Chapter 52

Question 1

What is the term for settling an estate through the court system?

Answer 1

Probate

Question 2

Beneficiary

Answer 2

The person who receives property under a will

Question 3

What is the term for the process by which an individual decides what to do with their real and personal property during and after life?

Answer 3

Estate planning

Question 4

The individual who writes the will.

Answer 4

Testator

Question 5

How must a trust terminate

Answer 5

On a set date

When an event occurs

Question 6

When a person dies without a will then that individual is said to have died

Answer 6

Intestate

Question 7

What uniform law deals with areas of estate planning including topics in wills and gifts?

Answer 7

Uniform Probate Code

Question 8

What are the reasons that individuals engage in estate planning?

Answer 8

Provide for family financially
Arrange property to lower taxes
Promote family harmony

Question 9

What is the term for when a testator is take advantage of and persuaded to write a will in a particular way due to a weak physical or emotional state?

Answer 9

Undue influence

Question 10

An expression of wishes regarding the limits of health treatment?

Answer 10

Advance directives

Question 11

An agent who is allowed to make medical decisions for a principal who is incapacitated

Answer 11

Health care proxy

Question 12

In addition to the necessity that a testator sign a will, who else is required to sign it?

Answer 12

Witnesses - in order to attest the will

Question 13

What is the term for a written document that allows an agent to make future medical decisions for a principal?

Answer 13

Durable power of attorney

Question 14

What is the name of the individual who collects and distributes the property of a decedent’s estate?

Answer 14

Personal representative

Question 15

With a trust, a settlor delivers and transfers legal title to property to a what, who holds and uses the property for the benefit of a third person

Answer 15

Trustee

Question 16

The requirement that a person be old enough and of sound mind to write a will.

Answer 16

Testamentary capacity

Question 17

What is the term for a persons write to place limits on other peoples efforts to prolong life?

Answer 17

Right to die

Question 18

The person who created a trust

Answer 18

Settlor

Question 19

What is the term for a document that expresses the wishes of an individual as regards to their medical treatment?

Answer 19

Living will

Question 20

What is the term for an entity that allows transfer of property to one person and then have the property’s benefit given to another person?

Answer 20

A trust

Question 21

What is it called when a will is terminated or no longer has effect?

Answer 21

Revoking or canceling

Question 22

What allows a testator to change a will?

Answer 22

The fact that it is ambulatory

Question 23

What is the term for state statutes that govern what occurs when a person dies with no will?

Answer 23

Intestacy statutes

Question 24

What is the term for when the testator relies on false statements when a will is made?

Answer 24

Fraud

Question 25

What is the term for when an individual has an interest in a will and thus, can bring an action in court regarding that will?

Answer 25

Standing

Question 26

What deals not only with an individual’s personal property but also how to handle an individual’s organs and body after death?

Answer 26

Estate planning

Question 27

What law outlines what happens when an individual dies without a will?

Answer 27

State law

Question 28

Must be in writing, have a signature and be properly attested to by witnesses.

Answer 28

Will