and Answers
Leaving a will at death
a. amendment
b. testate
c. escheat
d. trustee -
✔️b. testate
Which of the following applies to an ordinary power of attorney?
a. Grants someone authority to act as agent or attorney in fact
b. Is revocable
c. Automatically terminates upon the death or incapacity of the principle
d. All of the above apply -
✔️d. all of the above apply
Which of the following describes the position of trust to a beneficiary. In funeral
arrangements, the person who has the right to control funeral does so on behalf of
all survivors
a. personal representative
b. trustee
c. guardian
d. executor -
✔️b. trustee
Which of the following refers to a proportional reduction of a legacy under a will when
assets out of which such legacy are not sufficient to pay it in full?
a. novation
b. abatement
c. intestate
d. ademption -
✔️b. abatement
Which of the following refers to an addition or amendment of a last will and
testament executed with the same formality of the will?
a. novation
b. legacy
c. codicil
d. custodian -
✔️c. codicil
True or False: Nuncupative will is an oral will declared or dictated by testator during
last illness before witnesses to dispose of person property and not valid in all states.
-
✔️True
, The gift of real estate by transfer or will.
a. codicil
b. legatee
c. devise
d. power of attorney -
✔️devise
Which of the following best describes a durable power of attorney?
a. A written instrument authorizing one person to do anything for the principal. In
other words, one party has full power of attorney for another party.
b. Exists when one person appoints an agent in the event the original party should
later become incapacitated.
c. A written instrument authorizing one person to act as an agent for another
effective only upon a certain event occurring. -
✔️b. Exists when one person appoints an agent in the event the original party should
later become incapacitated
Which of the following refers to forfeiture of a decedent's property to the state in the
absence of heirs?
a. ethics
b. trust
c. escheat
d. living will -
✔️c. escheat
This is the person specifically identified in the decedent's will to administer the
decedent's estate
a. personal representative
b. executor
c. agent
d. A and B
e. B and C -
✔️d. A and B
Which of the following are responsibilities of the person representative of an estate?
1. to inventory and collect the decedent's assets
2. to manage the assets during administration
3. to receive and pay the claims of creditors and tax collectors.
4. to distribute the remaining assets to the decedent's beneficiaries -
✔️1, 2, 3, and 4
When the person in charge of administering the estate is not named in a will but is
appointed by the courts, that person is called:
a. executrix
b. administrator
c. attorney