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exam 3 200
| Question | Answer |
|---|---|
| What three main things can a person include in a Last Will and Testament? | A person can include asset distribution, an executor appointment, and guardianship designations in a Last Will and Testament. |
| What is the legal minimum age to execute a will in most (48) U.S. states? | In most U.S. states, a person must be at least 18 years old to legally execute a will. |
| Explain the concept of "Testamentary Capacity." | Testamentary capacity means a person understands what a will is, what they own, and who should inherit it. |
| A person who makes a will is called the ____________. | testator |
| The estate of a decedent who had a will is called a ____________ estate. | testate |
| The annulment or nullification of a will is called ____________. | revocation |
| A ____________ is the individual named in a will to administer the estate. | executor |
| Name and briefly describe the two types of unusual wills covered in this unit. | Two unusual types of wills are a holographic will, which is handwritten without witnesses, and a nuncupative will, which is spoken aloud during a person’s final moments. |
| What legal process involves administering the estate and determining the validity of the will? | Probate is the legal process of administering an estate and determining the validity of a will. |
| Describe the legal difference between dying Testate and dying Intestate. | Dying testate means leaving a valid will, while dying intestate means having no will and letting state law decide asset distribution. |
| A written instrument made to amend or add to a will is a ____________. | codicil |
| The legal process where a decedent's property reverts to the state due to a lack of living relatives is called ____________. | escheat |
| ____________ is the legal term for a proportional reduction of a gift when estate assets are insufficient to cover all gifts. | abatement |
| The distribution method known as ____________ divides the estate by giving a share to a person and their descendants. | per stirpes |
| What type of Power of Attorney remains effective even after the principal becomes incapacitated? | A Durable Power of Attorney stays in effect even if the principal becomes mentally or physically incapacitated. |
| In the priority of claims against an estate, what general category of claims is paid last? | In the priority of estate claims, heir and beneficiary distributions are paid last, after debts and expenses. |
| What is the difference between a Tort and a Crime? | A tort is a civil wrong leading to damages, while a crime is a public offense punished by the state. |
| A major criminal offense is classified as a ____________. | felony |
| A ____________ is a legal document that gives an agent the power to act on a principal's behalf. | power of attorney |
| A ____________ will specifies a person's wishes regarding medical treatment and is not a property-distributing document. | living will |
Created by:
peggert