True False Flashcards
Signatures to a premarital (prenuptial) agreement must be notarized.
False – notarization is not required, but is, of course, recommended.
All trusts are revocable until the settlor dies.
False – trusts can be established as “irrevocable” or “revocable.”
Children are automatically entitled to share in the estates of their parents always.
False – parents may disinherit their children.
Burning a will is an effective method of revocation under the Illinois Probate Act.
True – under 755 ILCS 5/4-7, a will may be revoked by “physical destruction.”
In Illinois, a trust created for a domestic animal is automatically invalid.
False – under 760 ILCS 5/15.2, trusts may be created in favor of domestic or pet animals.
Pension plans are usually the smallest asset in an estate
False – pension plans are usually the greatest asset in an estate.
A spouse who is intentionally omitted from a will can renounce the will and claim an elective amount.
True
It is appropriate to bequest property to “friends” without identifying the beneficiaries
False – under Clark v. Campbell, “friends” are not ascertainable beneficiaries because there is a lack of certainty in the identity of beneficiaries.
In Illinois, no witnesses are required for a valid will.
False – Illinois requires witnesses.
The Illinois slayer rule permits a daughter to take from her mother’s estate when the daughter’s husband is convicted of murdering his wife’s mother.
True – under In re Opalinksa, this disturbing outcome is apparently permissible.
A resident of Chicago dies with homes in Illinois and in Florida, therefore ancillary probate occurs in Illinois.
False. Ancillary probate occurs in jurisdictions where real property is located but the decedent is not domiciled.
When naming successor trustees or executors in a trust or will, a bank should always be named.
True. The last resort executor or trustee should be a bank in the case all other living executors or trustees are terminated or die.
One way to ensure assets do not go to a spouse via intestacy is to divorce her before death.
True. A divorce disallows a former spouse from renouncing their share of an intestate estate.
In the case of mistaken or ambiguous language in a will, the court will look to the plain meaning and construction of the will to effectuate the intent of the testator.
True. The court will look to the intended meaning of the plain language before considering extrinsic evidence of the decedent’s intent.
To avoid abatement issues in disposing of a estate, it is wise to use whole numbers instead of percentages of an asset.
False. Since abatement happens when an estate has insufficient assets to pay debts and legacies, the use of numbers instead of percentages could result in the reduction or elimination of general devises.
A holographic will, which is not recognized as a valid will in Illinois, would be effective if the holographic will were validly executed in a state that recognizes holographic wills.
True. A holographic will is effective in one state if the state the holographic will was executed in allows valid execution of a holographic will.
Under the harmless error doctrine, if a man were on his way to his lawyer’s office to sign and effectuate his will but was killed while driving there, the doctrine would allow the will to be effectuated.
True. Harmless error doctrine treats a document as if it had been effectuated in compliance with the wills act where the decedent intended the document to be his will.
At the direction of the testator, he orders his friend to light his will on fire so testator can watch it burn. This is a valid revocation.
True. This is a proper revocation by physical annihilation under the direction and presence of the testator.
A loving couple in Illinois has lived together for many years. When one of them dies with no surviving family, the estate escheats to the state.
True. A spouse may take under the rules of intestacy only if they are married; the estate escheats to the state if there are no surviving spouses or family of the decedent.
T creates a will which gifts $10,000 to “A’s children upon death,” where three children were alive when the will was made but two were alive upon death of the testator. Both of A’s surviving children receives 1/3 separately and the descendants of A’s dead child receives the other 1/3.
False. When a devise is made to a class but a member of the class predeceases the testator, the surviving members of the class divide the gift equally. Because the children are not A’s, antilapse does not apply. Each surviving child receives ½, or $5k, of the gift.
All personal property goes through probate in the decedents domicile.
True
Within Intestacy, if there is a surviving spouse but no descendant of the decedent, the surviving spouse is only entitled to ½ of the entire estate.
False
All assets that were in the testators name at the time of death will go into a probate estate.
True
Adopted children can receive inheritance from their natural parents once they are adopted.
False
In order for a posthumous child of a decedent to receive the same share of an estate similar to a child that had been born in the decedent’s life, the posthumous child shall have been in utero at the decedent’s death.
True
In Illinois, it is acceptable to create a codicil of a will as long as the testator has signed the codicil, along with one other witness.
False
Testator had Will A, but was discussing with the Lawyer that Testator wishes to revoke Will A. Testator dies. Will A is revoked because Testator wished to have it revoked.
False
Testator has a will bequeathing property to his 2 daughters. Both daughters have one child. Daughter A dies. Daughter A’s child is now no longer eligible to receive the property.
False
Trustee of a trust has a right to benefit from the trust, so long as it is not more than what the trustee would have received if he was a beneficiary of the trust.
False
If an individual leaves a charitable trust, but the trust is found the be illegal, the court has the right to direct that application of the trust to another charitable organization.
True
There is no exception for the generation skipping tax.
False; there is a $2M per decedent exemption
The federal estate tax exemption is $5.450 million.
True
Joint Tenancy with a right of survivorship is NOT probate property.
True; when the second joint tenant dies, the property is in an individual name and then must be probated.
Payable on Death (P.O.D) and Transfer on Death (T.O.D) are probate property.
False; they are non-probate.
Holographic wills are valid in Illinois.
False; holographic wills are not valid in Illinois.
If a beneficiary kills the testator, and it was unjustifiable and intentional, then the beneficiary shall not receive the property.
True; ILCS 5/2-6: Person causing death.
Inter vivos trusts may only be irrevocable trusts.
False; inter vivos trusts may be revocable or irrevocable.
Executors are bound under the same fiduciary duties as trustees.
True
Unmarried persons living together have some inheritance rights.
False; they have no inheritance rights.
Individuals have vested rights in revocable trusts.
False; there are no vested rights in revocable trusts, only when the grantor dies and the trust becomes irrevocable do the rights become vested.
