Question 1

Max is married to Nina.Max executes a will,leaving certain property to Nina and other property to Opal,who is unrelated to Max and Nina.On Max's death

Accepted Answer

Both Nina and Opal have the legal right to renounce or disclaim their inheritance if they choose to do so.

Question 2

Char's daughter Delsey dies before Char,leaving Delsey's son Egor.On Char's death,it is learned that Char's will gives "to my daughter Delsey my ranch in Mesquite County,Texas." Most likely,the gift of the ranch

Accepted Answer

The gift will not lapse because of the anti-lapse statute, which typically allows the descendants of a deceased beneficiary to inherit the gift, assuming they are direct descendants and there is no contrary intention in the will.

Question 3

Clayton dies without a will.The distribution of Clayton's property,including his farm near Lincoln,Nebraska,is prescribed by

Accepted Answer

When someone dies without a will, they are considered to have died "intestate." In such cases, state intestacy laws determine how the deceased person's assets will be distributed among their heirs. Therefore, the best choice in this scenario is state intestacy laws.

Question 4

Eighty-year-old Clark exhibits confusion,forgetfulness,and disorienta?tion.To Clark's doctor Dave,the symptoms indicate dementia.Elsa,who has significant contact with Clark,believes that he is in a state of men?tal decline.These facts indicate

Accepted Answer

Clark's symptoms indicate a decline in mental capacity, which can affect his ability to make decisions and manage his affairs. This may require legal intervention to ensure that his assets are managed appropriately and to protect him from financial exploitation. Dave's diagnosis of dementia is in line with Clark's symptoms, and Elsa's observation further supports this assessment. However, there is no evidence to suggest that Elsa intends to take advantage of Clark's condition.

Question 5

Lost in a canyon near Gila,Arizona,Hedy writes her will in crayon,on a paper bag,while Ivan states orally how he wants his estate distributed.Most states do not permit

Accepted Answer

Most states do not permit nuncupative wills, which are oral wills. Olographic wills (handwritten) and wills written on unusual materials (such as a paper bag or in crayon) may be valid in some states, as long as they meet certain requirements.

Question 6

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

Accepted Answer

In most states, if a person dies intestate (without a will) and has no surviving spouse or children, the estate typically passes to the closest lineal descendants, which would be the granddaughter, Callie, in this case.

Question 7

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

Accepted Answer

The answer of Cliff dies without a will.His survivors include...

Question 8

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

Accepted Answer

A will is generally valid if it is signed by the testator (Juli) and witnessed by a certain number of witnesses, typically two or three, depending on jurisdiction. Filing in a state office is not typically required for validity.

Question 9

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

Dyan's writing, which is done separately but with the same formalities required for a will, is essentially a codicil (an amendment to a will), and it revokes the specific gift of the stock to Esau in the original will. Therefore, Esau is no longer entitled to the stock, and Ginny now receives it based on the later writing.

Question 10

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

Accepted Answer

A witness to a will must be mentally competent to understand the nature and consequences of the act of witnessing.

Question 11

For Troy's will to be valid,he must be mentally competent at the time of

Accepted Answer

Troy must be mentally competent at the time of making the will. This means that he must understand the nature of the act he is performing, he must know the extent of his property, and he must understand who his beneficiaries are and what he is leaving to them. Mental competence is necessary for the validity of the will.

Question 12

Keri's will states,"I give to my sister Liz my condominium in Malibu,California." This is

Accepted Answer

"I give to my sister Liz my condominium in Malibu,California" is a specific devise because it specifically identifies the property being given, in this case the condominium in Malibu, California.

Question 13

Dan makes a will leaving a specific sum of money to each surviving rela?tive.The assets of Dan's estate are not enough to make all of the gifts in full.This situation requires

Accepted Answer

When the assets of an estate are not enough to fulfill all of the gifts left in the will, an abatement occurs. This means that the gifts left in the will will be reduced proportionally in order to pay off any debts or expenses of the estate first.

Question 14

Lolly employs a variety of will substitutes to transfer her assets,which consist principally of cash and investments in mutual funds,outside the probate process.In this situation,the most important consideration is to

Accepted Answer

The most important consideration when employing will substitutes is to ensure that the arrangements benefit the intended persons. Avoiding the cost of probate may be a secondary consideration, but the primary goal is to ensure that the assets are transferred to the desired beneficiaries in a timely and efficient manner. Establishing grounds for a court's review or following the same principles as apply to testamentary transfers are not relevant in this context.

Question 15

Filbert wants to put some money in trust for his son Gregor,but he does not want to lose full control over the funds in case he may need them in the future.One trust suited to Filbert's needs is

Accepted Answer

A Totten trust, also known as a payable-on-death account, allows Filbert to retain control over the funds during his lifetime while designating Gregor as the beneficiary.

Question 16

Gwyn dies without a will,survived by her nephew Halsey and her aunt Ilene.Halsey and Ilene are Gwyn's

Accepted Answer

Collateral heirs are those who are related to the decedent, but not in a direct line of descent. In this scenario, Halsey and Ilene are Gwyn's collateral heirs since they are related to her through her siblings or parents rather than through their own children. Grantors are individuals who create and transfer property through a grant, and testators are individuals who create a will. Lineal descendants are those who are related to the decedent directly through a line of descent, such as children or grandchildren.

Question 17

One summer afternoon,Eve,Faruk,and Galen decide to each draft and sign a "Last Will and Testament." Eve is fif?teen years old,Faruk is seventeen,and Galen is nineteen.In most states,those with the capacity to execute a will would be

Accepted Answer

In most states, the legal age to execute a will is 18. Therefore, only Galen, who is nineteen, has the capacity to execute a will.

Question 18

Gus dies without a will.Under applicable laws,the debts of his estate are paid by Gus's

Accepted Answer

Under applicable laws, the debts of the estate must be paid before the assets are distributed to the heirs. Therefore, option B is correct.

Question 19

Philomena dies without a will.A court appoints Quigley to handle the probate of Philomena's estate.The administrator of the estate is

Accepted Answer

When someone dies without a will, the court will appoint an administrator to handle the probate of the estate. In this case, Quigley has been appointed by the court as the administrator, so the answer is C. The closest blood relative of Philomena or Philomena herself cannot be the administrator in this case, as the court has already appointed someone. The court is involved in the process but is not the administrator.

Question 20

In his will,Vigor makes a gift of $10,000 to Wylie.This is

Accepted Answer

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

Quiz 52: B: Wills and Trusts