estate
C)disinheritance
D)dividend
E)fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary

Accepted Answer

Dividends are payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders. When a corporation earns a profit or surplus, it is able to pay a proportion of the profit as a dividend to shareholders.

Question 15

Witnesses must read and be informed of all contents of a will before signing.

Accepted Answer

Witnesses are required to observe the will-maker's (testator's) signature to ensure it is legitimate, but they are not required to read or be informed of the contents of the will.

Question 16

In order to efficiently assist the attorney, the paralegal needs to develop drafting and counseling skills.

Accepted Answer

Drafting skills are essential for creating legal documents, and counseling skills are needed to effectively communicate and advise clients, both of which are crucial for assisting attorneys.

Question 17

The paralegal should familiarize the client with the taxes imposed on a decedent's estate and give legal advice about how to minimize them.

Accepted Answer

A paralegal can provide information but should not give legal advice, as that is the responsibility of a licensed attorney.

Question 18

MATCHING:
-One who wastes money or spends it unwisely
A)spendthrift
B)life estate
C)disinheritance
D)dividend
E)fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary

Accepted Answer

A spendthrift is someone who spends money in an extravagant, irresponsible way, fitting the description of one who wastes money or spends it unwisely.

Question 19

A spouse can be legally disinherited, but a child cannot.

Accepted Answer

In many jurisdictions, a spouse has certain legal rights to a portion of the estate (e.g., elective share), but it is also possible to disinherit a child, although laws vary widely and some jurisdictions protect a child's right to inherit.

Question 20

MATCHING:
-The person who has a superior claim over all others to the benefits of a life insurance contract
A)spendthrift
B)life estate
C)disinheritance
D)dividend
E)fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary

Accepted Answer

The primary beneficiary of a life insurance contract is the person designated by the policy owner to receive the benefits of the policy upon the death of the insured, making them the individual with a superior claim over all others to these benefits.

Quiz 5: Preparation to Draft a Will: Checklists and the Conference With the Client

When drafting a will, simple language should be used.

For smaller estates, joint tenancy ownership can prevent additional administration expenses.

MATCHING: -An interest in real property

MATCHING: -A legally binding agreement by which one party promises to pay another a certain sum of money if the policyholder dies or suffers a disability

Recommending periodic reviews of the will whenever the client's marital status changes constitutes improper solicitation.

MATCHING: -An agreement to sell real property on an installment basis

The client should receive a rough draft of the will.

MATCHING: -The monetary amount an item would bring if it were sold on the open market

One of the paralegal's duties is to collect complete information about the client, his/her family, and the beneficiaries to be named in the will.

MATCHING: -The family home and adjoining land

MATCHING: -A testator's act of specifically depriving someone who would otherwise be that testator's legal beneficiary

Checklists should be used to collect information during the initial interview.

MATCHING: -Debts established in the course of business that are currently due from others

MATCHING: -The share of profits or property to which the owners of a business are entitled

Witnesses must read and be informed of all contents of a will before signing.

In order to efficiently assist the attorney, the paralegal needs to develop drafting and counseling skills.

The paralegal should familiarize the client with the taxes imposed on a decedent's estate and give legal advice about how to minimize them.

MATCHING: -One who wastes money or spends it unwisely

A spouse can be legally disinherited, but a child cannot.

MATCHING: -The person who has a superior claim over all others to the benefits of a life insurance contract