TJ_Comp 20_TB_Ch52

TJ_Comp 20_TB_Ch52 - Chapter 52DECEDENTS ESTATES AND TRUSTS...

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Chapter 52—DECEDENTS' ESTATES AND TRUSTS TRUE/FALSE 1. The debts of a decedent are paid prior to distribution of any balance of the estate to those entitled to re- ceive it. ANS: T MSC: AACSB Analytic 2. Testate distribution describes the distribution that is made when the decedent leaves an invalid will. ANS: F MSC: AACSB Analytic 3. A beneficiary of personal property by will may be called a devisee. ANS: F MSC: AACSB Analytic 4. Generally, the right to make a will is limited to persons 18 or older. ANS: T MSC: AACSB Analytic 5. To make a valid will, the testator must have testamentary capacity. ANS: T MSC: AACSB Analytic 6. Testamentary intent makes the provisions of the testator effective and binding during the testator's life. ANS: F MSC: AACSB Analytic 7. A will is very informal and may be created in any reasonable manner. ANS: F MSC: AACSB Analytic 8. A written will must be signed by the testator at the bottom or end of the will. ANS: T MSC: AACSB Analytic 9. Statutes often require that the attestation of witnesses be made in the presence of the testator and in the presence of each other. ANS: T MSC: AACSB Analytic 10. A will, to be effective, always must be dated. ANS: F MSC: AACSB Analytic 11. A will cannot be modified by merely crossing out a clause and writing in something new. ANS: T MSC: AACSB Analytic 12. Once a will has been properly executed, it can be totally revoked only by a codicil; it cannot be simply modified.
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ANS: F MSC: AACSB Analytic 13. If a person marries after making a will, some statutes provide that the will existing prior to the mar- riage has been revoked. ANS: T MSC: AACSB Analytic 14. A Living Will that now is recognized in most states provides that if the testator becomes unable to ex- press his or her wishes and is in irreversible, incurable medical condition, he or she does not want life- sustaining medical treatments. ANS: T MSC: AACSB Analytic 15. The judge, not the decedent, has the privilege of naming who is to administer the estate of a person who has died with a will. ANS: F MSC: AACSB Analytic 16. One desiring to leave the balance of an estate to a specified person or group after specific bequests are satisfied may do so by making a residuary bequest in a will. ANS: T MSC: AACSB Analytic 17. No administration is required when the decedent did not own any property at the time of death. ANS: T MSC: AACSB Analytic 18. Family members receive distributions from an estate before creditors are paid. ANS: F MSC: AACSB Analytic 19. Under the Uniform Simultaneous Death Act, if survivorship cannot be established, the property of each person is disposed of as though each had survived the other. ANS: T MSC: AACSB Analytic 20. In a trust, legal title is transferred to one party, the trustee, to benefit another party, the beneficiary. ANS: T
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This note was uploaded on 02/22/2012 for the course BUS BUS212 taught by Professor Manney during the Spring '12 term at FSU.

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TJ_Comp 20_TB_Ch52 - Chapter 52DECEDENTS ESTATES AND TRUSTS...

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