Question 1

In a testamentary trust, property is placed in trust during the grantor's lifetime.

Accepted Answer

A) True 
 B)False

Question 2

Debts and estate taxes must be paid before a beneficiary can receive anything under the terms of a will.

Accepted Answer

A) True 
 B)False

Question 3

The sole purpose of an estate plan is to dispose of a person's property upon that person's death.

Accepted Answer

A) True 
 B)False

Question 4

An oral will is also known as a(n) ____________________ will.

Accepted Answer

The answer of An oral will is also known as...

Question 5

Burns, a married man, died leaving a will in which he left his entire estate to his two children and three nephews. Is his wife entitled to a share in the estate?

Accepted Answer

Yes. State laws requ...

Question 6

The person making a will is called the

Accepted Answer

A)   testator/testatrix.
B)   administratrix.
C)   executor.
D)   intestate.

Question 7

An oral will made during the maker's final illness that disposes of the maker's personal property is

Accepted Answer

A)   unenforceable.
B)   a holographic will.
C)   a nuncupative will.
D)   none of these.

Question 8

The maker of a will has the right to change it at any time.

Accepted Answer

A) True 
 B)False

Question 9

Simpson left an estate valued at $600,000. In his will, he left half of his estate to his wife and the other half to charity. Is there any estate tax payable on Simpson's estate?

Accepted Answer

No. The portion of the estate ...

Question 10

A valid gift requires a

Accepted Answer

A)   delivery of the gift.
B)   an intention to make it.
C)   recording the gift in a public office.
D)   both A and B

Exam 33: Wills, Intestacy, and Estate Planning

A valid gift requires a

Correct Answer
verified

An oral will is also known as a(n) ____________________ will.

Correct Answer
verified

The sole purpose of an estate plan is to dispose of a person's property upon that person's death.

Correct Answer
verified

The person making a will is called the

Correct Answer
verified

Burns, a married man, died leaving a will in which he left his entire estate to his two children and three nephews. Is his wife entitled to a share in the estate?

Correct Answer
verified
Yes. State laws requ...
View Answer

Simpson left an estate valued at $600,000. In his will, he left half of his estate to his wife and the other half to charity. Is there any estate tax payable on Simpson's estate?

Correct Answer
verified
No. The portion of the estate ...
View Answer

In a testamentary trust, property is placed in trust during the grantor's lifetime.

Correct Answer
verified

Debts and estate taxes must be paid before a beneficiary can receive anything under the terms of a will.

Correct Answer
verified

An oral will made during the maker's final illness that disposes of the maker's personal property is

Correct Answer
verified

The maker of a will has the right to change it at any time.

Correct Answer
verified

Exam 33: Wills, Intestacy, and Estate Planning

A valid gift requires a

Correct AnswerverifiedShow Answer

An oral will is also known as a(n) ____________________ will.

Correct AnswerverifiedShow Answer

The sole purpose of an estate plan is to dispose of a person's property upon that person's death.

Correct AnswerverifiedShow Answer

The person making a will is called the

Correct AnswerverifiedShow Answer

Burns, a married man, died leaving a will in which he left his entire estate to his two children and three nephews. Is his wife entitled to a share in the estate?

Correct AnswerverifiedYes. State laws requ...View AnswerShow Answer

Simpson left an estate valued at $600,000. In his will, he left half of his estate to his wife and the other half to charity. Is there any estate tax payable on Simpson's estate?

Correct AnswerverifiedNo. The portion of the estate ...View AnswerShow Answer

In a testamentary trust, property is placed in trust during the grantor's lifetime.

Correct AnswerverifiedShow Answer

Debts and estate taxes must be paid before a beneficiary can receive anything under the terms of a will.

Correct AnswerverifiedShow Answer

An oral will made during the maker's final illness that disposes of the maker's personal property is

Correct AnswerverifiedShow Answer

The maker of a will has the right to change it at any time.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Yes. State laws requ...
View Answer

Correct Answer
verified
No. The portion of the estate ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified