Which of the following is not a true statement?a. Testate refers to a person having a valid will.b. The laws of descent convey personal property if an individual dies without a valid will.c. Intestate refers to a person having no valid will.d. A specific legacy is a gift of personal property that is specifically identified.

Which of the following is not a true statement?a. Testate refers to a person having a valid will.b. The laws of descent convey personal property if an individual dies without a valid will.c. Intestate refers to a person having no valid will.d. A specific legacy is a gift of personal property that is specifically identified.

Administration Of Wills/Trusts/ And Estates

5th Edition

ISBN:9781285281308

Author:Brown

Publisher:Brown

Chapter10: Probate Courts And Uniform Laws

Section: Chapter Questions

Problem 7RQ

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Which of the following is Which of the following is not a true statement? Testate refers to a person having a valid will. The laws of descent convey personal property if an individual dies without a valid will. Intestate refers to a person having no valid will. A specific legacy is a gift of personal property that is specifically identified.
How does a devise differ from a legacy? Choose the correct.a. A devise is a gift of money and a legacy is a nonmonetary gift.b. A devise is a gift to an individual and a legacy is a gift to a charity or other organization. c. A devise is a gift of real property and a legacy is a gift of personal property.d. A devise is a gift made prior to death and a legacy is a gift made at death.
How does a devise differ from a legacy? A devise is a gift of money and a legacy is a nonmonetary gift. A devise is a gift to an individual and a legacy is a gift to a charity or other organization. A devise is a gift of real property and a legacy is a gift of personal property. A devise is a gift made prior to death and a legacy is a gift made at death.
What is the purpose of the laws of distribution? Choose the correct.a. To guide the distribution of personal property when an individual dies without a will.b. To verify the legality of a will, especially an oral will.c. To guide the distribution of real property when an individual dies without a will.d. To outline the functions of the executor of an estate.
Which of the following methods will NOT achieve the client's goal of distributing property at death to the desired persons? A)Intestacy B)A trust C)A will D)A will substitute
If a person dies without leaving a valid will, how is the distribution of property regulated?
What is the purpose of the laws of distribution? To guide the distribution of personal property when an individual dies without a will. To verify the legality of a will, especially an oral will. To guide the distribution of real property when an individual dies without a will. To outline the functions of the executor of an estate.
What are the differences between a devise, a legacy, and a bequest?
What is the process of abatement? Select one: a.The establishment of how the creditors will be paid. b.Payment of the claims of creditors. c.An attempt to determine the deceased's intentions when the terms of the will are unclear. d.Selling of assets included in an estate to be able to pay creditors. e.A reduction of various bequests when the estate is not adequate to satisfy them completely.
What is the difference between a testamentary trust and an inter vivos trust. A testamentary trust conveys money to a charity; an inter vivos trust conveys money to individuals. A testamentary trust is created by a will; an inter vivos trust is created by a living individual. A testamentary trust conveys income to one party and the principal to another; an inter vivos trust conveys all monies to the same party. A testamentary trust ceases after a specified period of time; an inter vivos trust is assumed to be permanent.
Estate planning is the process by which an individual may determine how his or her assets will be systematically transferred both before and after death to achieve certain goals. The least compelling motive of this process is to C A. B. C. D. Ensure that the owner's intentions are honored. Prevent the forced sale of important assets. Act in accordance with the public policy against excessive accumulation of wealth. Avoid taxes.
Under what circumstances does an estate have an executor? Select one: a.When the estate exceeds the dollar amount of the estate tax exemption. b.When the will establishes a trust fund. c.When there is no valid will. d.When the will is contested. e.When the will names a specific person to administer the estate.