Exam 40: Wills and Trusts

A codicil is a clause in a will affirming an administrator's testamentary capacity.

In an abatement,the legatees receive increased benefits.

Mason creates a trust for his son,Newt,the beneficiary,to come into existence on Mason's death.This is

Bud lists his assets in writing and then makes a will,referring to the list in a way that makes the list necessary to carry out the terms of the will. This

For a will to be valid,the testator must remember the names of family and friends included in the will.

Jackie's will states,"I leave my red sports car to Angela." This is

Richard's will leaves $5,000 to his two children,Sam and Sara.When Richard dies,he only has $8,000 to honor his bequests.Sam and Sara each receive $4,000.This is

A will can be partially revoked.

Kendall executes a separate written instrument to amend her prior will.This separate document is

Ross makes out a will in which Steve is appointed to administer the will. After Ross dies,Steve cannot administer the will,and a court appoints Terry to handle the probate of Ross's estate. In this situation,the execu?tor is

Lost in a canyon near Gila,Arizona,Hester writes her will in crayon,on a paper bag,while Ivan states orally how he wants his estate distributed.In most states

Eighty-year-old Clark exhibits confusion,forgetfulness,and disorienta?tion.To Clark's doctor Dave,the symptoms indicate dementia.Elsa,who has significant contact with Clark,believes that he is in a state of men?tal decline.These facts indicate

Undue influence can occur when a named beneficiary is in a position to influence the making of a will.

A testator is a personal representative named in a will.

Jaime is fifteen years old,Leo is eighteen years old and Bev is twenty-one years old.Phil is looking for witnesses for his will.Of the three persons mentioned

The owners of Designer Software,Inc.,want to execute wills.Eve is fif?teen years old,Fran is seventeen,and Gail is nineteen.In most states,those with the capacity to execute a will are

A formal will must be signed by the testator.

Jill handwrites what she intends to be her will on a blank sheet of paper in ink.If Jill has capacity,this "will" is

In his will,Jason leaves $10,000 to each of his three children.However,after Jason dies and all his debts are paid,there is only $9,000 left in his estate.Each child will receive

A devise is a gift of real estate by will.