Exam 52: Wills and Trusts

A person may change a will with a codicil only once afterwards which a completely new will must be written.

Which of the following is true regarding adoption of the Uniform Anatomical Gifts Act?

Which of the following is false a trust?

Which of the following, if any, is property of a decedent that is not part of a probate estate?

"Secretary Visits." Carol wrote a will leaving half of her assets to her husband, Bruce, and half to her adult daughter from a previous marriage, Amy. Carol, however, found out that Bruce had been spending a lot of time with his secretary, Sharon. Angrily, Carol typed on a new piece of paper that she stapled to her will, "You skunk, Bruce, you take nothing. Amy gets it all." She then signed her name. Carol then took the will to her best friend, Betsy, who signed as a witness verifying that Carol meant for Bruce to take nothing. Carol was struck by lightning a few days later and died. Bruce told Amy that the revision to the will meant nothing because, for one thing, it was not prepared by a lawyer. -Which of the following is true regarding Bruce's statement that the revision to the will meant nothing?

When a person dies without a will, it is said that he or she died _____.

Wills are ______, meaning that testators can change them.

A ______ is a written document executed when the principal is in good mental health that allows an agent to make medical decisions for the principal at some later date when the principal can no longer make decisions.

Which of the following is false regarding organ donation in Japan?

The term ______ covers a variety of legal instruments a person can use to express his or her wishes about efforts to prolong life.

A will is a legal document that outlines how a person wants his or her property distributed on death.

Which of the following is the appropriate term for the process by which an individual decides what to do with his or her real and personal property during and after life?

A person may revoke a will by physically destroying it.

"Family Trust." Gracie had made lots of money in the stock market. She was getting older and was concerned about the integrity of her children and grandchildren who seemed unwilling to work. She decided that she would place the majority of her money in a trust and instruct that it be distributed only to family members who were gainfully employed or attending school on a full-time basis throughout the next twenty years. The remainder of the trust at that time was to be given to a local animal shelter. She also told her lawyer, Joe, that although she was in good health and mind at the present time, she would like a document drawn up giving her daughter Marcy the power to make decisions for her, including financial decisions, should her health deteriorate to the point that she could not handle her own affairs. -Which of the following, if any, is the correct term for a document that changes a will?

Which of the following is a will that two or more testators execute in which they leave property to each other as long as the survivor agrees that when he or she dies, the remaining property will be distributed according to a plan created by all testators?

"Family Trust." Gracie had made lots of money in the stock market. She was getting older and was concerned about the integrity of her children and grandchildren who seemed unwilling to work. She decided that she would place the majority of her money in a trust and instruct that it be distributed only to family members who were gainfully employed or attending school on a full-time basis throughout the next twenty years. The remainder of the trust at that time was to be given to a local animal shelter. She also told her lawyer, Joe, that although she was in good health and mind at the present time, she would like a document drawn up giving her daughter Marcy the power to make decisions for her, including financial decisions, should her health deteriorate to the point that she could not handle her own affairs. -Which of the following, if any, identifies the type of trust Gracie set up to encourage her family members to go to school or work?

"Fighter." Willy, a ninety-year-old wild bronco rider in the rodeo, had a will leaving all his possessions to a girlfriend, Linda, age twenty-two. During a rodeo, Willy was placed on a particularly wild bronco named "Fighter." During the ride, Grumpy the clown yelled out to Willy that Linda had suggested that particular horse. Willy was very grumpy about that because he was having trouble controlling Fighter. Nevertheless, Willy prevailed and collected the prize. Willy was so excited that he felt himself having a heart attack. Just before he died, he yelled out, "Linda, you had me put on that crazy horse, and I'm revoking my will. I'm dying, and I'm leaving everything to my other girlfriend, Candy." A number of witnesses heard his statement; and Grumpy, who had always liked Candy more than Linda, promptly wrote down Willy's statement. Linda knew nothing about Candy and was very upset. She told Candy that Candy could have nothing because Willy's written will was still in effect. She also told Candy that Willy was suffering from a mental illness and did not know what he was doing when he stated that Candy should take everything. Willy's daughter, Monique, age 65, also entered the discussion stating that Linda had unfairly coerced Willy into writing a will leaving her everything. -Which of the following is true regarding Linda's claim that Candy was entitled to nothing because Willy was suffering from a mental illness and did not know what he was doing when he stated that Candy should take everything?

A ______ is a gift of personal property by will.

What are the four requirements needed for a valid will?

Which of the following is the proper term for canceling a will?