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Assignment: Worksheet 43.2: Wills Assignment Score: 0.00% Save Questions multi_ch.43.2 Submit Assignment for Grading Question 1 of 1 1. 1. A will is a formal declaration of how a person desires to have her or his property disposed of after death and must follow exactly the requirements of state law to be e ective. a. True b. False 2. Match the term to the correct de nition. Testator One who is appointed by a court to handle the probate of a person's estate if that person dies without a valid will or if the person named in the will cannot serve in that capacity Administrator One who is appointed in a will to see that the will is administered properly Executor One who makes and executes a will 3. A gift of a particular item made in a will is known as a: a. gift causa mortis b. general legacy c. speci c bequest 4. If any assets remain after debts have been paid and speci c gifts have been distributed, they are called the Select of the estate. 5. Whenever an estate is insu cient to pay all general bequest in full, a(n) Select occurs. 6. In order for a will to be valid, the testator must have capacity and intent. This means that the testator must be of legal age and sound mind the will is . The will must be . It also must be by the testator and usually several people who serve as witnesses. Fill in the blanks with words that would best complete the passage. handwritten signed acknowledged in writing probated at the time contractual before made legal testamentary 7. Select the four components of testamentary capacity: a. know the nature of the act b. know the names of all bene ciaries c. know the approximate amount of time left to live, based on illness or statistical lifespan d. comprehend and remember the people to whom a testator would naturally leave his or her estate e. know the nature and extent of the property in the estate f. understand the distribution of assets called for by the will g. understand the legal requirements in all the states in which estate property exists 8. A will that is completely in the handwriting of the testator is called a(n) Select will. A will that is oral is called a Select will and generally is only valid for Select property and only then if made on the testator's deathbed. 9. Normally a will must be sworn to by at least four witnesses. a. True b. False 10. A testator may revoke a will by a act, such as tearing it up; by a subsequent writing such as a new will that is executed, or a modi cation to the will, known as a ; or by law to a spouse who is not provided for in the will; from a person who is named in the will; or the of a child after the will is written. It is assumed in the law that the testator would want to give the estate to people who are part of the family at the time of death. Fill in the blanks with words that would best complete the passage. properly illegal marriage illegally mental physical amendment codicil birth death separation engagement divorce 11. Match the term to the correct de nition. Will substitute the process of distributing an estate without the use of a will Probate the process of proving and validating a will and settling all matters related to it 12. Probate laws vary from state to state, and may consist of formal or informal procedures depending on the size and complexity of the estate. a. True b. False 13. Select two ways to avoid the cost of probate. a. Hiding assets from the IRS b. Gifts while one is still living c. Selling assets to future heirs at below market value d. Joint tenancy ownership of property e. Distributing the entire estate without providing for payment 14. Intestacy laws are laws that: a. establish the requirements of a valid will b. protect insured parties from duress c. specify how property will be distributed is someone dies without a will d. specify which family members are eligible to receive assets under will substitutes 15. Most intestacy statutes provide that the estate must rst be used to pay the Select . The remaining assets will go to the Select . 16. Under intestacy laws, the percentage of an estate that stepchildren likely will receive is: a. 0 percent b. 5 percent c. 25 percent d. dependent on how many natural children exist 17. When there is no surviving spouse or child, grandchildren, parents of the deceased, and other relatives known as Select descendants will receive assets from the estate. 18. Pearl had two children, Lois and Beth. Lois had three children. Beth had ve children. Pearl's will is written so that if her two children die before her, then her grandchildren each take an equal share of her estate. Pearl has set up a Select distribution of her estate. Icon Key multi_ch.43.2 Question 1 of 1 Save Submit Assignment for Grading