Ch50-TB1-WBL-10O¦êv-F to Eric

Ch50-TB1-WBL-10O¦êv-F to Eric -...

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Chapter 50 Wills, Trusts, and Elder Law N.B.:   TYPE  indicates that a question is new, modified, or unchanged, as  follows. N A question  new  to this edition of the Test Bank. + A question  modified  from the previous edition of the Test Bank, = A question  included  in the previous edition of the Test Bank. TRUE/FALSE QUESTIONS 1. An executor is a personal representative named in a will. ANSWER: T PAGE: 1006 TYPE: = 2. An executor is a personal representative appointed by a court for a dece- dent who dies without a will. ANSWER: F PAGE: 1006 TYPE: N 3. One who dies with a valid will has died intestate. ANSWER: F PAGE: 1006 TYPE: = 4. A legatee is a person who receives a gift of real property under a will. ANSWER: F PAGE: 1007 TYPE: = 5. A lapsed legacy will occur if the testator predeceases the legatee. 251
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252 TEST BANK 1—UNIT ELEVEN: SPECIAL TOPICS ANSWER: F PAGE: 1008 TYPE: = 6. To be effective, a will must follow certain requirements exactly. ANSWER: T PAGE: 1008 TYPE: =
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CHAPTER 50: WILLS, TRUSTS, AND ELDER LAW 253 7. In most states, a person must be twenty-one years of age to execute a valid  will. ANSWER: F PAGE: 1008 TYPE: = 8. A will may be declared invalid because of undue influence. ANSWER: T PAGE: 1008 TYPE: = 9. A will that is completely in the handwriting of the testator is a nuncupative  will. ANSWER: F PAGE: 1010 TYPE: = 10. A formal will may be implied by conduct. ANSWER: F PAGE: 1010 TYPE: = 11. A nuncupative will is an oral will. ANSWER: T PAGE: 1010 TYPE: = 12. Once executed, a will cannot be revoked. ANSWER: F PAGE: 1011 TYPE: = 13. To “publish” a will means to record it in the appropriate county office. ANSWER: F PAGE: 1011 TYPE: = 14. Divorce automatically revokes the entire will of a spouse who executed the  will prior to the divorce. ANSWER: F PAGE: 1013 TYPE: + 15. Many   states   allow   for   the   distribution   of   assets   without   probate  proceedings. ANSWER: T PAGE: 1013 TYPE: = 16. Per stirpes  is a method of dividing an intestate share of an estate.
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254 TEST BANK 1—UNIT ELEVEN: SPECIAL TOPICS ANSWER: T PAGE: 1017 TYPE: = 17. An express trust arises by operation of law. ANSWER: F PAGE: 1019 TYPE: N
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CHAPTER 50: WILLS, TRUSTS, AND ELDER LAW 255 18. A trust that a grantor executes orally in contemplation of immediate death  is a  testamentary  trust. ANSWER: F PAGE: 1019 TYPE: = 19. In a spendthrift trust, a beneficiary can transfer his or her right to the  trust’s principal if the transfer is “thrifty.” ANSWER: F PAGE: 1020 TYPE: N 20. The trustee is the person for whose benefit a trust is held.
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This note was uploaded on 10/15/2010 for the course ACCT ACCT40 taught by Professor Birnbaum during the Fall '08 term at CUNY Brooklyn.

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Ch50-TB1-WBL-10O¦êv-F to Eric -...

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