Chapter 19 Quiz: Wills And Trusts
When you’re beginning to get a little older, and you’re coming to own a home, a vehicle and more property which holds financial worth, you are likely to look into the topic of wills and trusts so that you can ensure, in the event of an unexpected bereavement, that your loved ones will be taken care of. What do you know about wills and trusts?
- 1.
A person who dies without a will is called...?
- A.
Testate
- B.
Intestate
- C.
Decedent
- D.
Stupid
Correct Answer
B. IntestateExplanation
When a person dies without a will, they are referred to as intestate. This means that they have not designated how their assets and belongings should be distributed after their death. Intestate succession laws then come into play, determining how the person's estate will be divided among their heirs. The term "intestate" is commonly used in legal and estate planning contexts to describe someone who has not made a valid will.Rate this question:
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- 2.
You must have all of the following to create a will except...?
- A.
Intention to make a will
- B.
Testamentary Capacity
- C.
Signed and witnessed by two people who aren't inheritors
- D.
Spoken aloud to a judge
Correct Answer
D. Spoken aloud to a judgeExplanation
To create a will, one must have the intention to make a will, testamentary capacity, and the will must be signed and witnessed by two people who aren't inheritors. However, speaking aloud to a judge is not a requirement for creating a will. The process of creating a will typically involves writing down the wishes and signing it in the presence of witnesses, but it does not involve speaking aloud to a judge.Rate this question:
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- 3.
An amendment to a will is called...?
- A.
Codicil
- B.
Estate
- C.
Amendment
- D.
Revocation
Correct Answer
A. CodicilExplanation
A codicil is a legal term referring to an amendment made to a will. It allows the testator (the person making the will) to make changes or additions to their existing will without having to create an entirely new document. A codicil is a formal and legally binding document that must meet specific requirements to be valid. It is commonly used when the testator wants to update beneficiaries, make changes to bequests, or add new provisions to their will. Therefore, the correct answer to the question is "Codicil."Rate this question:
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- 4.
An entirely oral will is called a/an...?
- A.
Oral will
- B.
Nuncupative will
- C.
Holographic will
- D.
Fun will
Correct Answer
B. Nuncupative willExplanation
A nuncupative will refers to a completely oral will, which is made verbally rather than in writing. This type of will is typically used in emergency situations when the testator is unable to create a written will. It is often required to have witnesses present during the creation of a nuncupative will, and it may have limitations on the types of assets that can be included.Rate this question:
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- 5.
All are ways to revoke a will except...?
- A.
Defacing it
- B.
Written revocation
- C.
Asking for it to be revoked
- D.
Adopting a child
Correct Answer
C. Asking for it to be revokedExplanation
Adopting a child is not a way to revoke a will. Revoking a will typically involves actions such as defacing it or writing a revocation document. Asking for a will to be revoked would require the consent of the testator, but it is not a direct method of revocation. Adopting a child does not have any direct impact on the revocation of a will. Therefore, the correct answer is "Asking for it to be revoked."Rate this question:
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- 6.
Ways to prove death include all of the following except...?
- A.
Showing the weapon they were killed with
- B.
A death certificate
- C.
Official notification from the armed forces
- D.
A person vanishes for over five years
Correct Answer
A. Showing the weapon they were killed withExplanation
The ways to prove death typically involve providing official documents or evidence. A death certificate is a legal document that confirms someone's death, while official notification from the armed forces is given when a person dies in military service. Additionally, if a person vanishes for over five years, it is often considered as evidence of their death. However, showing the weapon they were killed with is not a typical way to prove death, as it may not always be available or conclusive evidence.Rate this question:
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- 7.
The creator of a trust is called a...?
- A.
Settlor
- B.
Testator
- C.
Decedent
- D.
Estator
Correct Answer
A. SettlorExplanation
A settlor is the correct answer because they are the person who creates a trust by transferring their assets into it. The settlor is responsible for establishing the terms and conditions of the trust and designating the beneficiaries who will benefit from it. The settlor's role is crucial in the creation and administration of a trust.Rate this question:
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- 8.
A will should be changed after all of the following except...?
- A.
Divorce
- B.
Marriage
- C.
Illness
- D.
Birth or adoption of a child
Correct Answer
C. IllnessExplanation
A will should be changed after divorce, marriage, and the birth or adoption of a child because these events can significantly impact the distribution of assets and beneficiaries. However, illness typically does not directly affect the distribution of assets or beneficiaries, unless it leads to incapacitation or changes in mental capacity. Therefore, illness is the exception and does not necessitate a change in the will.Rate this question:
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- 9.
A will takes effect...?
- A.
When the maker is close to death
- B.
When the maker of the will states it is to take effect
- C.
When the will says it should take effect
- D.
When the maker dies
Correct Answer
D. When the maker diesExplanation
The correct answer is when the maker dies. A will is a legal document that outlines how a person's assets and possessions should be distributed after their death. It only takes effect and becomes legally binding upon the death of the person who made the will. Until that time, the maker of the will has the ability to make changes or revoke it entirely.Rate this question:
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- 10.
All of the following are implied trusts except...?
- A.
Resulting trust
- B.
Testementary trust
- C.
Constructive trust
- D.
All of the above
Correct Answer
B. Testementary trustExplanation
All of the options mentioned in the question (resulting trust, constructive trust, and all of the above) are types of implied trusts. However, a testamentary trust is not an implied trust. It is a trust that is created through a will and comes into effect after the death of the testator. Unlike implied trusts, which are created by operation of law, a testamentary trust is intentionally established by the testator's will.Rate this question:
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Mar 20, 2023Quiz Edited by
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Dec 07, 2009Quiz Created by
Hershy1037
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