Week 2 Reading - Test 1 - Sheet1

Question 1

(1) occurs when someone dies and has executed a valid will–when a person has a valid will at the time of his death. It is valid when the testator creates a documents that meets all (2).

Answer 1

1. Testacy

2. statutory requirements

Question 2

Three dispositions in a will

Answer 2

1. Bequests (gifts of personal property)
2. Legacies (gifts of personal property/synonymous with bequests)
3. devises (gifts of real property)

Question 3

The (1) has done away with different terminology for disposition types and uses the umbrella term “devises”

Answer 3

Uniform Probate Code

Question 4

dispositions of specific items of a personal property in a will

Answer 4

specific legacies/specific bequests

Question 5

gift of a specific sum of money from a specific source (sometimes lumped with specific legacies)

Answer 5

demonstrative legacy

Question 6

dispositions of money that do not specify the source

Answer 6

general legacies/pecuniary bequests

Question 7

the dispositions of real property made in a will (inc. land and fixtures)

Answer 7

specific devises

Question 8

1. all the property remaining after the testator has given all his or her specifically named bequests and devises.
2. ensures that this is distributed to the person intended

Answer 8

1. residuary/residue

2. residuary clause

Question 9

distributes residue of personal property only (not real property)

Answer 9

residuary legacy

Question 10

a reduction in the sums or gifts to a beneficiary to pay the taxes and debts of the estate

Answer 10

abatement

Question 11

a provision that specifies how taxes, debts, funeral expenses, medical expenses of the estate will be paid

Answer 11

apportionment clause

Question 12

When no provision is made for debts, the (1) may (2) estate assets to cover it.

Answer 12

1. personal representative

2. liquidate

Question 13

Order in which property is liquidated for abatement, absent provisions

Answer 13

1. property no disposed of by the will
2. residuary devises
3. general devises
4. specific devises

Question 14

1. happens when property left to a beneficiary is disposed of before the testator’s death
2. property that is not part of the estate at death is called this

Answer 14

1. ademption (extinction)

2. adeem by extinction

Question 15

occurs when the testator gives the gift to the beneficiary before the testator dies

Answer 15

satisfaction

Question 16

1. occurs when the beneficiary does not survive the testator and the gift passes either as part of the residue of the estate or by intestacy
2. prevents this by substituting the beneficiary’s issue (children, heirs, grandchildren) for the beneficiary

Answer 16

1. lapse

2. anti-lapse statutes

Question 17

Two ways a decedent’s property may be distributed

Answer 17

1. per stirpes (by the roots)

2. per capita (by the head)

Question 18

surviving beneficiaries each receive an equal share

Answer 18

per capita distribution

Question 19

1. those people that come from an ancestor or source

2. lineal descendents/offspring

Answer 19

1. descendants

2. issue

Question 20

Three children, one dies but leaves three grandchildren.

1. Per capita distribution?
2. Per capita but must survive?
3. Per stirpes representation?

Answer 20

1. 1/5 share to remaining children and three grandchildren
2. 1/2 share to children, nothing for grandchildren
3. 1/3 share to children, 1/9 share for each grandchild

Question 21

distribution by representation; beneficiaries receive their shares based on the level of lineal descendant they are from the decedent (preferred method)

Answer 21

per stirpes distribution

Question 22

the process by which the property of a person who dies without a valid will is distributed (no will, invalid will)

Answer 22

instestate succession

Question 23

Intestacy triggers laws in the state in which the testator was domiciled at the time of death. 5 proofs of domicile?

Answer 23

1. where had driver’s license
2. where filed federal and state taxes
3. where Social Security payments were sent
4. where had primary residence
5. where registered to vote

Question 24

In general, intestate succession laws are based upon tge idea that a decedent’s property should pass by (1).

Answer 24

consanguinity (blood relationship)

Question 25

those who are directly related to the decedent

Answer 25

lineal relations (ascendants, descendants)

Question 26

ancestors; parents, grandparents, great-grandparents

Answer 26

ascendants

Question 27

those who follow the decedent (issue/offspring)

Answer 27

descendants

Question 28

relations that, whil related by blood to the decedent, are not directly ascending or descending (siblings, aunts/uncles, cousins)

Answer 28

collateral relations

Question 29

relation not by blood but by marriage (in-laws, stepchildren); not usually entitled to estate by succession (except for spouses, who receive first, and adopted children, who are now considered blood relatives)

Answer 29

relations by affinity

Question 30

An illegitimate child may inherit from his father and his father’s family, if (1) or (2). (3), in most states, inherit as if they are whole-blood children.

Answer 30

1. paternity can be established
2. parents marry after the child is born
3. half-blood children

Question 31

Children born after a will is written are (1). Child receives an intestate share of his deceased parent’s estate.

Answer 31

pretermitted

Question 32

Two situations in which pretermitted children do not receive an intestate share.

Answer 32

1. It is apparent the child was intentionally omitted
2. The parent has one or more children at the time the will was executed by left all or most to the other parent of the pretermitted child

Question 33

Three situations in which a pretermitted spouse will not receive an intestate share of the estate

Answer 33

1. spouse had signed an antenuptial or postnuptial agreement waiving rights or making provision for share to the spouse’s estate
2. spouse was included in will executed before the marriage
3. ommission was intentional

Question 34

property that is owned before marriage or is acquired during marriage by gift or inheritance. Must not be comingled with spouse’s assets (ass opposed to community property)

Answer 34

separate property

Question 35

all property that is not classified as separate property; in most instances, all property acquired during marriage unless proved otherwise

Answer 35

community property

Question 36

property passes to the state in absence of ascertainable kin

Answer 36

escheat

Question 37

Real property escheats the the state in which (1). Personal property escheats to the state in which (2).

Answer 37

1. the property is located

2. the person was domiciled

Question 38

generally allows the family or the head of the house hold to characterize the family residence as the homestead

Answer 38

homestead exemption