Wills, Trust, and Estates Questions with 100% Verified Answers
Latest Update
Question: Answer:
Estate Planning - Is usually includes the preparation of documents such as will or
trusts, which dispose of
or transfer property.
- The type that is best for an individual depends on several variables
such as the wishes of
the individual, the value of the estate, and the family circumstances
Question: Answer:
Probate - Occurs after the death of a persons and involves the identification
of that persons
assets and debts, the payment of the debts and taxes from the
estate, and finally, the
distribution of the remaining assets to the heirs
Question: Answer:
Wills - Is a document by which and individual provides for the distribution
of his or her
property upon death.
o In some cases, it also names guardians to care for minor children.
Question: Answer:
Jurisdiction Jurisdiction
- Each state has specific laws (statutes) that establish the rules for
the disposition of real
and personal property by will
- The law relating to wills is determined generally by the state which
the testator (or
testatrix) resided
- Some states require wills be witnessed
, Question: Answer:
Types of Wills - Formal will
- Holographic
- Nuncupative
Question: Answer:
Formal Will - Is the type usually prepared by attorneys. It is a written will,
subscribed and
acknowledge by the testator and witnessed by individuals who are no
beneficiaries
under the will.
- The number of witnesses required is a matter of state law, generally
two or three
Question: Answer:
Holographic Will - Is handwritten by the testator. It must be signed and dates;
witnessed are not required.
Question: Answer:
Nuncupative Will - Is an oral will made by one on his or her deathbed. This is
sometimes referred to as a
soldier's will.
Question: Answer:
Preparation of a Will - Element common to most wills include the following:
o Opening clauses
o Bequest of property
o Appointment of fiduciaries
o The closing
Question: Answer:
Opening Clause - Usually identifies the testator. This is the exordium clause. The
exordium clause also
includes the testator's residence, the intent to create a last will and
testament, and the
intent to revoke any prior wills and codicils.
Latest Update
Question: Answer:
Estate Planning - Is usually includes the preparation of documents such as will or
trusts, which dispose of
or transfer property.
- The type that is best for an individual depends on several variables
such as the wishes of
the individual, the value of the estate, and the family circumstances
Question: Answer:
Probate - Occurs after the death of a persons and involves the identification
of that persons
assets and debts, the payment of the debts and taxes from the
estate, and finally, the
distribution of the remaining assets to the heirs
Question: Answer:
Wills - Is a document by which and individual provides for the distribution
of his or her
property upon death.
o In some cases, it also names guardians to care for minor children.
Question: Answer:
Jurisdiction Jurisdiction
- Each state has specific laws (statutes) that establish the rules for
the disposition of real
and personal property by will
- The law relating to wills is determined generally by the state which
the testator (or
testatrix) resided
- Some states require wills be witnessed
, Question: Answer:
Types of Wills - Formal will
- Holographic
- Nuncupative
Question: Answer:
Formal Will - Is the type usually prepared by attorneys. It is a written will,
subscribed and
acknowledge by the testator and witnessed by individuals who are no
beneficiaries
under the will.
- The number of witnesses required is a matter of state law, generally
two or three
Question: Answer:
Holographic Will - Is handwritten by the testator. It must be signed and dates;
witnessed are not required.
Question: Answer:
Nuncupative Will - Is an oral will made by one on his or her deathbed. This is
sometimes referred to as a
soldier's will.
Question: Answer:
Preparation of a Will - Element common to most wills include the following:
o Opening clauses
o Bequest of property
o Appointment of fiduciaries
o The closing
Question: Answer:
Opening Clause - Usually identifies the testator. This is the exordium clause. The
exordium clause also
includes the testator's residence, the intent to create a last will and
testament, and the
intent to revoke any prior wills and codicils.
