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

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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
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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
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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 16. Much of early English law and tradition concerning wills and estates were intended to maintain a feudal system in which all land belonged to the: A. king. B. feudal lords. C. businessmen. D. priest.
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Chap025 - Chapter 025 : Wills, Intestacy, and Trusts...

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