Estate Planning and Probate Test 3
questions with answers
If a will has a residuary clause, that means the will has done what? - ANS ✔✔The testator has
decided to dispose of the "rest, residue, and remainder" of assets not specifically devised or
bequeathed to others in the residuary clause.
A bequest is _____. - ANS ✔✔any personal property given under a will.
HIPAA stands for which U.S. law that is intended to provide privacy protection for patients'
medical records and other protected health information? - ANS ✔✔Health Insurance Portability
and Accountability Act
As of 2019, what is the maximum allowable gift amount per recipient that will not trigger a gift
tax return. - ANS ✔✔$15,000
Bard Jones is a widower with two living, adult children (Lisa and Cathy) and two deceased
children (Benjamin and Tobias). Lisa has no children while Cathy has two children. Benjamin is
survived by three adult children. Tobias is suvived by one adult child. Bard dies intestate. Using
these facts, which of the following statements is most accurate under the Uniform Probate
Code? - ANS ✔✔Lisa and Cathy each receives one-fourth of Bard's estate; Benjamin's children
receive one-fourth of Bard's estate, and Tobais's children each receives one-fourth of Bard's
estate.
Sam and Diane are married to each other and own their own home in joint tenancy with right of
survivorship or tenancy by the entirety (same concept). Sam dies. The family home now _____. -
ANS ✔✔is Diane's sole property and is considered nonprobate property.
questions with answers
If a will has a residuary clause, that means the will has done what? - ANS ✔✔The testator has
decided to dispose of the "rest, residue, and remainder" of assets not specifically devised or
bequeathed to others in the residuary clause.
A bequest is _____. - ANS ✔✔any personal property given under a will.
HIPAA stands for which U.S. law that is intended to provide privacy protection for patients'
medical records and other protected health information? - ANS ✔✔Health Insurance Portability
and Accountability Act
As of 2019, what is the maximum allowable gift amount per recipient that will not trigger a gift
tax return. - ANS ✔✔$15,000
Bard Jones is a widower with two living, adult children (Lisa and Cathy) and two deceased
children (Benjamin and Tobias). Lisa has no children while Cathy has two children. Benjamin is
survived by three adult children. Tobias is suvived by one adult child. Bard dies intestate. Using
these facts, which of the following statements is most accurate under the Uniform Probate
Code? - ANS ✔✔Lisa and Cathy each receives one-fourth of Bard's estate; Benjamin's children
receive one-fourth of Bard's estate, and Tobais's children each receives one-fourth of Bard's
estate.
Sam and Diane are married to each other and own their own home in joint tenancy with right of
survivorship or tenancy by the entirety (same concept). Sam dies. The family home now _____. -
ANS ✔✔is Diane's sole property and is considered nonprobate property.
