Which of the following is an INCORRECT statement regarding a mutual? will? A. Mu
ID: 433832 • Letter: W
Question
Which of the following is an INCORRECT statement regarding a mutual? will?
A.
Mutual wills arise where two or more testators execute separate wills that make testamentary dispositions of their property to each other on the condition that the survivor leave the remaining property on his or her death as agreed by the testators.
B.
A mutual will is also known as a nuncupative will.
C.
Valid mutual wills are enforceable.
D.
Mutual wills cannot be unilaterally revoked after one of the parties has died.
E.
Mutual wills are usually separate instruments with reciprocal terms.
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A husband and wife make wills that leave their entire estate to each other. The husband and wife are killed simultaneously in an airplane crash.? Here, the? husband's property would go to? _____, and the? wife's property would go to? _____.
A.
his? relatives; her relatives
B.
the? state; her relatives
C.
the? state; the state
D.
his? relatives; the state
E.
the probate? court; the probate court
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Which of the following is an INCORRECT statement regarding? probate?
A.
Dissolution and winding up is the process of a? deceased's property being? collected, debts and taxes being? paid, and the remainder of the estate being distributed.
B.
The process and procedures for settling an estate are governed by state statute.
C.
Probate is also known as settlement of the estate.
D.
A specialized? court, called the probate? court, usually supervises the administration and settlement of estates.
E.
A personal representative must be appointed to administer an estate during its settlement phase.
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Which of the following is an INCORRECT statement regarding? probate?
A.
The personal representative of a? decedent's estate is usually a relative of the deceased or a bank.
B.
If a? testator's will does not designate a personal? representative, the court appoints an administrator? (male) or administratrix? (female).
C.
If a? testator's will designates a female personal? representative, that person is called an executrix.
D.
A probate court is a specialized federal court that supervises the administration and settlement of estates.
E.
An attorney is usually appointed to help administer the estate and to complete the probate.
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A gift of real estate by will is called? a(n) _____.
A.
devise
B.
assignment
C.
legacy
D.
delegation
E.
bequest
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A gift of personal property by will is called? a(n) _____.
A.
devise
B.
designation
C.
bequest
D.
delegation
E.
assignment
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What is another name for a? bequest?
A.
assignment
B.
declaration
C.
delegation
D.
devise
E.
legacy
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Which of the following is an INCORRECT statement regarding intestate? succession?
A.
?In-laws do not inherit under most intestacy statutes.
B.
If a? person's will or trust fails for some legal? reason, the property is distributed to his or her relatives pursuant to a? state's intestacy statute.
C.
If a person dies without a will or? trust, he or she dies testate.
D.
If the deceased has no surviving? relatives, then the? deceased's property escheats to the state.
E.
Relatives who receive property under intestacy statutes are called heirs
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Which of the following is an INCORRECT statement regarding an irrevocable? trust?
A.
An express trust is voluntarily created by the settlor.
B.
A trust can be created and becomes effective during a? trustor's lifetime, or it can be created to become effective on the? trustor's death.
C.
A will is a legal arrangement under which the trustor delivers and transfers legal right to property to the trustee to be held and used for the benefit of the beneficiary.
D.
Another term for trust corpus is trust res.
E.
The property and assets held in trust are called the trust corpus.
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Henry is the trustee of a trust for the benefit of his? brother, Gregory, who has a gambling addiction. Their parents set up the trust so that? Gregory's creditors can only go after the trust income that is distributed to? Gregory, and not the principal. This is known as? a(n) ________ trust.? ________________.
A.
spendthrift
B.
Totten
C.
resulting
D.
inter vivos
E.
constructive
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Which of the following statements about a living trust is? true?
A.
It can be challenged for undue influence.
B.
It reduces the? grantor's income taxes.
C.
It is usually less expensive to set up than a will.
D.
It reduces estate taxes more than a will.
E.
It is subject to property division on divorce.
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A will or trust may be found to be? _______________ if it was made because of undue influence on the testator. Undue influence is difficult? to_______________, but it may? be___________________________.
A.
?valid; prove by direct? evidence; proved by circumstantial evidence
B.
?valid; prove by clear? evidence; proved by cogent evidence
C.
?invalid; prove by direct? evidence; proved by circumstantial evidence
D.
?invalid; prove by circumstantial? evidence; proved by direct evidence
E.
?valid; show in a court of? law; shown in a court of equity
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In? 1990, in Cruzan v.? Director, Missouri Department of
Health?,
the U.S. Supreme Court ruled that the right to? ________________ is a personal liberty protected by the?__________________ of the U.S. Constitution. The Court stated that this interest must be expressed? _______________ that the patient did not want to be sustained by artificial means.
A.
refuse to make a? will; Due Process? Clause; beyond a reasonable doubt
B.
an? attorney; police power? clause; through clear and convincing proof
C.
refuse medical? treatment; supremacy? clause; by a preponderance of the evidence
D.
disinherit your? children; Due Process? Clause; through clear and convincing proof
E.
refuse medical? treatment; Due Process? Clause; through clear and convincing proof
>>>>Can you state a reason why you wrote the answer? I need to get this 100%!
Explanation / Answer
Answering 5 questions
1. Mutual wills are usually separate instruments with reciprocal terms.
Answer: Option E
2. The properties will go to different probates
Answer: Option E
5. A gift of real estate by will is called a devise
Answer: Option A
6. A gift of personal property by will is called a bequest.
Answer: Option C
7. The another name for a bequest is legacy,
Answer: Option E
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