Finance
The person who creates a trust is the:
Word Bank: settlor, heir, lineal, codicil holder.
What is, Settlor
f a client desires to leave his 1989 John Deere tractor to his son, that would be a:
Word Bank: specific gift, general gift, residuary gift, lapse.
What is, Specific Gift
The person who makes a will is the
Word Bank: testator, trustor, grantor, executor.
What is the TESTATOR
Who administers an estate?
Word Bank: The personal representative, The trustee, The testator, The probate judge
What is, The Personal Representative (also known as executor or executrix
If a person dies without a will, that person has died:
Word Bank: testate, intestate, non-probated, probated.
What is, Intestate
True or False:
Elder law is not a growing area of law.
What is FALSE
True or False:
The assets that are placed into a trust are called directives
What is False
If a paralegal is asked to watch a client sign and execute his last will and testament, that paralegal is being asked to provide:
Word Bank: identification, attestation, revocation, ademption.
What is Attestation
If a will client is discussing her family with the paralegal, and she mentions that she only has two children and three grandchildren whom she would like to take under her will, that client wishes to leave her estate to her:
Word Bank: lineal descendants, lineal ascendants, collateral relatives, trustee and administrator.
What is, Lineal Descendants
When a person dies intestate, his property will be distributed to:
Choice Bank: heirs, donors, testators, personal representatives.
What is, Heirs
True or False:
The right to die and the right to refuse medical treatment are the same thing.
What is, False
True or False: One reason that a will may be determined to be invalid is because the testator succumbed to undue influence.
What is True
If a client calls the law office that prepared her will and to make one minor change to that will, that client may execute:
pour-over trust, a pour-over will, a codicil, a trust.
What is a Codocil
An estate planning client states her desire to have a document that will make it clear to her family that she does not want to live indefinitely by artificial means in the event she becomes sick or ill and she cannot express her wishes. This client wants:
A) a living will.
B) a living trust.
C) a codicil.
D) a resulting trust.
What is, A living will
f a wealthy client with no children wishes to leave $500,000 to the local chapter of American Red Cross, that client may want to create:
A) a spendthrift trust.
B) a resulting trust.
C) a constructive trust.
D) a charitable trust.
What is, A Charitable Trust
Which of the following is true?
Choice Bank: A will can never be revoked, A will can never be changed, Everyone dies with a will, A will can be revoked.
What is, A will can be revoked
What does a person need to make a will?
Choice Bank: Children, At least $100,000 in assets, Capacity, A trust fund
What is, Capacity
An oral will can also be referred to as:
Word Bank: a pour-over will, a nuncupative will, a joint will, a codicil.
What is, Nuncupative Will
If an older client wishes to name her only adult son as the person who can make medical care decisions for her, that client should execute:
Choice Bank: a will, a health care directive, a trust, a resulting trust.
What is, A Health Care Directive
If an estate client expresses concern about leaving large sums of money to her children because her children are not very good managers of their monies, the client may want to consider:
A) a codicil.
B) an oral will.
C) a spendthrift trust.
D) a holographic will.
What is Spendthrift Trust
If Frank creates a trust for Joel and funds the trust with $500,000, naming Mark as the trustee, the corpus is:
Choice Bank: Joel, Mark, Frank, $500,000.
What is, $500,000
True or False:
A devise is a gift of real estate left in a will.
What is, TRUE
Which of the following is true about a holographic will?
A) It must be in the handwriting of the major beneficiary.
B) It must be in the handwriting of the major lineal.
C) It may be oral.
D) It must be in the handwriting of the testator.
What is, It must be in the handwriting of the testator
If a client has a living trust created, to administer after-acquired property, it is a good estate planning step to also include:
A) a pour-over will.
B) a codicil.
C) a resulting trust.
D) a living will.
What is, A Pour Over Will
If a business client of a law firm dies without a will, that person's estate will be:
Choice Bank:
A) distributed according to the state's intestate statutes.
B) distributed according to the state's codicil law.
C) distributed to the state even if there are close family relatives.
D) distributed to the deceased's business as new assets of the business.
What is, Distributed according to the state's intestate statutes