After reading Chapter 1 and reviewing the web resources, what did you learn about estate planning that surprised you? W
After reading Chapter 1 and reviewing the web resources, what did you learn about estate planning that surprised you? What did you find the most interesting? What would you like to learn more about? Please respond to at least two of your classmates’ posts.
Here are two excellent resources that explain estate planning.
Resources
Estate Planing.com. (2020). What is estate planning? https://www.estateplanning.com/What-is-Estate-Planning/
Dunn. S. J. (2010.). Estate planning overview and objectives. Forbes. http://www.forbes.com/sites/stephendunn/2010/12/10/estate-planning-overview-and-objectives/
DQ2 Throughout this course, many discussion opportunities come up where you need to respond to other people’s opinions and comments. Address the Discussion topic after you have completed your reading.
In the interest of conducting a lively, engaging discussion, please keep the following in mind:
Opposing viewpoints are important to any vibrant discussion, but remember to use internet etiquette and be respectful of your classmates’ views and opinions. Provide constructive feedback or ask clarifying questions if you do not understand a classmate’s comment. Most importantly, have fun interacting with the unit content, your classmates, and your instructor!
For Discussion Board requirements, refer to your course Syllabus or to the Discussion Board Rubric, posted under Grading Rubrics..
Topic 2: Case Study
Read this case study.
A wealthy man died owning two homes in two neighboring states. As he aged, he spent more and more time in what was originally his vacation home, until by the date of his death he spent approximately six months each year in each home. In attempting to establish domiciliary and ancillary jurisdiction for the estate, each of the states claimed domicile. After lengthy court battles, the end result was that each state determined that he was domiciled in its jurisdiction, and the estate was doubly taxed. In re Dorrance Estate, 170 A. 601 (N.J. Prerog. Ct. 1934), and In re Dorrance Estate, 163 A. 303 (Pa. 1932).
How would you go about documenting a person’s domicile to distinguish it from his other residences and thus avoid a situation like the Dorrance estate?
Post your response on the Discussion Board and respond to at least two of your classmates’ posts.
Resources
Randolph, M. (2020). What is your domicile? NOLO. http://www.nolo.com/legal-encyclopedia/what-is-your-domicile.html
Reichert, C. J. (2003). Principal residence—Which home is it? Journal of Accountancy. https://www.journalofaccountancy.com/issues/2003/oct/principalresidencewhichhomeisit.html
PA221 Wills, Trusts, and Estate Planning
Unit 2 Discussion
DQ1 In the interest of conducting a lively, engaging discussion, please keep the following in mind:
Opposing viewpoints are important to any vibrant discussion, but remember to use internet etiquette and be respectful of your classmates’ views and opinions. Provide constructive feedback or ask clarifying questions if you do not understand a classmate’s comment. Most importantly, have fun interacting with the unit content, your classmates, and your instructor!
For Discussion Board requirements, refer to your course Syllabus or to the Discussion Board Rubric, posted under Grading Rubrics.
Topic 1: Probate vs. Nonprobate Property
What is the significance of property being classified as probate or non-probate property? How do you determine whether property is probate or nonprobate property?
DQ2 In the interest of conducting a lively, engaging discussion, please keep the following in mind:
Opposing viewpoints are important to any vibrant discussion, but remember to use internet etiquette and be respectful of your classmates’ views and opinions. Provide constructive feedback or ask clarifying questions if you do not understand a classmate’s comment. Most importantly, have fun interacting with the unit content, your classmates, and your instructor!
For Discussion Board requirements, refer to your course Syllabus or to the Discussion Board Rubric, posted under Grading Rubrics.
Topic 2: Joint Tenancy
How does joint tenancy differ from tenancy in common and tenancy by the entirety? What are some of the advantages of joint tenancy? What are some of the disadvantages of joint tenancy?
PA221 Wills, Trusts, and Estate Planning
Unit 3 Discussion
In the interest of conducting a lively, engaging discussion, please keep the following in mind:
Opposing viewpoints are important to any vibrant discussion, but remember to use internet etiquette and be respectful of your classmates’ views and opinions. Provide constructive feedback or ask clarifying questions if you do not understand a classmate’s comment. Most importantly, have fun interacting with the unit content, your classmates, and your instructor!
For Discussion Board requirements, refer to your course Syllabus or to the Discussion Board Rubric, posted under Grading Rubrics.
Topic: Your State’s Intestate Succession Laws
Mary Morrison dies intestate in your state. She had three children: Sue, Barbara, and Jackson. Sue and Barbara each have two children. Sue’s two daughters are Julie and Jenny. Barbara’s two sons are Craig and London. Jackson died six months before Mary and he had three children, Mark, Luke, and Ben. Answer the following questions according to your state intestate succession statute: Who receives Mary’s property? What portion does each heir receive? Is the inheritance per stirpes or per capita? Be sure to provide the citation to your state’s statute at the end of your response.
Here is an article with links to all 50 states:
Justia US Law. (2020). U.S. laws, codes and statutes. http://law.justia.com/codes/
Intestate Succession Process
In the Purdue Global library, access Westlaw and research your state statutes to see how the state treats illegitimate children in the intestate succession process. Report your findings here and provide the citation to your state’s statute
An interesting article on the Illegitimacy issue:
Nolo. (2020). Inheritance and other legal rights of children of unmarried parents. http://www.nolo.com/legal-encyclopedia/free-books/living-together-book/chapter7-8.html
PA221 Wills, Trusts, and Estate Planning
Unit 4 Discussion
DQ1 In the interest of conducting a lively, engaging discussion, please keep the following in mind:
Opposing viewpoints are important to any vibrant discussion, but remember to use internet etiquette and be respectful of your classmates’ views and opinions. Provide constructive feedback or ask clarifying questions if you do not understand a classmate’s comment. Most importantly, have fun interacting with the unit content, your classmates, and your instructor!
For Discussion Board requirements, refer to your course Syllabus or to the Discussion Board Rubric, posted under Grading Rubrics.
Power of Attorney and Wills
Topic 1: Testamentary Capacity
In all states, a testator must be of majority age and sane (have the required testamentary capacity) to execute a valid will. Many states use the term of “of sound mind” when defining testamentary capacity. What is the test generally used by courts to determine whether a person has sound mind? If you client has episodes of delusions can he or she still execute a will? Explain.
Review and comment on at least three of your classmates’ postings as well.
Resources
American Bar Association. (2014). Making a Will. http://www.americanbar.org/content/dam/aba/migrated/publiced/practical/books/wills/chapter_3.authcheckdam.pdf
Ratner, T. (2013, April). Testamentary capacity: The concept of ‘sound mind’ is not a black-and-white matter. Ageright.org. http://ageright.org/?s=Testamentary+Capacity
DQ2 In the interest of conducting a lively, engaging discussion, please keep the following in mind:
Opposing viewpoints are important to any vibrant discussion, but remember to use internet etiquette and be respectful of your classmates’ views and opinions. Provide constructive feedback or ask clarifying questions if you do not understand a classmate’s comment. Most importantly, have fun interacting with the unit content, your classmates, and your instructor!
For Discussion Board requirements, refer to your course Syllabus or to the Discussion Board Rubric, posted under Grading Rubrics.
Power of Attorney and Wills
Topic 2: Writing a Will
You have had a will written by an attorney. You wish to make a modification to the will. Explain how you could get this accomplished. Then assume that you wish to revoke or terminate the will instead. Explain how you could accomplish this task.
Please review and respond to at least two of your classmates’ posts.
Resources
American Bar Association. (n.d.). Changing your mind. https://www.americanbar.org/content/dam/aba/migrated/publiced/practical/books/wills/chapter_9.authcheckdam.pdf
Funk. C. (2018). How to write a codicil to a will. LegalZoom. https://info.legalzoom.com/article/how-write-codicil-will
Randolph, M. (2018). Want to revoke your will? The best way to make a new will. https://www.nolo.com/legal-encyclopedia/revoking-will-35012.html
PA221 Wills, Trusts, and Estate Planning
Unit 5 Discussion
DQ1 In the interest of conducting a lively, engaging discussion, please keep the following in mind:
Opposing viewpoints are important to any vibrant discussion, but remember to use internet etiquette and be respectful of your classmates’ views and opinions. Provide constructive feedback or ask clarifying questions if you do not understand a classmate’s comment. Most importantly, have fun interacting with the unit content, your classmates, and your instructor!
For Discussion Board requirements, refer to your course Syllabus or to the Discussion Board Rubric, posted under Grading Rubrics..
Topic 1: Famous Estates
Even the rich and famous die without estate planning or with inadequate planning. Read this article and learn about some those famous people who failed to plan properly.
Burenga, J. (2013, December). Famous people who failed to properly plan. Business People, 26(2), 56. http://search.ebscohost.com.libauth.purdueglobal.edu/login.aspx?direct=true&db=bth&AN=92987907&site=eds-live
Chose one of the persons discussed and this article and do some additional research about their estate and how they failed to properly plan. Report your findings back to the class and discuss what could have been to prevent the outcome.
Post your response and respond to at least two classmates.
DQ2 In the interest of conducting a lively, engaging discussion, please keep the following in mind:
Opposing viewpoints are important to any vibrant discussion, but remember to use internet etiquette and be respectful of your classmates’ views and opinions. Provide constructive feedback or ask clarifying questions if you do not understand a classmate’s comment. Most importantly, have fun interacting with the unit content, your classmates, and your instructor!
For Discussion Board requirements, refer to your course Syllabus or to the Discussion Board Rubric, posted under Grading Rubrics..
Topic 2: What Have You Learned?
In Unit 1 you discussed things that you learned in the first chapter that surprised you. Now that you are halfway through the course what other things after Unit 1 have you learned that surprised you or that you found interesting?
Post your response and respond to at least two classmates.
PA221 Wills, Trusts, and Estate Planning
Unit 6 Discussion
DQ1 In the interest of conducting a lively, engaging discussion, please keep the following in mind:
Opposing viewpoints are important to any vibrant discussion, but remember to use internet etiquette and be respectful of your classmates’ views and opinions. Provide constructive feedback or ask clarifying questions if you do not understand a classmate’s comment. Most importantly, have fun interacting with the unit content, your classmates, and your instructor!
For Discussion Board requirements, refer to your course Syllabus or to the Discussion Board Rubric, posted under Grading Rubrics.
Topic 1: Trusts and Wills
What can a client accomplish with a trust that they cannot accomplish with a will? What can a client accomplish with a will that they cannot accomplish with a trust? Which would be better for you and why?
Post your thoughts and responses here and engage in discussion with your classmates.
Review and respond to at least two of your classmates’ posts.
Resources
Jarrell, M. (2020, April). Will vs. trust: What’s the difference? https://www.investopedia.com/articles/personal-finance/051315/will-vs-trust-difference-between-two.asp
Garber, J. (2019, August). Living will vs. living trust: Which estate-planning option is right for you? https://www.thebalance.com/living-will-vs-living-trust-3505198
DQ2 In the interest of conducting a lively, engaging discussion, please keep the following in mind:
Opposing viewpoints are important to any vibrant discussion, but remember to use internet etiquette and be respectful of your classmates’ views and opinions. Provide constructive feedback or ask clarifying questions if you do not understand a classmate’s comment. Most importantly, have fun interacting with the unit content, your classmates, and your instructor!
For Discussion Board requirements, refer to your course Syllabus or to the Discussion Board Rubric, posted under Grading Rubrics.
Topic 2: Spotlight on the Profession
Please interview a paralegal or attorney working in the area of estate planning and administration, and report three things that you learned from your interview. Did anything surprise you? What did you find especially relevant to your role as a paralegal professional?
Please review and respond to at least two of your classmates’ posts.
PA221 Wills, Trusts, and Estate Planning
Unit 7 Discussion
DQ1 In the interest of conducting a lively, engaging discussion, please keep the following in mind:
Opposing viewpoints are important to any vibrant discussion, but remember to use internet etiquette and be respectful of your classmates’ views and opinions. Provide constructive feedback or ask clarifying questions if you do not understand a classmate’s comment. Most importantly, have fun interacting with the unit content, your classmates, and your instructor!
For Discussion Board requirements, refer to your course Syllabus or to the Discussion Board Rubric, posted under Grading Rubrics.
Topic 1: Informal Probate
Does your state permit informal probate? If it does, prepare a brief summary of the statute with its citation and post it here along with your general answer. If your state does not permit informal probate, search the statutes for states in your geographic area until you find one that does and prepare a brief summary of that statute.
Please review and respond to at least two of your classmates’ posts.
Resource
Bird, B. (2019, April). What Is an informal probate? PocketSense. https://pocketsense.com/informal-probate-7250.html
DQ2 Topic 2: Claims Against the Estate
Scenario
Don, a Washington resident, died in January, 2000 with an estate valued at $50,000. He left his whole estate to his son Edwin, whom he also named as personal representative. Edwin applied for letters testamentary and these were issued. Shortly thereafter, he published the statutorily required notice to creditors in the newspaper. No claims were filed within four months and, since Don’s estate was well below the level that would incur any death taxes, Edwin distributed the $50,000 (less administrative expenses) to himself in August and closed the estate. He then invested the money in the stock market.
In October 2000, the stock market crashed rather severely, and Edwin’s investment dropped to half the value he had invested. Not too long after that, Edwin received a letter from a former business associate of his father. The letter stated that this associate, Fred, had just learned of Don’s death, that Fred had loaned $40,000 to Don in 1999, and that the note he held from Don came due in January 2001. Edwin had seen some correspondence relating to such a loan when he had gone through his father’s papers, but nothing that indicated whether the loan had ever been finalized
Answer the following questions:
Based upon Washington state law, is Don’s estate liable for the loan? Is Edwin?
What if this situation occurred in your state? See if you can locate the relevant state statute and any case law that might be helpful in answering this question. Then comment on your research into your own state’s laws. If you happen to live in Washington state, pick a neighboring state’s statutes to review.
Take time to review and comment on at least two of your classmates’ responses.
Resources
Washington State Probate. (n.d.). (2012). Is a probate necessary? http://www.wa-probate.com/Instructions/Is-Probate-Necessary.htm#First
Randolph, M. & Keene, V. (2020). Washington probate: An overview. Nolo. https://www.nolo.com/legal-encyclopedia/washington-probate-an-overview.html
PA221 Wills, Trusts, and Estate Planning
Unit 8 Discussion
In the interest of conducting a lively, engaging discussion, please keep the following in mind:
Opposing viewpoints are paramount to any vibrant discussion, but remember to use internet etiquette and be respectful of your classmates’ views and opinions. Provide constructive feedback or ask clarifying questions if you do not understand a classmate’s comment. Most importantly, have fun interacting with the unit content, your classmates, and your instructor!
For Discussion Board requirements, refer to your course Syllabus or to the Discussion Board Rubric, posted under Grading Rubrics.
Topic: Wills: Federal Law vs. State Law
Sally and Harry have been married for fifteen years. Both want to make sure their wills are in place in the event of either’s demise. Harry has made the Navy his career and although he does not go out to sea much, he has recently been called to sea and has some spare time on his hands. He wants to have peace of mind and write his will while on a naval ship.
Review pages 113–114 of your text wherein it discusses Section 5.4 Soldiers’ and Seamen’s Wills. Discuss whether you think the will should be valid under federal law versus state law.
PA221 Wills, Trusts, and Estate Planning
Unit 9 Discussion
DQ1 In the interest of conducting a lively, engaging discussion, please keep the following in mind:
Opposing viewpoints are paramount to any vibrant discussion, but remember to use internet etiquette and be respectful of your classmates’ views and opinions. Provide constructive feedback or ask clarifying questions if you do not understand a classmate’s comment. Most importantly, have fun interacting with the unit content, your classmates, and your instructor!
For Discussion Board requirements, refer to your course Syllabus or to the Discussion Board Rubric, posted under Grading Rubrics.
Uniform Law Commissioners and Guardians
Topic 1: The Uniform Law Commissioners
After reading about the Uniform Law Commissioners, answer the following questions:
What are your thoughts on this body?
Do they serve a useful function or not?
Post your thoughts here. Review and respond to at least two of your classmates’ posts.
Resource
Uniform Law Commissioners. (2020). About the ULC. https://www.uniformlaws.org/aboutulc/overview
DQ2 Topic 2: Appointing a Guardian
Now that you have read about appointing guardians, find the guardianship laws that relate to guardianship of minor children in your state’s statutes. Read your state’s statutes, and then submit a post that summarizes your state’s rules and procedures for appointment of a guardian for minor children. Be sure to include a citation to your state’s statute in proper Bluebook form. Also, respond to your classmates’ postings.
Use the following article to begin your research:
Review the article “7 Things to Consider When Naming a Guardian for Your Minor Children.”
Garber, J. (2019, Nov. 20). 7 things to consider when naming a guardian for your minor children. https://www.thebalance.com/how-to-choose-a-guardian-for-your-minor-children-3505435
Once you have read about your state’s statutes, you may retrieve the actual statute from Westlaw.
Comment, A Survey of State Guardianship Statutes: One Concept, Many Applications, 18 J.Am.Acad. Matrim.Law 253 (2002).
Please review and respond to at least two of your classmates’ posts.
Here is a link to the law and procedure in Colorado. Please find the law in your State:
Colorado Judicial Department website. Instructions for appointment of a Guardian –Minor. (2012). http://www.courts.state.co.us/Forms/renderForm.cfm?Form=307
PA221 Wills, Trusts, and Estate Planning
Unit 10 Discussion
Throughout this course, many discussion opportunities come up where you need to respond to other people’s opinions and comments. Then respond to your Discussion topic after you have completed your reading.
Course Reflection
Share with your classmates at least one thing you have absorbed from PA221. If you are not already working in the field, after taking the class, do you think Wills, Trusts, and Estate Planning is an area in which you might be interested?
PA221 Wills, Trusts, and Estate Planning
Unit 3 Assignment
Intestacy Law Assignment
Dying Without a Written Will in Montana: Who Receives Your Property?
For this assignment, begin by reviewing this article thoroughly.
Goetting, M. (2019). Dying without a will in Montana . Montana State University Extension. https://store.msuextension.org/publications/FamilyFinancialManagement/MT198908HR.pdf
Next, go to the Illinois General Assembly website and review the laws of succession of the State of Illinois.
Illinois General Assembly . (n.d.). http://www.ilga.gov/
First, click on “Illinois Compiled Statutes” (top right-hand column). Scroll down until you see the chapter (755) entitled “Estates” in the right-hand column and click on it. This will pull up a list of interesting statutes in the area of estate law for Illinois. Click on the first item, “Probate Act of 1975” Article II, “Descent and Distribution,” deals with the laws of succession. Click on and review the statute.
For your assignment, write three paragraphs answering the following questions.
The Lees, a family made up of a mother, father, and three children, live in Montana. Mr. and Mrs. Lee have one child together. In addition, Mrs. Lee has one minor child from a previous marriage, and Mr. Lee has one minor child from a previous marriage. All three children reside with the couple. Assume that one of the parents died today without a will, and his or her estate was valued at $250,000.
Under the laws of Montana, how would the property be distributed?
What would happen if this same family lived in Illinois? How would the property be distributed?
Do you prefer Illinois’s or Montana’s statute? Why?
Answer the questions in a brief short answer essay, and be sure to fully explain your responses.
PA221 Wills, Trusts, and Estate Planning
Unit 6 Assignment
Intervivos Trust Assignment
Thomas Trent wants to create a living trust for children Eric and Miranda who are both minors. Thomas would like for his wife, Melissa, to be the Trustee. The trust property consists of real estate in your state that is operated as a summer rental.
Using this information and supplying more as necessary to indicate the Trustor/Settlor’s intention, draft an intervivos trust for Thomas Trent. You can use any samples from your book as well as those posted under Course Documents.
The trust should be a minimum 2 pages in length using 12 point Times New Roman font, double-spaced lines, and one-inch margins.
Make sure to cite your sources using APA and Bluebook citation format.
The viewpoint and purpose should be clearly established and sustained.
The assignment should follow the conventions of Standard English (correct grammar, punctuation, and spelling).
The writing should be well ordered, logical and unified, as well as original and insightful.
Save your Trust as a word document and submit it to the Unit 6 Dropbox.
Access the rubric for full assignment details and grading criteria.
PA221 Wills, Trusts, and Estate Planning
Unit 8 Assignment
Probate Forms
Probate Forms Assignment
You should now be prepared to submit five completed probate forms based upon the information that you included in the Jones will.
The forms that would have to be filled out for the estate of Mr. Jones associated with the probating of his will and the appointment of a Personal Representative are taken from the Michigan Probate Court website.
Michigan Courts. (2020). Numerical index of approved probate court forms. https://courts.michigan.gov/Administration/SCAO/Forms/Pages/Probate-Index.aspx
You should complete the following five forms:
Application for Informal Probate and/or Appointment of Personal Representative
Testimony to Identify Heirs
Registers Statement
Acceptance of Appointment
Letters of Authority
Access the rubric for full Assignment details and grading criteria.
PA221 Wills, Trusts, and Estate Planning
Unit 1 Quiz
Question 1 Disposable income is that income a person has after paying all taxes and expenses for a given period of time.
a) True
b) False
Question 2 A gift is transfer of property from the donee to the donor without consideration.
a) True
b) False
Question 3 Intestate describes someone who has died with a valid will.
a) True
b) False
Question 4 A person designated in the will to be the personal representative is known as the general administrator.
a) True
b) False
Question 5 To probate a will, the petition will be filed with the court in the state where the decedent was domiciled at the time of his or her death.
a) True
b) False
PA221 Wills, Trusts, and Estate Planning
Unit 3 Quiz
Question 1 Per capita means equally to each person.
a) True
b) False
Question 2 Per stirpes refers to taking property by right of representation.
a) True
b) False
Question 3 Issue refers to all lineal descendants of the decedent.
a) True
b) False
Question 4 Under most state statutes, adopted children are considered blood relatives of the adopted family.
a) True
b) False
Question 5 Sally Blue has a will prepared stating that she is leaving her entire estate to her two children, Billy and Molly, per stirpes. Molly has two children. At the time of Sally’s death, Molly has predeceased but her children are still living. Based upon these facts, Molly’s two children would then each receive one-third of Sally’s estate.
a) True
b) False
PA221 Wills, Trusts, and Estate Planning
Unit 4 Quiz
Question 1 To probate a will means to prove that a specific will is valid and has been executed pursuant to state statutes.
a) True
b) False
Question 2 The person who executes a will is called an executor.
a) True
b) False
Question 3 The purposes of the formalities in executing a will are ritual, evidence, and protection.
a) True
b) False
Question 4 One rule consistent across all states is that a valid will must be signed in the presence of only two witnesses.
a) True
b) False
Question 5 Nuncupative wills are wills that are handwritten.
a) True
b) False
PA221 Wills, Trusts, and Estate Planning
Unit 5 Quiz
Question 1 The purpose of estate administration is to help the individual acquire and accumulate assets.
True
False
Question 2 Disposable income is that income a person has after paying all taxes and expenses for a given period of time.
True
False
Question 3 Nonprobate assets pass directly from the decedent to another person without court authorization.
True
False
Question 4 A gift is transfer of property from the donee to the donor without consideration.
True
False
Question 5 Trusts can only be created at the time of death.
True
False
Question 6 Intestate describes someone who has died with a valid will.
True
False
Question 7 A person designated in the will to be the personal representative is known as the general administrator.
True
False
Question 8 To probate a will, the petition will be filed with the court in the state where the decedent was domiciled at the time of his or her death.
True
False
Question 9 Tangible personal property is property that is not perceptible to the senses and cannot be touched.
True
False
Question 10 When a person grants a life estate to another based upon the grantee’s life, it is said to be a life estate pur autre vie.
True
False
Question 11 In joint tenancy, each co-tenant owns a divisible portion of the whole.
True
False
Question 12 A tenant in common may seek their share in the property by means of partition.
True
False
Question 13 Tenancy by the entireties is a form of joint ownership that can be used by any party.
True
False
Question 14 A lien is a right to property acquired by a creditor of the property owner.
True
False
Question 15 Chandeliers, sinks, and built-in cabinets are considered personal property
True
False
Question 16 If a person dies without a valid will, he or she is referred to as a testate.
True
False
Question 17 Intestate succession laws govern the distribution of real property but not personal property.
True
False
Question 18 To determine who receives the intestate’s property, the relationships between the heirs to the decedent are considered.
True
False
Question 19 Per capita means equally to each person.
True
False
Question 20 Per stirpes refers to taking property by right of representation.
True
False
Question 21 Issue refers to all lineal descendants of the decedent.
True
False
Question 22 Escheat refers to the property of the decedent being given over to the surviving spouse.
True
False
Question 23 Under most state statutes, adopted children are considered blood relatives of the adopted family.
True
False
Question 24 Other than the decedent’s spouse, individuals related by marriage are not considered at all in determining intestate succession rights.
True
False
Question 25 Sally Blue has a will prepared stating that she is leaving her entire estate to her two children, Billy and Molly, per stirpes. Molly has two children. At the time of Sally’s death, Molly has predeceased but her children are still living. Based upon these facts, Molly’s two children would then each receive one-third of Sally’s estate.
True
False
Question 26 To probate a will means to prove that a specific will is valid and has been executed pursuant to state statutes.
True
False
Question 27 The person who executes a will is called an executor.
True
False
Question 28 For a will to be valid, the testate usually must be at least 18 years old and have the requisite mental capacity.
True
False
Question 29 The purposes of the formalities in executing a will are ritual, evidence, and protection.
True
False
Question 30 One rule consistent across all states is that a valid will must be signed in the presence of only two witnesses.
True
False
Question 31 Instructions about payment of expenses, debts, and funeral instructions are never included in a will.
True
False
Question 32 A statutory will is generally a preprinted form.
True
False
Question 33 A joint will is a document usually made by two people who are married.
True
False
Question 34 Nuncupative wills are wills that are handwritten.
True
False
Question 35 A key role of the personal representative is to manage the decedent’s assets.
True
False
Question 36 Which is an example of real property?
Apartment building
Automobile
Crops cultivated for sale
Stocks and bonds
Question 37 Which is an example of tangible personal property?
Trademark
Cash
Stamp collection
Government bond
Question 38 Which is an example of probate property?
Property owed in the decedents name only
Property owned in tenancy
Money placed in a bank account as a Totten trust
Annuity contracts with a named beneficiary
Question 39 Which is an advantage of joint tenancy?
All joint tenants must agree before the joint tenancy can be terminated.
The person who creates the joint tenancy has complete control over the property.
Joint tenancy avoids probate.
The surviving recipient of the property previously held in joint tenancy is always the intended beneficiary.
Question 40 Which is NOT an example of community property?
Property owned by the spouses in partnerships
Property obtained from community property income during the marriage
Income earned or acquired during the marriage by either spouse’s employment
Inheritance to a single spouse during the marriage
Question 41 Which of the following is an advantage of a will?
It allows a person to leave property to someone who would not be entitled to inherit under
intestate succession.
The probate of a will is generally quick, easy, and inexpensive.
It retains privacy and confidentiality about the decedent’s property and beneficiaries.
It eliminates complicated procedures.
Question 42 After execution of a will, the testator, by an intentional act of ademption, has the right to do all of the
following EXCEPT:
Revoke or cancel a testamentary gift
Add a beneficiary
Deliver the gift to the beneficiary before the testator’s death
Substitute a different gift for the original one
Question 43 Which is NOT a general rule of distribution under most states’ intestate succession statutes?
If an intestate decedent is survived by a spouse and children, some of whom are not the children
of the surviving spouse, the spouse receives a lump sum of money and/or a portion of the estate,
and only the children born to both the decedent and the surviving spouse receive the other half of
the estate.
If an intestate decedent is survived by a spouse and children who are all born to the surviving
spouse and decedent, the spouse receives a lump sum of money and/or a portion of the estate, and
the children receive the remainder of the estate equally.
If an intestate decedent has no surviving spouse or kindred relatives, the state receives the
decedent’s property.
If an intestate decedent has no surviving spouse or lineal descendants but is survived by a parent
and other collateral relatives, the parent will receive the estate.
Question 44 Which is NOT a requirement for the creation of a valid will?
The testator or a person other than the testator must sign the will or make some other writtenmark.
The testator must intend that a document be his or her last will.
The will must be signed by witnesses.
The beneficiary must be legally and mentally capable.
Question 45 Which of the following indicates that a testator lacks mental capacity?
The testator does not remember the persons who are the “natural objects of his or her bounty.”
The testator has a low level of intelligence or suffers from a mental illness or senility.
The testator suffers from insane delusions.
The testator is neglectful of his or her person and makes a will containing eccentricities.
Question 46 Witnesses to the execution of a will must do all of the following EXCEPT:
Sign in the presence of one another
Sign at the bottom of the will
Sign in the presence of the testator
Witness the testator’s signature or witness the acknowledgment of the signature
Question 47 Which constitutes grounds for contesting a will?
The will has been revoked.
The testator was uninfluenced by fraud to write or change the will.
The will has been properly executed.
The will is free of contradictions.
Question 48 In order for a will to be valid, it must:
Include the date of death
Be signed only by witnesses
Be witnessed by no fewer than five people
Be written or typed with a typewriter or word processor
Question 49 Who is the only person a testator CANNOT disinherit?
Surviving adult child
Surviving minor child
Surviving spouse
Sibling
Question 50 The purpose of estate planning is to:
Acquire property
Minimize taxes
Plan for distribution of property on death
All of the above
PA221 Wills, Trusts, and Estate Planning
Unit 6 Quiz
Question 1 In a trust, the trustee transfers certain property to a settlor.
a) True
b) False
Question 2 The five requirements of a valid trust are: a trustor, trust property, a valid trust purpose, a trustee, and a beneficiary
a) True
b) False
Question 3 Equitable title refers to the right to benefit or profit from the property without holding the legal title to the property.
a) True
b) False
Question 4 There are two types of inter vivos trusts: revocable and irrevocable.
a) True
b) False
Question 5 A pour-over will distributes assets into an existing inter vivos trust.
a) True
b) False
PA221 Wills, Trusts, and Estate Planning
Unit 7 Quiz
Question 1 Formal probate proceedings govern only testate estates, not intestate estates.
a) True
b) False
Question 2 The first step in the official administration of an estate is to file a petition with the appropriate court.
a) True
b) False
Question 3 Summary probate administration proceedings are generally concerned with small estates.
a) True
b) False
Question 4 A will may not be challenged by a pretermitted child not mentioned in a parent’s will.
a) True
b) False
Question 5 In probate administration, an adopted child is always treated as a member of his or her natural born family.
a) True
b) False
PA221 Wills, Trusts, and Estate Planning
Unit 8 Quiz
Question 1 The personal representative has the responsibility to see that taxes are paid on a timely basis.
a) True
b) False
Question 2 The Tax Reform Act of 1976 combined the estate and gift tax into one unified transfer tax system.
a) True
b) False
Question 3 The decedent’s final income tax return may be filed jointly with the surviving spouse.
a) True
b) False
Question 4 Revenue Procedures are cases decided internally by the Internal Revenue Service.
a) True
b) False
Question 5 In the year that the decedent dies, she or he does not have to file for individual income tax.
a) True
b) False
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