Fin 3720 Exam 2(Latest ):114
Complete Questions and Correct
Answers,.
Which of the following statements concerning the alternate valuation date allowed for
federal tax purposes is correct? - Correct answerIf the alternate valuation date
is selected, that date applies to all assets in the estate, subject to a few exceptions
Which of the following statements concerning personal representatives is correct -
Correct answerA personal representative can be given broad adn discretionary
powers with respect to the management of estate assets
Which of the following statements concerning a valid written will is (are) correct?
1. a testator's signature must be notarized when the will is executed
2. a testator must have testamentary capacity at the time of death - Correct
answerNeither 1 or 2
A person dying without a valid will generally loses which of the following capabilities
1. the right to name guardians of minor children
2. the right to name a personal representative - Correct answerBoth 1 and 2
All the following testamentary transfers can be considered transfers by operation of
contact EXCEPT - Correct answerA joint securities account becomes the sole
property of a surviving account holder at the death of the other joint owner
All the following are advantages of the probate process EXCEPT - Correct
answerPrivacy of decedent's will
All the following statements concerning a will are correct EXCEPT - Correct
answerIt is irrevocable once executed
When a testator executes a valid will or codicil, a previously existing will is automatically
revoked - Correct answerF
, The family allowance is a small, specified amount set aside for the support of the
surviving spouse and minor children during the administration of the decedent-spouse
estate - Correct answerT
Nonprobate assets pass outside the will and therefore are not subject to estate taxes -
Correct answerF
If a beneficiary accepts a bequest and later decides to disclaim the interest, the
beneficiary must disclaim the interest within 9 months of the decision to disclaim -
Correct answerF
A primary requirement of a typical will is that the document be signed at the end -
Correct answerT
Per stipes distribution provides for all beneficiaries under a will to take as individuals by
their own right - Correct answerF
A typical interstate-succession scheme allows a widow to receive all the decedent's
property whether or not there are minor children - Correct answerF
A holographic will is oral and made in the presence of witnesses - Correct
answerF
If a will does not contain a tax apportionment clause, the personal representative has
discretion in directing how taxes are to be apportioned - Correct answerF
A disclaimant may disclaim a part of an interest in property instead of having to disclaim
the entire interest - Correct answerT
A widow dies leaving a net probate estate of $900,000. At the time of her death, her
descendants are as follows
A son, a daughter, a deceased daughter - Correct answer$300,00 to Mark,
$300,000 to Claire, $100,000 to Jennifer, $100,000 to Matthew, $100,000 to Chad
Under a deceased parent's will, three adult children inherited property equally (1, 2, both
or neither) - Correct answer1 only
Complete Questions and Correct
Answers,.
Which of the following statements concerning the alternate valuation date allowed for
federal tax purposes is correct? - Correct answerIf the alternate valuation date
is selected, that date applies to all assets in the estate, subject to a few exceptions
Which of the following statements concerning personal representatives is correct -
Correct answerA personal representative can be given broad adn discretionary
powers with respect to the management of estate assets
Which of the following statements concerning a valid written will is (are) correct?
1. a testator's signature must be notarized when the will is executed
2. a testator must have testamentary capacity at the time of death - Correct
answerNeither 1 or 2
A person dying without a valid will generally loses which of the following capabilities
1. the right to name guardians of minor children
2. the right to name a personal representative - Correct answerBoth 1 and 2
All the following testamentary transfers can be considered transfers by operation of
contact EXCEPT - Correct answerA joint securities account becomes the sole
property of a surviving account holder at the death of the other joint owner
All the following are advantages of the probate process EXCEPT - Correct
answerPrivacy of decedent's will
All the following statements concerning a will are correct EXCEPT - Correct
answerIt is irrevocable once executed
When a testator executes a valid will or codicil, a previously existing will is automatically
revoked - Correct answerF
, The family allowance is a small, specified amount set aside for the support of the
surviving spouse and minor children during the administration of the decedent-spouse
estate - Correct answerT
Nonprobate assets pass outside the will and therefore are not subject to estate taxes -
Correct answerF
If a beneficiary accepts a bequest and later decides to disclaim the interest, the
beneficiary must disclaim the interest within 9 months of the decision to disclaim -
Correct answerF
A primary requirement of a typical will is that the document be signed at the end -
Correct answerT
Per stipes distribution provides for all beneficiaries under a will to take as individuals by
their own right - Correct answerF
A typical interstate-succession scheme allows a widow to receive all the decedent's
property whether or not there are minor children - Correct answerF
A holographic will is oral and made in the presence of witnesses - Correct
answerF
If a will does not contain a tax apportionment clause, the personal representative has
discretion in directing how taxes are to be apportioned - Correct answerF
A disclaimant may disclaim a part of an interest in property instead of having to disclaim
the entire interest - Correct answerT
A widow dies leaving a net probate estate of $900,000. At the time of her death, her
descendants are as follows
A son, a daughter, a deceased daughter - Correct answer$300,00 to Mark,
$300,000 to Claire, $100,000 to Jennifer, $100,000 to Matthew, $100,000 to Chad
Under a deceased parent's will, three adult children inherited property equally (1, 2, both
or neither) - Correct answer1 only
