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Exam 52: Wills and Trusts

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Question 31

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[Secretary Visits] Kara wrote a will leaving half of her assets to her husband, Troy, and half to her adult daughter from a previous marriage, Madison. Kara, however, found out that Troy had been spending a lot of time with his secretary, Lucy. Angrily, Kara typed on a new piece of paper that she stapled to her will, "You skunk, Troy, you take nothing. Madison gets it all." She then signed her name. Kara then took the will to her best friend, Adriana, who signed as a witness verifying that Kara meant for Troy to take nothing. Kara was struck by lightning a few days later and died. Troy told Madison that the revision to the will meant nothing because, for one thing, it was not prepared by a lawyer. -What document is executed to change a will?

A) A testament
B) A documentary revision
C) A codicil
D) A revision
E) There is no document that changes or adds to a will because to revise a will, the initial will must be revoked and a completely new will written.

F) B) and C)
G) B) and D)

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Question 32

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A[n] ________ trust is created by a court when an express trust fails and the court can imply a trust from certain behavior.

A) Real
B) Constructive
C) Resulting
D) Validating
E) Actual

F) A) and C)
G) A) and B)

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Question 33

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Which of the following is a false statement regarding the trust system in India?

What is the difference between a will and a trust?

________ statutes are state laws that outline how a person's property will be distributed if he or she dies without a will.

[Bruiser] Samuel, a ninety-year-old wild bronco rider in the rodeo, had a will leaving all his possessions to a girlfriend, Winona, age twenty-two. During a rodeo, Samuel was placed on a particularly wild bronco named "Bruiser." During the ride, Crabby the clown yelled out to Samuel that Winona had suggested that particular horse. Samuel was annoyed about that because he was having trouble controlling Bruiser. Nevertheless, Samuel prevailed and collected the prize. Samuel was so excited that he had a heart attack. Just before he died, he yelled out, "Winona, you had me put on that crazy horse, and I'm revoking my will. I'm dying, and I'm leaving everything to my other girlfriend, Keisha." A number of witnesses heard his statement; and Crabby, who had always liked Keisha more than Winona, promptly wrote down Samuel's statement. Winona knew nothing about Keisha and was very upset. She told Keisha that Keisha could have nothing because Samuel's written will was still in effect. She also told Keisha that Samuel was suffering from a mental illness and did not know what he was doing when he stated that Keisha should take everything. Samuel's daughter, Laura, age 65, also entered the discussion stating that Winona had unfairly coerced Samuel into writing a will leaving her everything. -What was the effect of Samuel's statement that Keisha should take everything, assuming he was of sound mind?

The process by which an individual decides what to do with his or her real and personal property during and after life is known as ________.

A will written on a napkin will satisfy the writing requirement for a valid will.

Norman left his farm and the surrounding orchard to his grandson in his will. This is known as a(n)

[Bruiser] Samuel, a ninety-year-old wild bronco rider in the rodeo, had a will leaving all his possessions to a girlfriend, Winona, age twenty-two. During a rodeo, Samuel was placed on a particularly wild bronco named "Bruiser." During the ride, Crabby the clown yelled out to Samuel that Winona had suggested that particular horse. Samuel was annoyed about that because he was having trouble controlling Bruiser. Nevertheless, Samuel prevailed and collected the prize. Samuel was so excited that he had a heart attack. Just before he died, he yelled out, "Winona, you had me put on that crazy horse, and I'm revoking my will. I'm dying, and I'm leaving everything to my other girlfriend, Keisha." A number of witnesses heard his statement; and Crabby, who had always liked Keisha more than Winona, promptly wrote down Samuel's statement. Winona knew nothing about Keisha and was very upset. She told Keisha that Keisha could have nothing because Samuel's written will was still in effect. She also told Keisha that Samuel was suffering from a mental illness and did not know what he was doing when he stated that Keisha should take everything. Samuel's daughter, Laura, age 65, also entered the discussion stating that Winona had unfairly coerced Samuel into writing a will leaving her everything. -Which of the following is a true statement regarding Laura's claim that Winona unfairly coerced Samuel into naming her as a beneficiary in the written will and that the written will is ineffective?

Dominic's state does not allow a testamentary disposition to a pet; therefore, Dominic should consider placing funds for his pet in a trust, which would be allowed.

Regarding a party that cannot be a witness to a will, which of the following statements is correct?

How effective is Adriana's signature in this situation?

Individuals can sue against a will for fraud or undue influence.

Property of a decedent that is not part of a probate estate is ________ property.

A personal representative of an estate makes sure that gifts of real and personal property go to the correct beneficiaries, persons who inherit under the will.

Which of the following statements is false regarding the International Institute for the Unification of Private law?

________ is a uniform law proposed by the National Conference of Commissioners on Uniform State Laws that provides guidance in the area of estate planning?

A living will is a document by which a person expresses his or her wishes regarding medical treatment desired if an accident or illness prevents him or her from participating in medical decisions.

Since Mark's codicil made no mention of funeral arrangements, who will be able to make these decisions?