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Exam 40: Wills and Trusts

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Question 1

Multiple Choice

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Faye executes a will in which Gail is appointed to execute the will.  After Faye dies, Gail lacks the capacity to serve, and a court appoints Holly to handle the probate of Faye's estate.  In this situation, Gail is the

A) decedent.
B) executor.
C) administrator.
D) beneficiary.

E) B) and C)
F) None of the above

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C

Question 2

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Under intestacy laws, a surviving spouse receives the decedent's entire estate if there are no children or grandchildren surviving.

A) True
B) False

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Question 3

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At the grantor's death, assets held in a living trust revert to the decedent's estate.

Molly is not married and has no children. She executes a will, disposing of her estate to her sister Nina. Later, Molly marries Owen. They have no children. Molly does not execute a new will before she dies. With respect to Molly's estate, in most states Owen is entitled to

Glenn makes a will. A court appoints Herman to administer the estate. Among Glenn's heirs is his daughter Ilsa. The testator is

A testamentary trust is created by a will and comes into existence on the settlor's death.

Under the per stirpes method of distribution, all heirs in a certain class are guaranteed equal inheritance.

Under intestacy laws, if no heirs exist, then the property of the estate reverts to the state.

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

A new will must specifically revoke a prior will or the original will stays in effect and controls if there is any conflict between the two wills.

A constructive trust is imposed by a court to promote fairness.

Under intestacy laws, if a decedent has no heirs, then the property of his or her estate

Karen dies with a will. Her husband predeceased her. They had three children, all of whom sadly died before Karen. Logan left behind 2 children, Pete and Rona. Maria had one child, Sam. Nell had 2 children, Tess and Uriah. Describe who inherits how much of Karen's estate if she gives it to her heirs per stirpes . Who inherits (and how much) if Karen gives it per capita ?

Emmett has two children, Frank and Gene, both of whom predecease Emmett. Frank is survived by his daughter Heidi. Gene is survived by his sons Ike and Jake. On Emmett's death, if the distribution of his estate is per stirpes , Heidi will receive

Jason does not execute a will before he dies. With respect his estate, the assets are distributed first to

The formalities of a will are intended to help prevent fraud.

Sally handwrites her will on a sheet of blank paper. This will is

A specific devise does not single out any particular item of property to be transferred by will but simply specifies a sum of cash.

A person who makes a will is known as a probate.

Carl dies without a will, survived by his granddaughter Dora and her brother Elton. The grandchildren are Carl's