Chap025 - Chapter 025 Wills Intestacy and Trusts Chapter...

Info icon This preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 025 : Wills, Intestacy, and Trusts Chapter 025 : Wills, Intestacy, and Trusts Student: ___________________________________________________________________________ 1. When a person dies, arrangements will first be made to pay his or her final expenses, such as the cost of an appropriate burial, medical expenses, taxes, and legitimate debts. BT: Knowledge PO: 1 True False 2. The decedent's property can not be converted into cash and applied to payment of burial, medical, taxes and legitimate debts. BT: Knowledge PO: 1 True False 3. A beneficiary does not receive gifts of personal or real property by will. BT: Knowledge PO: 2 True False 4. A gift of personal property left to someone is known as a bequest. BT: Knowledge PO: 3 True False 5. A legacy or bequest can be residuary , when a will provides for the disposition of the balance of the estate. BT: Knowledge PO: 3 True False
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
6. A will must comply with legal requirements that are intended to ensure that the wishes of the testator are met and that there are no obstacles to the smooth transfer of the property. BT: Knowledge PO: 4 True False 7. A tape-recorded will is just as valid as a written will. BT: Knowledge PO: 4 True False 8. A formal, printed will needs to be signed only by the testator. Witnesses are not required for this purpose. BT: Knowledge PO: 4 True False 9. Undue influence describes the unreasonable pressure that might be applied to testators to change their true wishes for the disposition of property. BT: Analysis PO: 4 True False 10. Any alterations to a will, such as erasures, words crossed out, or handwritten insertions, usually invalidate the document. BT: Knowledge PO: 5 True False 11. Many wills include a statement that the testator is revoking all previous wills. Even without such a statement, the most recent will, if valid, automatically revokes all prior wills made by the testator. BT: Knowledge PO: 5 True False
Image of page 2
12. If a person dies intestate leaving a spouse but no children, the surviving spouse usually receives the entire estate. BT: Knowledge PO: 6 True False 13. A testamentary trust is created by injunctions issued by courts. BT: Knowledge PO: 7 True False 14. The trustee can delegate his nondelegable powers granted by law or by the trust instrument itself. BT: Knowledge PO: 7 True False 15. The trustee may not purchase securities that are of very low risk and that appear on a document referred to as a legal list . BT: Comprehension PO: 7 True False
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern