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Business Law 5.02: Wills And Estate Planning
Test Description: Wills and Estate Planning
Instructions: Answer all questions to get your test result.
1) Bobby’s uncle dies. Bobby received his uncle’s mansion. What term describes Bobby in this scenario?
A
Heir
B
Beneficiary
C
Dower
D
Fiduciary
2) Mary was in a serious car accident. She lost the ability to think on her own. She is forced to change her will by her brother. The courts can revoke the new will because she did not have what?
A
Capacity
B
Control
C
Acceptance
D
Consideration
3) Maria’s mother dies. Maria is left with her mother’s car and house. What is the car and house considered?
A
Codicil
B
Inheritance
C
Property
D
Dowry
4) After John dies, his family discovers he DOES NOT have a will. The court then appoints someone to carry out the will. What term is used to identify this person?
A
Executor
B
Testator
C
Administrator
D
Executrix
5) Johnny has been named the representative on his sister’s estate. After giving public notice of the estate and paying valid claims, what must he now do?
A
Sell off all assets in the estate
B
Spend the money in the estate
C
Give the estate to anybody
D
Give out the property accordingly
6) George signed a document giving his wife permission to act on his behalf during his illness. Which term identifies the type of document George signed?
A
Power of attorney
B
Vicarious contract
C
Agency by estoppel
D
Common law
7) Bobby bought a beach home this past summer and wants to add it to his will. What legal document must be completed for this change?
A
Holographic
B
Codicil
C
Intestate
D
Bequest
8) Fred dies. His son becomes representative of the estate. What must his son do after inventorying, assembling, preserving, and appraising it?
A
Spend the money in the estate
B
Sell off all assets in the estate
C
Give the estate to anybody
D
Give public notice of the estate
9) Gillespie decides that he wants to create a will. He writes the will in front of a lawyer and his assistant. What are the lawyer and the assistant considered?
A
Accountable
B
Accomplices
C
Guarantors
D
Witnesses
10) After Rachel dies, her son takes her will to a lawyer. The executor must then distribute her estate according to which type of law?
A
State
B
City
C
Federal
D
Hearsay
*select an answer for all questions
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