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Exam 40: Wills and Trusts

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Question 31

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Under the per capita method of distribution, an heir takes the share that his or her deceased parent would have been entitled to inherit.

A) True
B) False

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Question 32

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

A) a codicil.
B) a type of trust.
C) a revocation.
D) a residuary clause.

E) None of the above
F) A) and D)

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Question 33

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With a resulting trust, assets held in the trust can pass to the heirs after going through probate.

A formal, nonholographic will need not normally be witnessed.

Eve, Fran, and Gina want to execute wills. Eve is fifteen years old, Fran is seventeen, and Gina is nineteen. In most states, those with the capacity to execute a will are

In her will, Delia makes a gift of $10,000 to Esteban. This gift is

For a will to be valid, the testator's signature must appear in it.

Grover does not execute a will before he dies. His survivors include his spouse Helene and their two children, Irene and John. With respect to Grover's estate, under the usual intestacy laws, Helene will probably receive

Kit has two children, Lea and Merl, both of whom predecease Kit. Lea is survived by her son Nat. Merl is survived by her daughters Opal and Pearl. On Kit's death, if the distribution of the estate is per capita, Pearl will receive

Under intestacy laws, stepchildren are considered kin.

Intestacy laws determine the distribution of the property of one who dies without a will.

Modifications to a will after death are allowed.

Serena decides to create a trust for the benefit of her children. She deeds her property to the trust but retains the power to amend, alter, or revoke the trust. She also serves as the trustee and receives income earned by the property. This is

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

Flem owns shares of stock in Gas & Oil Inc. To create a trust with the stock for the benefit of his spouse Hanna, Flem must convey the shares to

Statutes of descent and distribution regulate how property is distributed when a person dies with a will.

The conduct of Edie and Floyd indicate an intention to create a trust. The circumstances raise an inference that Edie is holding legal title to property for Floyd's benefit. This is

In most states, the testator's marriage after the execution of a will may affect the distribution of the estate.

A testator can revoke a will by having someone else tear it up in the testator's presence.

For a valid will, the testator's intention with respect to the transfer and distribution of his or her property is not relevant.