Exam 51: Wills and Trusts

One who dies after having made a valid will is said to have died intestate.

A "living will" is a will drafted and executed during a decedent's life.

Finlay dies without a will. The distribution of Finlay's property, including his beachfront house near Gulf Shores, Alabama, is prescribed by

Ortensia is married to Paolo. Ortensia executes a will, leaving certain property to Paolo and other property to Quito, who is unrelated to Ortensia and Paolo. On Ortensia's death, the share of property given under the will can be renounced by

Lost in a canyon near Death Valley, California, Edina writes her will in crayon, on a paper bag, while Farrow states orally how he wants his estate distributed. Most states do not permit

A resulting trust arises from the conduct of the parties.

An executor is a personal representative named in a will.

In his will, Bryson makes a gift of $12,000 to Curtis. This is

There are age requirements for the witnesses who attest to a will.

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

Kim is asked to serve as a witness to Lian's will. To qualify, Kim must be

A testamentary trust is created by will and comes into existence on the grantor's death.

For Melinda's will to be valid, she must be mentally competent at the time of

There is a requirement that testators give their estate to the natural heirs.

A codicil is a will substitute that avoids the cost of probate.

Karissa's will states, "I give to my sister Lexy my condominium in Miami, Florida." This is

When a person dies without a valid will, and no heirs exist, the state will assume ownership of the property.

If no children or grandchildren survive a decedent who dies without a will, a surviving spouse receives the entire estate.

A trust created by a will to come into existence on the settlor's death is an irrevocable living trust.

A method of accomplishing a property transfer without a will is through the joint ownership of property.