Wills, Trusts & Probate Admin: Mod. 1-8 Quizzes

Real property includes all of the following (EXCEPT); Vacant Land Condominiums Automobiles Barns

(EXCEPT) Automobiles

The following are common to nonprobate assets EXCEPT: - they do not require any court proceedings to pass title from the descendant's estate to the beneficiaries or heirs. - they are not distributed according to the decedent's will. - they do not require any court proceedings to pass title from the descendant's estate to the beneficiaries or heirs and they are not distributed according to the decedent's will.

(EXCEPT) It is necessary to gain a court order to pass title for all nonprobate assets.

Which of the following are characteristics of living trusts, also known as inter vivos trusts?

- They become effective during the testator's lifetime. - They are not part of a decedent's probate estate. - Any assets that are made part of the trust become nonprobate assets.

What percentage (approximate) of people in the United States do not have a will? 33% 25% 95% 55%

55%

Which of the following are characteristic(s) of living trusts, also known as inter vivos trusts? - They become effective during the testator's lifetime. - They are not part of a decedent's probate estate. - Any assets that are made part of the trust become nonprobate assets. - All of these.

All of these.

True or False: A fee simple estate is the smallest estate a person can hold.

False

True or False: A testamentary trust may be established without a will.

False

True or False: All states have tenancy by the entirety.

False

True or False: An example of a fixture is a refrigerator.

False

True or False: Dishes and china, cars, computers, and royalties are all examples of tangible personal property.

False

True or False: The right of survivorship requires the joint tenant(s), upon the death of another joint tenant, to present his or her claim to the decedent's ownership rights, in a court of law.

False

True or False: When a joint tenancy is created, a tenancy in common is automatically created.

False

True or False: Without a will that specifically states who will care for minor children, the local child welfare agency will unilaterally make these decisions.

False

True or False: A fee simple estate is the smallest estate a person can hold

False

True or False: All states have tenancy by entirety.

False

True or False: An example of a fixture is a refrigerator

False

True or False: Dishes and china, cars, computers, and royalties are all examples of tangible personal property.

False

Life estate pur autre vie: Refers to...

Property held for the life of someone other than the tenant.

The following is characteristic of a tenancy for years:

The time that the tenant will hold the property is specifically designated and the person has actual ownership of the property for the designated period of time.

The following is characteristic of a tenancy for years: - The tenant always must take a long-term lease from the remainderman. - The person has actual ownership of the property for the designated period of time. - The time that the tenant will hold the property is specifically designated and the person has actual ownership of the property for the designated period of time. - The time that the tenant will hold the property is specifically designated.

The time that the tenant will hold the property is specifically designated and the person has actual ownership of the property for the designated period of time.

The following is characteristic of a tenancy for years: The time that the tenant will hold the property is specifically designated. The person has actual ownership of the property for the designated period of time. The time that the tenant will hold the property is specifically designated and the person has actual ownership of the property for the designated period of time. The tenant always must take a long-term lease from the remainderman.

The time that the tenant will hold the property is specifically designated and the person has actual ownership of the property for the designated period of time.

Pay-on-death (POD) accounts are also known as:

Totten trusts

Pay-on-death (POD) accounts are also known as: Roth accounts. Totten trusts. living trusts. Keogh accounts.

Totten trusts.

True or False: A will and associated documentation bundled together are called estate planning.

True

True or False: Incorporating funeral arrangements into a will is often futile because the will is often not found until after the decedent's funeral and burial.

True

True or False: Personal property is all property that is not classified as real property.

True

True or False: Real property is any type of property that is immovable, fixed, or permanent.

True

True or False: The guardian of the property is responsible for a minor person's property until the child reaches the age of majority or is legally emancipated.

True

True or False: Real Property is any type of property that is immovable, fixed, or permanent.

True

Real property includes all of the following except: vacant land. condominiums. Correct! automobiles. barns.

automobiles

If a person dies intestate, it means: - he or she died without having executed a living trust. - he or she died without having executed a will. - that no medical directives were executed. - he or she died of a gastrointestinal disease.

he or she died without having executed a will.

The following are common to nonprobate assets except: they do not require any court proceedings to pass title from the descendant's estate to the beneficiaries or heirs and they are not distributed according to the decedent's will. Correct! it is necessary to gain a court order to pass title for all nonprobate assets. they do not require any court proceedings to pass title from the descendant's estate to the beneficiaries or heirs. they are not distributed according to the decedent's will.

it is necessary to gain a court order to pass title for all nonprobate assets.

The following are common to nonprobate assets except: they do not require any court proceedings to pass title from the descendant's estate to the beneficiaries or heirs. they are not distributed according to the decedent's will. they do not require any court proceedings to pass title from the descendant's estate to the beneficiaries or heirs and they are not distributed according to the decedent's will. it is necessary to gain a court order to pass title for all nonprobate assets.

it is necessary to gain a court order to pass title for all nonprobate assets.

Most people don't have a will because of: - their belief that it is too costly. - procrastination and fear of one's own mortality. - their dislike of attorneys. - their belief that it is unnecessary.

procrastination and fear of one's own mortality.

Life estate pur autre vie refers to: - property held for the life of someone other than the tenant. - property held in perpetuum by the executor of a will. - property held for the life of the tenant. - lack of legal standing in life estate disputes.

property held for the life of someone other than the tenant.

To execute a will means to: - revoke it. - sign it. - physically destroy it. - develop it with your attorney.

sign it

A beneficiary is: - the person who writes a will. - the person that receives property under a will or the holder of the equitable title under a trust. - the person that holds another's property for a testator. - the person that manages the deceased's estate.

the person that receives property under a will or the holder of the equitable title under a trust.

Which of the following best exemplifies the characteristics of a joint tenancy? time and title time, possession, interest, and title interest only title, possession, and interest

time, possession, interest, and title

Example(s) of fixtures are: trees, flowers,and sinks pictures. sinks. trees and flowers.

trees, flowers, and sinks