Wills Exam 1

How long would a decedent and spouse have to be married for the surviving spouse to be entitled to an elective-share percentage of 50 percent of the augmented estate?

15 years

fiduciary duty

A duty or responsibility required of a fiduciary, which arises out of a position of loyalty and trust, to act solely for another person's benefit

statutory will

A fill-in-the-blank will that is created and authorized by statute in a few states

remainder

A future estate in real property that takes effect on the termination of a prior estate created by the same instrument at the same time

testator or testatrix

A man or woman who makes and/or dies with a valid will

chose in action

A right to bring a civil lawsuit to recover money damages or possession of personal property

living will

A separate document that concerns the withholding or withdrawal of life support

codicil

A written amendment to a will that changes but does not invalidate the will

After execution of a will, the testator, by an intentional act of ademption, has the right to do all of the following EXCEPT:

Add a beneficiary

community property

All property, other than that received by gift, will, or inheritance, acquired by either spouse during marriage that is considered to belong to both spouses equally

fee simple estate

An estate in which the owner has an absolute, unqualified, and unlimited interest in real property

property guardian

An individual or trust institution appointed by a court to care for and manage the property of a minor or an incompetent person

chattel

Any item of personal property

Which is an example of real property?

Apartment building

digital assets

Assets that are stored electronically

In order for a will to be valid, it must:

Be written or typed with a typewriter or word processor

In orthodox terminology, which of the following refers to the recipient of personal property, other than money, according to a will?

Beneficiary

commingling

Combining community and separate property

Which is NOT used to determine if personal property has been converted into a fixture?

Conveyance

testacy

Death with a valid will

A dishwasher is an example of a/an:

Domestic fixture

The few states that retain dower and curtesy agree on all of the following EXCEPT:

Dower and curtesy rights can be released by spouses upon verbal agreement.

A testator must have all of the following EXCEPT:

Executor

The minor daughter of a decedent can generally be any of the following EXCEPT:

Executrix

A United States savings bond payable upon death to a named beneficiary is a form of probate property. T/F

False

Real property can be tangible or intangible. T/F

False

Which would be a reason for the creation of a trust?

For religious, educational, or charitable purposes

Which is an example of probate property?

Gain from the sale of a business

Which is a gift of a fixed amount of money from the assets of a testator's estate?

General legacy

Which is NOT a general rule of distribution under most states' intestate succession statutes?

If an intestate decedent is survived by a spouse and children, some of whom are not the children of the surviving spouse, the spouse receives a lump sum of money and/or a portion of the estate, and only the children born to both the decedent and the surviving spouse receive the other half of the estate.

Which is NOT an example of community property?

Inheritance to a single spouse during the marriage

Which of the following is an advantage of a will?

It allows a person to leave property to someone who would not be entitled to inherit under intestate succession

Which is an advantage of joint tenancy?

Joint tenancy avoids probate.

real property

Land, buildings, and the objects permanently attached to them

If a person preplans his/her funeral and burial arrangements, these arrangements should be included in the:

Letter of instructions

If a person wants to donate his/her organs or remains, this request should be made in the:

Letter of instructions

Which is a characteristic of a life estate?

Life tenants while living may convey their interest in the property by sale or gift to a third person.

Which is NOT a basic type of will?

Living will

Which form of will is NOT made in writing?

Nuncupative will

holographic will

One that is handwritten

nuncupative will

One that is made orally

If a decedent left three children and five grandchildren, two of whom are the sons of a deceased daughter, and the per stirpes method of distribution is used, how much of the decedent's estate will the two children of the deceased daughter receive?

One-eighth

When a person dies intestate and has no spouse or children, the estate then goes to:

Other lineal descendants

trade fixture

Property placed on the land or in the building to help the tenant carry on trade or business

nonprobate property

Real and personal property owned by the decedent at the time of death that cannot be transferred by will or inheritance

consanguinity

Related by blood through a common ancestor

affinity

Related by marriage

legacy and bequest

Replaced by the term devise under the UPC

Which is NOT a reason that many people die without a valid will?

Request of the beneficiary

Which is an example of tangible personal property?

Stamp collection

intestate succession statutes

State laws that provide for the descent and distribution of property to those whom a decedent would probably have chosen if the decedent had made a will

ambulatory

Subject to change or revocation any time before death

When a testator signs his or her name at the bottom of the will, he/she is:

Subscribing

Who is the only person a testator CANNOT disinherit?

Surviving spouse

Which is LEAST likely to be used as a substitute for a will?

Testamentary trust

succession

The act of acquiring property from a decedent by will or by operation of law when the person dies intestate

domiciliary administration

The administration of an estate in the state where the decedent was domiciled at the time of death

principal

The capital or property of a trust, as opposed to the income, which is the product of the capital

partition

The division of real property held by joint tenants or tenants in common into separate portions so that the individuals may hold the property in severalty

legal title of a trust

The form of ownership for a trust property held by the trustee, giving the trustee the right to control and manage the property for another person's benefit

Which does NOT apply when a life estate is created and a reversion is retained?

The grantee is the only person entitled to a reversion.

escheat

The passage of an intestate decedent's property to the state when there are no surviving blood relatives or a spouse

testamentary capacity

The sanity (sound mind) requirement for any person making a valid will

Subscribing

To sign one's name at the end of a will

In order for a joint tenancy to be created, common law requires unity of time, unity of title, unity of interest, and unity of possession. T/F

True

Real property is property that is immovable, fixed, or permanent. T/F

True

The law of property is mostly statutory. T/F

True

joint tenants

Two or more persons who own or hold equal, undivided interests in property with the right of survivorship

Which is (are) an example(s) of intangible personal property?

a. Online blog b. Cash c. Bitcoins d. All of the above

A living will states where the decedent wishes his/her children to be raised. t/f

false

A revocable living trust set up by a person for the benefit of his/her children from a prior marriage may be revoked by the second spouse upon the death of the person who set up the trust. t/f

false

If a person dies intestate, his or her property passes automatically to the state. t/f

false

Most states today still retain dower and curtesy. t/f

false

Only the living, natural, marital children of a man or woman have a right to his/her estate upon death. t/f

false

States that allow holographic wills generally require that the wills also be signed by witnesses. t/f

false

The surviving natural parent is automatically appointed the property guardian for the decedent's minor or incompetent children. t/f

false

The testator has no control over the determination of the source from which death taxes will be paid. t/f

false

To acquire the authority and powers of the position, a personal representative must be appointed by the testator. t/f

false

When a joint tenant dies, his or her share of the property transfers to his or her spouse, children, or other designated heir. t/f

false

Witness

someone who sees an event and reports what happened

Executing

the acts of the testator writes and signs the will and two or more witnesses who attest and sign it to establish the will's validity.

To create a Joint Tenancy

the instrument must expressly declare the interest to be a joint tenancy

Attesting

to bear witness to; certify; declare to be correct, true, or genuine

A single person can be a settlor, trustee, and beneficiary. t/f

true

Abatement can cause the gifts made in a will to be reduced or even eliminated. t/f

true

All wills are ambulatory. t/f

true

Anyone may dispose of property as a gift while alive. t/f

true

Common law computation is used to determine the degree of relationship between the decedent intestate and a potential heir. t/f

true

Copies of the letter of instructions should be given to family members. t/f

true

Everyone needs a will. t/f

true

In some states, a homestead allowance may be granted in place of a homestead exemption. t/f

true

In some states, if a person marries after making a will, the marriage revokes the will. t/f

true

Most states require that a valid will be dated. t/f

true

Neither party in a tenancy by the entirety can sell, give away, or otherwise convey the property on his/her own. t/f

true

No notice to terminate is required for a tenancy for years. t/f

true

Not everyone can legally make a will. t/f

true

When a spouse dies intestate, the surviving spouse's rights to the decedent spouse's estate are determined by state statute and by which other family members survive the intestate. t/f

true

While alive, each joint tenant has the right of severance. t/f

true