Business Law 5.02: Wills And Estate Planning: Question Preview (ID: 25666)

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Bobby’s uncle dies. Bobby received his uncle’s mansion. What term describes Bobby in this scenario?
a) Beneficiary
b) Dower
c) Fiduciary
d) Heir

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) Acceptance
b) Capacity
c) Consideration
d) Control

Maria’s mother dies. Maria is left with her mother’s car and house. What is the car and house considered?
a) Codicil
b) Dowry
c) Inheritance
d) Property

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) Administrator
b) Executor
c) Executrix
d) Testator

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) Give out the property accordingly
b) Give the estate to anybody
c) Sell off all assets in the estate
d) Spend the money in the estate

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) Agency by estoppel
b) Common law
c) Power of attorney
d) Vicarious contract

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) Bequest
b) Codicil
c) Holographic
d) Intestate

Fred dies. His son becomes representative of the estate. What must his son do after inventorying, assembling, preserving, and appraising it?
a) Give the estate to anybody
b) Give public notice of the estate
c) Sell off all assets in the estate
d) Spend the money in the estate

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) Accomplices
b) Accountable
c) Guarantors
d) Witnesses

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) City
b) Hearsay
c) Federal
d) State

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