Exam 14: Wills, Trusts, and Probate Laws Appendices Glossary Indexes

Mary Banks died without leaving a will.Surviving her were her parents Carl and Sheila,her husband Willie,and her minor children,Tabatha and Kaillie.Regarding the distribution of her estate,

Fred wishes to donate money to several charities through his will but in unsure how much each should receive.So Fred donates a fixed sum of money,identifies the charities and names and empowers his good friend Wilkins McCawber to determine the amount each charity is to receive.Wilkins has received a(n).

Estate plans ideally should be customized to fit the unique circumstances and situation of the individual or family for whom the plan is prepared.

The court process of proving the validity of a will and complying with the directions of the testator is called .

If a child is not specifically provided for in a will either by gift or expressed exclusion it is called an ademption.

Petrelli creates an ordinary power of attorney granting the power to Mohinder to make financial decisions on his behalf.Petrelli is injured in an accident and falls into a coma.The doctors are unsure if Petrelli will recover

A durable power of attorney authorizes one person to handle the estate of another upon the death of the latter.

A(n)is the legal expression of a person's wishes for the distribution of his or her property after death.

Assisted suicide includes the acts of aiding and abetting another to commit suicide.

If you create a will,

Estate planning has substantial potential monetary and psychological value for an elderly retired person,but not for a young bachelor or young married couple.

One way to change a will is through an amendment to the will.This changes part of the will,but not all of it.

A durable power of attorney

Cecil was working on his tractor,he mistakenly put it in reverse and was pinned by the tractor.Fearful that he might not live through this experience,he used his jack knife (pocket knife)to etch in the fender of the tractor this message."In case I die in this mess,I leave all to the wife.If Cecil dies his wife through a proceeding will try to prove the tractor fender is a

Joint tenancy is a form of joint property ownership allowing parties to avoid all taxes on such owned property.

A trust,the purpose of which is to stop creditors of the beneficiaries from reaching the income or principal while it is in the hands of the trustee,is called a

The person who creates a trust is called a(n)

Estate planning is the name given the process of proving the validity of a will in court,coupled with the related matter of administering the decedent's estate.

A holographic will

Which of the following is a commonly used way to avoid probate?