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FNRL 200
Unit 3 Study Guide
| Question | Answer |
|---|---|
| What three main things can a person include in a Last Will and Testament? | Your personal information A list of your assets and how you want them distributed to beneficiaries The appointment of an executor to manage your estate |
| What is the legal minimum age to execute a will in most (48) U.S. states? | 18-year-old |
| Explain the concept of "Testamentary Capacity." | The mental ability required to execute a valid will. |
| The person who makes a will is called? | The testator |
| The estate of a decedent who had a will is called ? | A testate estate |
| The annulment or nullification of a will is called? | Will contest |
| the individual named in a will to administer the estate is called? | An executor |
| Name and briefly describe the two types of unusual wills covered in this unit. | Are holographic and nuncupative wills. They differ from typical wills primarily due to their lack of witnesses or written format, which can make it difficult to validate. |
| What legal process involves administering the estate and determining the validity of the will? | Probate |
| Describe the legal difference between dying Testate and dying Intestate. | Dying Testate means dying with a valid will. Dying Intestate means dying without a valid will. |
| 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? | Escheatment or escheat |
| What is the legal term for a proportional reduction of a gift when estate assets are insufficient to cover all gifts? | Abatement |
| The distribution method that divides the estate by giving a share to a person and their descendants is a? | Per stirpes |
| What type of Power of Attorney remains effective even after the principal becomes incapacitated? | A durable power of attorney (DPOA) |
| In the priority of claims against an estate, what general category of claims is paid last? | In estate administration, claims from shareholders, other owners, or unsecured creditors with a low priority are paid last |
| What is the difference between a Tort and a Crime? | A crime is a public wrong against society prosecuted by the state to punish the offender, whereas tort is a private wrong against an individual, leading to a civil lawsuit for monetary damages. |
| A major criminal offense is classified as ? | A felony |
| What power is a legal document that gives an agent the power to act on a principal's behalf? | Power of attorney |
| What type of will specify a person's wishes regarding medical treatment and is not a property-distributing document? | Living will |
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WendigoBunny