Exam 50: Wills and Trusts

Jock makes a will. As a person who makes a will, Jock is

For a will to be valid, a testator must be of "sound mind" at the time of death.

Don executes a will leaving half of his farm to his spouse Elsie and the rest to his sons, Frank and Greg, in equal shares. The will disinherits a third son, Hal. Don and Elsie divorce, but Don dies before changing his will. Under the Uniform Probate Code

An administrator is a personal representative named in a will.

Dan makes a will leaving a specific sum of money to each surviving rela?tive. The assets of Dan's estate are not enough to make all of the gifts in full. This situation requires

Grey has two children, Ham (the eldest) and Ivy, both of whom prede?cease Grey. Ham is survived by a daughter, Jess, and Ivy by two sons, Kato and Lars. On Grey's death, if the estate is distributed per stirpes

A child born after a will has been executed may still inherit a portion of his or her parent's estate.

Frank wants to put some money in trust for his son Greg, but he does not want to lose full control over the funds in case he may need them in the future. One trust suited to Frank's needs is

A legatee is a person who dies after having made a valid will.

Gigi, a twenty-year-old, wants to execute a will before she undertakes a moun?tain-climbing trip on a peak in the Himalaya Mountains. In most states, the legal age for executing a will is

A spendthrift trust provides for a beneficiary's transfer of his or her right to future payments of trust funds.

Owen dies without a will, survived by his niece Patty and his uncle Quinn. Patty and Quinn are Owen's

The "prudent person rule" controls the distribution of assets by will.

A testator is a decedent who dies without a will.

Per stirpes is a method of dividing an intestate share of an estate.

Sargent dies without a will. Sargent has died

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

An executor is a personal representative appointed by a court for a dece?dent who dies without a will.

Cliff dies without a will. His survivors include his spouse Dana and his two children, Efrem and Fay. Under applicable laws, of Cliff's estate, Dana will probably receive

A will in that passes "three dimensional" assets such as real estate, as opposed to "two dimensional" paper assets, is a holographic will.