Question 1

A decedent is an individual who has died; if the decedent has left a will, he is referred to as a testatrix.

Accepted Answer

A decedent is indeed an individual who has died, but if the decedent has left a will, a male is referred to as a testator, while a female is referred to as a testatrix.

Question 2

An estate refers to all the real and personal property that the decedent owns or has an interest in at the time of his death.

Accepted Answer

An estate encompasses everything of value that an individual owns or has an interest in at the time of their death, including both real property (like land and buildings) and personal property (such as bank accounts, securities, and personal belongings).

Question 3

Freedom of disposition is the common law principle that testators should be free to dispose of their property at death in any way they want.

Accepted Answer

Freedom of disposition under common law allows testators to distribute their property upon death according to their wishes, subject to certain legal and familial obligations.

Question 4

The freedom of disposition is absolute as testators may impose only reasonable conditions in their will.

Accepted Answer

The freedom of disposition is not absolute; while testators can impose conditions, these must not only be reasonable but also legal and not against public policy.

Question 5

When you die, whether or not you leave a will, your estate will go through a process called probate.

Accepted Answer

Probate is the legal process through which a deceased person's estate is properly distributed to heirs and designated beneficiaries and any debt owed to creditors is paid off. Whether there is a will or not, most estates go through probate.

Question 6

During the intestate process, the decedent's estate will be distributed according to the terms of his will or by operation of intestate law if no valid will exists.

Accepted Answer

During the intestate process, the decedent's estate is distributed according to the intestate laws of the state because no valid will exists.

Question 7

There are two main types of trusts, revocable and irrevocable.

Accepted Answer

Revocable and irrevocable trusts are the two primary categories, differing mainly in terms of flexibility and control over the assets placed in the trust.

Question 8

Assets in a trust are transferred outside of the probate system, saving time and court fees, and potentially reducing estate taxes as well.

Accepted Answer

Assets held in a trust bypass the probate process, allowing for potentially quicker distribution to beneficiaries, reduced court fees, and in some cases, can offer tax advantages that minimize estate taxes.

Question 9

If an asset is left to a spouse or a federally recognized charity, the tax usually does not apply.

Accepted Answer

Assets left to a spouse or a federally recognized charity typically qualify for the marital or charitable deduction, which means they are not subject to estate tax.

Question 10

The National Conference of Commissioners on the Uniform Probate Code has drafted two uniform acts pertaining to probate and trusts.

Accepted Answer

The answer of The National Conference of Commissioners on the...

Question 11

Which of the following is identified as an individual who has died with a will?

Accepted Answer

The answer of Which of the following is identified as...

Question 12

What is the concept called when a decedent has not left a will?

Accepted Answer

Dying intestate means dying without having made a will.

Question 13

The estate for an individual includes

Accepted Answer

An individual's estate includes all of their assets, which encompasses financial investments, real property (like land and buildings), and personal property (such as jewelry, cars, and furniture).

Question 14

A __________ is a legal document in which a person, the testator, expresses his wishes as to how his estate is to be distributed at death, and in which the testator appoints an executor to manage the estate until its final distribution.

Accepted Answer

A will is the correct term for a legal document where a person specifies the distribution of their estate after death and appoints an executor.

Question 15

A __________ is a way in which a testator can change his will and is a separate testamentary document whose purpose is to amend an existing will.

Accepted Answer

A codicil is a testamentary document specifically designed to amend or modify an existing will, allowing the testator to make changes without drafting a new will entirely.

Question 16

The executor acts as a legal conveyor who designates where the donations will be sent using the information left in __________, whether they will be sent to charity or other organizations.

Accepted Answer

Bequests refer to the act of giving gifts or property through a will, which is what the executor uses to determine where donations are sent.

Question 17

One of the most important principles in the law of wills is the notion of freedom of __________.

Accepted Answer

The principle of freedom of disposition allows individuals to decide how their property will be distributed upon their death. This is a fundamental concept in the law of wills, enabling a person to control the distribution of their estate.

Question 18

If a person dies without a will, what happens to his/her property?

Accepted Answer

When a person dies without a will, their property is distributed according to the intestate succession laws of the state where they were domiciled. These laws determine who inherits the property based on their relationship to the deceased.

Question 19

The leading justification for freedom of disposition has to do with __________.

Accepted Answer

The leading justification for freedom of disposition is related to incentives. This principle suggests that allowing individuals the freedom to dispose of their property as they see fit encourages productivity, investment, and the efficient use of resources, as people are more likely to work hard and innovate if they know they can control the outcome of their efforts.

Question 20

In Shapira v. Union National Bank, Ohio Court of Common Pleas, 315 N.E.2d 825 (1974), the court held that

Accepted Answer

The answer of In Shapira v. Union National Bank, Ohio...

Quiz 49: Wills, Trusts, and Estates