Chapter 44
Wills, Estates, and Trusts :
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1. Wills can be changed by the use of codicil.
a. True
b. False
2. Holographic wills are not allowed under the Uniform Probate Code.
a. True
b. False
3. All states require a person must be 18 to validly execute a will.
a. True
b. False
4. A "no contest" clause in a will prohibits anyone from contesting the will.
a. True
b. False
5. Witnesses to a will serve as observers to see if the testator has testamentary capacity at the time the will is published and signed.
a. True
b. False
6. When all the distributes stand in the same degree of relationship to the decedent, distribution is made per capita.
a. True
b. False
7. Family members receive distributions from an estate before creditors are paid.
a. True
b. False
8. Under a trust, both legal and equitable title are given to the trustee.
a. True
b. False
9. A trustee by virtue of his or her position has unlimited authority to invest the trust corpus.
a. True
b. False
10. A Living Will is a will that takes effect and distributes the estate while the testator is alive.
a. True
b. False
11. Unless statutory requirements are met, a will is invalid and the testator:
a. is considered to have died testate.
b. is considered to have died intestate.
c. is subject to federal law.
d. has provided guidelines of distribution.
12. Probate is the act by which:
a. the witnesses sign an attestation clause.
b. publication of the will takes place.
c. the court declares an instrument is a valid will.
d. a qualified person may contest the will.
13. Which of the following is correct about the Uniform Probate Code (UPC)?
a. Spouses who die in a common accident are presumed to have each survived the other.
b. Spouses who die in a common accident are presumed to leave one-half their property to the other spouse.
c. Spouses who die in a common accident are presumed to die at the same time.
d. When spouses die in a common accident, the husband is presumed to have survived the wife.
14. Allie was an elderly woman. Her children all lived a great distance from her. Jean was hired to be Allie's housekeeper. Allie had come to rely upon Jean in all matters. One year before Allie's death, Jean convinced her to leave her the estate. In the event of a will contest by Allie's children, the cause of action will most likely be:
a. breach of fiduciary duty.
b. mistake.
c. duress.
d. undue influence.
15. Testamentary capacity generally requires:
a. a healthy body.
b. an ability to know one's assets, one's family, and the effect of a will.
c. self-proof.
d. a clause in the will that states that the testator has a "sound mind and body."
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