wills and estates final

credit shelter trust

a trust that allows married couples to leave everything to each other tax free

When an executor does not fully perform the task of administering an estate, the new person appointed to complete the task is called an

administrator de bonis non

A temporary administrator appointed when there is a will contest to preserve the assets of the estate during the suit is called a(n)

administrator pendente lite

A person appointed to administer a testate estate in which the named executor was never appointed is called an

administrator with the will annexed

A list of everything the fiduicary has received and disbursed during the period covered in the account is called what?

an accounting

In Mississippi, what is the penalty for someone who intentionally falsifies, forges, conceals, defaces, or obliterates an individual's advance health-care directive or revocation of such?

damages of 2500$

A person who performs the tasks of a pesonal representative and who intermeddles with the property of the decedent without authority to do so is called a

executor de son tort

Per statute, certain personal property is exempt from seizure under execution or attachment. The value cannot exceed what amount?

10,000

A federal gift tax is imposed, with exceptions, on gifts totaling more than ____________ during one's lifetime.

5 million

According to statute, a householder's real property is exempt from seizure or sale up to what amount?

75,000

In Mississippi, how long does the executor have to file the inventory after he/she has been granted letters testamentary

90

In Mississippi, how many days does a creditor have to submit a claim?

90

If a spouse wishes to renounce the will of the deceased spouse, how many days does he/she have after the probating of the will?

90 days

In Mississippi, if a witness to a will is also a beneficiary under the will, how much will the beneficiary receive?

only what the beneficiary would have received if the testator had died intestate

A person who carries out the terms of the will.

personal representative

Property held as tenants in common is

probate property

Property held solely in the decedent's name is

probate property

An official appointed to administer the estate of an intestate decedent when no one appears who is entitled to act as administrator is called a

public administrator

Which court, in Mississippi, would you file a petition to probate an estate?

Chancery court

$11,000 can be given per-year-per-donee, as a tax free gift, in addition of up to $1,000,000 per lifetime.

False

A living will is a will which becomes effective while you're living.

False

A personal representative can resign without the court's permission

False

A sole trustee of a trust can also be the sole beneficiary of that trust.

False

A spouse is considered "next of kin".

False

A will is a document in which one party holds property in trust for the benefit of the beneficiary.

False

An estate is a nontaxable entity that is separate from the decedent.

False

If a person doesn't have a will and he passes away, his property will escheat.

False

In Mississippi, a divorce revokes the right of the ex-spouse to inherit from the testator.

False

It's a good idea to include funeral arrangements in a will.

False

Letters of instruction include detailed information as to how to probate the will.

False

Mississippi does not allow holographic wills.

False

Mississippi uses the Uniform Probate Code (UPC).

False

Non-probate items pass outside of probate directly to the surviving joint owner or beneficiary; thus, they are not part of the decedent's gross estate for estate tax purposes.

False

Tenants in common are owners who each own half of an undivided estate.

False

The testimonium clause is located at the beginning of the will and is where the date of the will is located.

False

Under a charitable remainder unitrust, a fixed amount of income is given to a beneficiary at least annually, and the remainder goes to charity.

False

Where the testator died establishes the court in which the estate will be settled.

False

If an estate's income is at least $300, it must be reported annually on either a calendar or fiscal year basis.

False 600$ or more.

A living trust is under the control and supervision of the probate court after the death of the testator.

False. A will is, not trust.

When a trust is created, the trustee receives the equitable title to the property.

False. Beneficiary receives equitable. Trustee receives legal title.

One of the first steps required in preparing an estate tax return is to determine the decedent's net estate.

False. Gross estate

The social security number should be used on all tax forms and for any bank account used for estate funds.

False. Use EIN

QTIP trust

special trust that qualifies for a marital deduction

Which is a savings account in the name of the depositor as trustee for another person?

Totten trust

A life insurance policy can be purchased on the settlor's life, by the trustee of a trust, and when the settlor passes away, the life insurance will be paid to the trust. This will allow the life insurance to pass to the heirs tax-free.

True

A specific legacy or devise is adeemed if the property is not in existence or does not belong to the testator at the time of death.

True

According to Miss. statutory law, an individual who has been convicted of murder cannot inherit from the will of the one he murdered.

True

Dower and curtesy have been abolished in Mississippi.

True

Even though it's not necessary in every state to mention that a prior will is revoked, the best thing to do in a new will is to make the statement anyway.

True

Federal courts have no jurisdiction to probate a will or to administer an estate.

True

Gifts for tuition or medical care are usually exempt from taxation.

True

In Mississippi, an anatomical gift can be revoked by a statement during terminal illness addressed to the attending physician and communicated to the donee or his agent.

True

In an express trust, the intention that the legal title be vested in one person to be held in some manner or for some purpose on behalf of another must be apparent.

True

In intestate succession, real property is distributed according to the law of the state in which the property is located.

True

In most states, there is no required form for a will.

True

Long-term care insurance provides money to pay for nursing home and custodial care when an insured becomes chronically ill.

True

Mississippi allows the use of a self-proving clause (affidavit).

True

Mississippi has a Uniform Simultaneous Death Act.

True

One must be "convicted" of murder by a criminal court in order to not be able to inherit from the one who has been killed. A civil case is not enough.

True

One purpose of the exordium clause is to give the testator's domicile.

True

Postmortem planning is estate planning after a person dies.

True

The attestation clause is after the testator's signature and before the witnesses' signatures.

True

The first step in the taxation procedure is to notify the IRS that the taxpayer has died.

True

Under federal estate tax laws, a spouse can leave property to a spouse and it will qualify as a marital deduction.

True

When a settlor dies, the dispositive provisions of a revocable living trust become irrevocable.

True

Pour-over trust

A provision in a will in which the testator leaves a gift to the trustee of an existing living trust

sprinkling trust

A trust that distributes income according to need rather than some preset formula.

Constructive Trust

A trust which is created by operation of law when someone obtained legal title to property through fraud

A trust that gives the trustee the power to determine how the trust income or principal is to be allocated among a group of beneficiaries is a: -sprinkling trust -spray trust -discretionary trust -all of the above

All of the above.

An itemized list or schedule of assets, property, or other articles is called what?

An inventory

The administration of an estate in a state other than where the decedent was domiciled where the decedent owns property is called

Ancillary administration

inter vivos trust

Another name for a living trust.

In the matter of Presley v. Hanks, two words changed the outcome of the inheritance. What were those words?

Lawful Issue

The certificate of appointment of a personal representative in a testate estate is called

Letters testamentary

Individuals who stand behind a fiduciary by agreeing to pay the amount of the bond to the court in the event the fiduciary fails to meet the obligations of the office are called

Sureties

Type of ownership in which if a spouse dies, the other spouse will be the only one to inherit. These owners must be married.

Tenants by the entirety

Type of ownership in which if one owner dies, his heirs may receive his interest.

Tenants in common

Testamentary Trust

is a trust created by a will. It only comes into use when the person making the will dies.

Spendthrift Trust

is a trust that protects the settler's assets from being spent recklessly by the beneficiary and the beneficiaries' creditors.

Type of ownership in which if one owner dies, the other owners will split the his interest.

joint tenants

Property held as joint tenants is

non-probate property

Property held jointly as tenants by the entirety is

non-probate property

Totten Trust

not a trust, but rather a bank account with a beneficiary clause