Question 1

Maya dies without a will.The distribution of Maya's estate is prescribed by​

Accepted Answer

A)   ​Maya's closest relatives. 
B)   ​durable powers of attorney. 
C)   ​intestacy laws. 
D)   ​will substitutes.E) All of the above
F) B) and D)

Question 2

Aron owns a certificate of deposit with Beth,his sister,and an apartment building with Carl,his brother,in both cases as a joint tenant.Aron,a partner with Debra in Aron & Debra Accountants,obtains a life insurance policy with Debra as the designated beneficiary.Aron writes a will that gives particular items of personal property,as well as specific amounts of cash,to his children and his friends.The will leaves the residue of the estate to Eve,Aaron's favorite cousin.Carl dies.Aron,on his deathbed,makes a gift to the United Way.Will the certificate of deposit,the apartment building,the proceeds from the life insurance policy,and the gift to the United Way become part of Aron's estate and be distributed under the will? If not,how will these items be distributed and to whom?​

Accepted Answer

Of the items listed in the question,only...

Question 3

The testator's signature must appear on the will.

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

A)   ​by codicil. 
B)   ​holographically. 
C)   ​per capita. 
D)   ​through a residuary clause.E) All of the above
F) A) and B)

Question 5

In his will,Jason leaves $10,000 to each of his three children.However,after Jason dies and all his debts are paid,there is only $9,000 left in his estate.Each child will receive​

Accepted Answer

A)   ​$10,000. 
B)   ​$3,000. 
C)   ​$1,000. 
D)   ​$500.E) None of the above
F) A) and B)

Question 6

Jackie's will states,"I leave my red sports car to Angela." This is​

Accepted Answer

A)   ​a specific legacy. 
B)   ​a devise. 
C)   ​an execution. 
D)   ​a general legacy.E) A) and C)
F) A) and D)

Question 7

The debts of a decedent must be satisfied out of his or her estate.

Accepted Answer

A) True 
 B)False

Question 8

The recipient of a legacy is a devisee.

Accepted Answer

A) True 
 B)False

Question 9

Meryl's daughter Nixie dies before Meryl,leaving Nixie's son Orman.On Meryl's death,it is learned that her will gives "to my daughter Nixie my farm near Pratt,Kansas." Most likely,the gift of the farm will​

Accepted Answer

A)   ​abate. 
B)   ​not lapse. 
C)   ​lapse in full. 
D)   ​lapse in part.E) All of the above
F) A) and C)

Question 10

A will must normally be attested to by two or three witnesses.

Accepted Answer

A) True 
 B)False

Question 11

Gary dies without a will.His survivors include his spouse Helen and his two children,Irene and John.Under applicable laws,of Gary's estate,Helen will probably receive​

Accepted Answer

A)   ​everything. 
B)   ​nothing. 
C)   ​one-half. 
D)   ​one-third.E) A) and C)
F) None of the above

Question 12

In his will,Bryson makes a gift of $12,000 to Curtis.This is​

Accepted Answer

A)   ​a general bequest. 
B)   ​a general devise. 
C)   ​a specific bequest. 
D)   ​a specific devise.E) C) and D)
F) B) and D)

Exam 39: Wills and Trusts

Meryl's daughter Nixie dies before Meryl,leaving Nixie's son Orman.On Meryl's death,it is learned that her will gives "to my daughter Nixie my farm near Pratt,Kansas." Most likely,the gift of the farm will

Correct Answer
verified

In his will,Bryson makes a gift of $12,000 to Curtis.This is

Correct Answer
verified

The recipient of a legacy is a devisee.

Correct Answer
verified

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

Correct Answer
verified

Maya dies without a will.The distribution of Maya's estate is prescribed by

Correct Answer
verified

The testator's signature must appear on the will.

Correct Answer
verified

In his will,Jason leaves $10,000 to each of his three children.However,after Jason dies and all his debts are paid,there is only $9,000 left in his estate.Each child will receive

Correct Answer
verified

A will must normally be attested to by two or three witnesses.

Correct Answer
verified

Gary dies without a will.His survivors include his spouse Helen and his two children,Irene and John.Under applicable laws,of Gary's estate,Helen will probably receive

Correct Answer
verified

Jackie's will states,"I leave my red sports car to Angela." This is

Correct Answer
verified

Correct Answer
verified
Of the items listed in the question,only...
View Answer

The debts of a decedent must be satisfied out of his or her estate.

Correct Answer
verified

Exam 39: Wills and Trusts

Meryl's daughter Nixie dies before Meryl,leaving Nixie's son Orman.On Meryl's death,it is learned that her will gives "to my daughter Nixie my farm near Pratt,Kansas." Most likely,the gift of the farm will​

Correct AnswerverifiedShow Answer

In his will,Bryson makes a gift of $12,000 to Curtis.This is​

Correct AnswerverifiedShow Answer

The recipient of a legacy is a devisee.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Maya dies without a will.The distribution of Maya's estate is prescribed by​

Correct AnswerverifiedShow Answer

The testator's signature must appear on the will.

Correct AnswerverifiedShow Answer

In his will,Jason leaves $10,000 to each of his three children.However,after Jason dies and all his debts are paid,there is only $9,000 left in his estate.Each child will receive​

Correct AnswerverifiedShow Answer

A will must normally be attested to by two or three witnesses.

Correct AnswerverifiedShow Answer

Gary dies without a will.His survivors include his spouse Helen and his two children,Irene and John.Under applicable laws,of Gary's estate,Helen will probably receive​

Correct AnswerverifiedShow Answer

Jackie's will states,"I leave my red sports car to Angela." This is​

Correct AnswerverifiedShow Answer

Correct AnswerverifiedOf the items listed in the question,only...View AnswerShow Answer

The debts of a decedent must be satisfied out of his or her estate.

Correct AnswerverifiedShow Answer

Meryl's daughter Nixie dies before Meryl,leaving Nixie's son Orman.On Meryl's death,it is learned that her will gives "to my daughter Nixie my farm near Pratt,Kansas." Most likely,the gift of the farm will

Correct Answer
verified

In his will,Bryson makes a gift of $12,000 to Curtis.This is

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

Maya dies without a will.The distribution of Maya's estate is prescribed by

Correct Answer
verified

Correct Answer
verified

In his will,Jason leaves $10,000 to each of his three children.However,after Jason dies and all his debts are paid,there is only $9,000 left in his estate.Each child will receive

Correct Answer
verified

Correct Answer
verified

Gary dies without a will.His survivors include his spouse Helen and his two children,Irene and John.Under applicable laws,of Gary's estate,Helen will probably receive

Correct Answer
verified

Jackie's will states,"I leave my red sports car to Angela." This is

Correct Answer
verified

Correct Answer
verified
Of the items listed in the question,only...
View Answer

Correct Answer
verified