Exam 52: B: Wills and Trusts

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

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

For Troy's will to be valid,he must be mentally competent at the time of

A testator may revoke a will by tearing it.

Benny dies without a will,with no surviving spouse or child.Benny's survivors in?clude his granddaughter Callie,his nephew Doug,and his cousin Earl.In most states,his estate would pass to

An "X" can qualify as a signature on a will.

Most states permit a nuncupative will if it is made before witnesses.

Tundi's will provides for a distribution of her assets on her death.Who "distributes" this property,and what are the steps involved?

A will is probated in part to establish its validity.

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

Lolly employs a variety of will substitutes to transfer her assets,which consist principally of cash and investments in mutual funds,outside the probate process.In this situation,the most important consideration is to

In his will,Vigor makes a gift of $10,000 to Wylie.This is

Philomena dies without a will.A court appoints Quigley to handle the probate of Philomena's estate.The administrator of the estate is

An administrator 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

One summer afternoon,Eve,Faruk,and Galen decide to each draft and sign a "Last Will and Testament." Eve is fif?teen years old,Faruk is seventeen,and Galen is nineteen.In most states,those with the capacity to execute a will would be

Max is married to Nina.Max executes a will,leaving certain property to Nina and other property to Opal,who is unrelated to Max and Nina.On Max's death

One who dies without a valid will creates a bequest.

If a trust provides for its termination on the beneficiary's death,the death will end the trust.

Lost in a canyon near Gila,Arizona,Hedy writes her will in crayon,on a paper bag,while Ivan states orally how he wants his estate distributed.Most states do not permit