Exam 9: Estate Planning: Wills, Trusts, and Probate

Which of the following may a person not distribute in a will?

An implied trust is often called an involuntary trust.

Wills fall into three broad categories: formal,_____, and nuncupative.

Which of the following is a reason to change a will?

A will can be changed or revoked any time after the will is properly created and before ______.

A gift by will of specific real property is known as a:

Explain how a will can be revoked or changed.

The first opening clause that usually identifies the testator in a will is called the testimonium clause.

A will is a document in which an individual provides for the distribution of his or her property upon his or her death.

The federal estate tax, also called the death tax by some critics, is a tax applied to the transfer of a person's assets at death. Discuss whether you think the federal government should repeal the federal estate tax. Explain your position.

The most common types of express trusts are living trusts and _______ trusts.

What is the judicial procedure by which a will is proved valid or invalid and the court-supervised process that takes place after a person dies?

All guardianship documents are drafted by the court.

A will may not be changed.

Wills fall into two broad categories: holographic and formal.

The person who creates a trust is called a(n)______ while the person who makes a will is called an testator/testatrix.

Probate is the court-supervised process that takes places after a person dies.

A general ______ is a gift of a specific amount of money. This gift of money is taken from the assets of the general estate.

Which clause in a will distribute all property not disposed of in the other clauses of the main body of the will?