Exam 40: Wills and Trusts

Ann and Burt are partners in Delta Associates.Burt takes ad?vantage of a partnership opportunity for personal gain that causes Delta's business to suffer.A court orders Burt to hold the profits in trust for the partnership.This is

Tom executes a will in which he leaves everything to his spouse,Victoria,and in which he appoints Warren to administer his estate.This must be signed by

Stepchildren are considered heirs.

Amy does not create a will before she dies.Amy dies with no heirs.Her property

Clayton dies without a will.The distribution of Clayton's property,including his farm near Lincoln,Nebraska,is prescribed by

A divorce occurring after the execution of a will revokes dispositions of property to the former spouse.

In most states,a person must be eighteen years of age to execute a valid will.

Kit has two children,Lea (the eldest) and Merl,both of whom prede?cease Kit.Lea is survived by a son,Nat,and Merl by two daughters,Opal and Pearl.On Kit's death,if the estate is distributed per capita

The word "Mom" can qualify as a signature on a will.

A per capita method of distribution shares equally among heirs in the same class.

A reference in a will to a written memorandum that is not in the will renders the will invalid.

Once executed,a will cannot be revoked.

A holographic will is a will that is completely in the handwriting of a testator.

According to the terms of Carmen's will,specific gifts are made,and taxes and other es?tate expenses and debts are paid.The assets of Carmen's estate that remain are most likely to be distributed

Gus dies intestate.The debts of the estate are paid by

A decedent is a person who has died.

Adam has two children,Bob (the eldest) and Carol,both of whom prede?cease Adam.Bob is survived by a daughter,Dina,and Carol by two sons,Ed and Fred.On Adam's death,if the estate is distributed per stirpes

Eve dies intestate,survived by her grandson Boyd and her sister Grace. Boyd and Grace are Eve's

To "publish" a will means to record it in the appropriate county office.

Aron owns a certificate of deposit with Beth,his sister,and an apartment building with Carl,his brother,in both cases as a joint tenant.Aron,a partner with Debra in Aron & Debra Accountants,obtains a life insur?ance policy with Debra as the designated beneficiary.Aron writes a will that gives particular items of personal property,as well as specific amounts of cash,to his children and his friends.The will leaves the resi?due of the estate to Eve,Aaron's favorite cousin.Carl dies.Aron,on his deathbed,makes a gift to the United Way.Will the certificate of deposit,the apartment building,the proceeds from the life insurance policy,and the gift to the United Way become part of Aron's estate and be distributed under the will? If not,how will these items be distributed and to whom?