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WorksheetsBusiness Law II Ch. 20 test review
Total questions: 20
Worksheet time: 10mins
A ___________________ is a term used for a document directed to attending physicians regarding a person's choices about the use of life-support systems.
near death will
living will
holographic will
physician's will
A(n) ______________________ trust protects the beneficiary's interests.
inter vivos
administrator's
blanket
spendthrift
Enoch Arden laws declare that
if a body is not found within two weeks, a missing person can be declared dead.
if a missing adult has not contacted his or her family in one year, he or she can be declared dead.
if a person simply vanishes without a trace, after several years he or she can be declared dead.
if a person is in a coma, he or she can be declared dead.
A will takes effect as soon as it is officially recorded at the local courthouse.
True
False
A(n) _________________ is a court-appointed personal representative overseeing an estate.
administrator
testator
trustee
executor
A beneficiary is the party for whose benefit a trust is managed.
True
False
A(n) ___________________ trust, also called a living trust, is created during the lifetime of the settlor.
testamentary
revocable
inter vivos
constructive
A charitable trust is created for the fulfillment of a(n)
private purpose.
dying last wish.
altruistic purpose.
revocable purpose.
A trustee may become personally liable if he acts
only in the best interest of the decedent.
only in the best interest of a bank or other financial institution.
in breach of trust.
in violation of state and federal tax laws.
A nuncupative will is often limited to controlling the distribution of personal property and may also revoke an existing will.
True
False
The right of election provides a set percentage of a decedent's property for the surviving spouse.
True
False
Testamentary capacity means witnesses to a will must know, at least in a general way, the kind and extent of the property in the estate the dying person wishes to dispose of.
True
False
The maker of the will is called the
beneficiary
trustee
trustor
testator
A(n) ______________________ is the reversion of estate property to the state.
intestate trust
property revolution
per stirpes
escheat
A constructive trust is created to require a person holding property to retain the property.
True
False
The creator of a trust is known as the trustee.
True
False
A will written and signed in the decedent's own hand but not witnessed is called a ______________________ will.
holographic
nuncupative
codified
testamentary
The maker of a will is properly called a(n)
executor
testator
enunciator
trustee
A resulting trust is formed when the entity intended to receive the benefit of an express trust cannot do so.
True
False
People who die without a valid will are said to have died
interstate
codified
intestate
testate
