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Biz Law Ch 20 Review

Total questions: 36

Worksheet time: 18mins

Name
Class
Date
1.

Once made, a will cannot be changed or canceled.

a)

True

b)

False

2.

The creator of a trust is known as the trustee.

a)

True

b)

False

3.

Those who die without a valid will are said to have died testate.

a)

True

b)

False

4.

Those who die without a valid will are said to have died intestate.

a)

True

b)

False

5.

A will is a legal expression by which a person directs how his or her property is to be distributed after death.

a)

True

b)

False

6.

The legal term for an oral will is a nuncupative will.

a)

True

b)

False

7.

Divorce always automatically revokes all provisions in the will in favor of the former spouse.

a)

True

b)

False

8.

A deceased person is called:

a)

intestate

b)

decendent

c)

testate

d)

administrator

9.

To die without a will is called:

a)

intestate

b)

decendent

c)

testate

d)

administrator

10.

To pass away with a VALID will called:

a)

intestate

b)

decendent

c)

testate

d)

administrator

11.

Intestate's personal representative appointed (by the state) to settle the estate called:

a)

intestate

b)

decendent

c)

testate

d)

administrator

12.

A Will written and signed by the maker and not witnessed is called:

a)

holographic will

b)

nuncupative will

c)

intestate

d)

codicil

13.

An orally made will due to someone being incapable to physically write one is called:

a)

holographic will

b)

nuncupative will

c)

intestate

d)

codicil

14.

A formal, written and witnessed amendment to a will is called:

a)

holographic will

b)

nuncupative will

c)

will

d)

codicil

15.

What is the biggest concern when creating a will?

a)

forgery

b)

theft

c)

embezzlement

d)

power

16.

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)

Witnesses

b)

Testator

c)

Executor

d)

Adminstrator

17.

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)

Codicil

b)

Articles of Incorporation

c)

Articles of Confederation

d)

Trust

18.

Fred dies. His son becomes representative of the estate. What must his son do after inventorying, assembling, preserving, and appraising it?

a)

Give public notice of the estate.

b)

Spend the money in the estate.

c)

Sell off all assets in the estate.

19.

Are nuncupative wills valid in Illinois?

a)

Yes

b)

No

20.

Are holographic wills valid in Illinois?

a)

Yes

b)

No

21.

A common way to avoid probate court is to:

a)

create a will to distribute your assets.

b)

set up trusts to give your assets to the correct people.

c)

not create a will and have the state control the situation.

d)

not worry about it and watch Netflix.

22.

How old does a testator have to be?

a)

14

b)

1

c)

16

d)

18

23.

What is NOT one of the reasons to change a will?

a)

Divorce

b)

A New Baby

c)

An argument between relatives

d)

Buying a new house

24.

What type of trust can altered, changed, modified or revoke entirely?

a)

revocable trust

b)

charitable trust

c)

inter vivos trust

d)

testamentary trust

25.

What type of trust is created for estate planning while the individual is still living?

a)

revocable trust

b)

charitable trust

c)

inter vivos trust

d)

testamentary trust

26.

What type of trust is created for estate planning after the death of the individual?

a)

revocable trust

b)

charitable trust

c)

inter vivos trust

d)

testamentary trust

27.

What type of trust cannot be modified or changed and established for a goodwill?

a)

revocable trust

b)

charitable trust

c)

inter vivos trust

d)

testamentary trust

28.

What type of trust is the most common type to create?

a)

revocable trust

b)

charitable trust

c)

inter vivos trust

d)

testamentary trust

29.

The clear intention to make a will without undue influence of others is called testamentary

a)

intent

b)

capacity

c)

formality

30.

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)

Common law

b)

Power of attorney

c)

LAWYER

d)

Executrix

31.

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)

Consideration

c)

Inheritance

d)

SOUND MIND

32.

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

33.

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)

Inheritance

d)

SELL ALL OF THE PROPERTY

34.

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)

Witnesses

35.
A will only takes effect
a)
upon the death of the maker,
b)
upon the witnessed signing of it
c)
upon the official recording of it
d)
upon the one-year anniversary of the death of the maker
36.
Trusts cannot be created after the settlor has passed away.
a)
True
b)
False