Reference no: EM131973344
1- Making arrangements to deal with the possibility of physical or mental incapacity is an important area of estate planning. Which of the following arrangements may be used to deal with such unexpected incapacity?
1. A springing durable power of attorney.
2. A revocable living trust.
3. A QTIP.
4. A living will.
a. 1 only.
b. 2 and 4.
c. 1, 2, and 4.
d. 1, 2, 3, and 4.
2- Josephine, who is single, drafted her own will using the “Zoom Wills” software that she purchased on the internet. She sends it to you for a review. In your first review of the will, you look for which of the following common provisions?
a. A statement of the domicile of the testator.
b. A simultaneous death clause.
c. A specific bequest of property owned JTWROS.
d. A self proving clause.
3- Bill has a general power of appointment over all of his father’s assets. Which of the following is not true regarding such a power?
a. Bill can appoint his father’s money to pay for the needs of his father.
b. Bill can appoint money to his own creditors.
c. Bill must only appoint money using an ascertainable standard.
d. If Bill predeceases his father, Bill’s gross estate would include his father’s assets even though they had not been previously appointed to Bill.
4- Harold, a non attorney, prepares his own will. Harold handwrites all of the provisions of the will and signs and dates it but fails to have it witnessed by anyone. What type of will does Harold have, if any?
a. A holographic will.
b. A nuncupative will.
c. A statutory will.
d. Harold does not have a will.
5-Which decedent died intestate?
a. The decedent handwrote a will that was signed but was not dated or witnessed.
b. The decedent was of “sound mind” when he signed his statutory will.
c. The decedent prepared a last will and testament with an attorney.
d. The decedent had only tangible personalty and made a dying declaration.
6- Which of the following are key parties to a power of attorney?
a. The principal.
b. The guardian ad litem and the agent.
c. The principal and the agent.
d. The attorney who prepares the power of attorney, the principal, and the agent.
7-An attorney prepares a will for Joe in which Joe leaves everything to his wife, Carmella. Joe’s neighbor, Vicki, is one of the witnesses to the will and his close friend, Jack, is another witness. Which of these people is the testator?
a. Carmella.
b. Joe.
c. Vicki.
d. Jack.
8- Which of the following documents is used to modify a will?
a. A nuncupative agreement.
b. A codicil.
c. A holographic declaration.
d. A statutory agreement.
9- When Ron died, he held a power of appointment over a piece of property under which he could only appoint the property to someone other than himself, his creditors, his estate or its creditors. What type of power is this?
a. A general power of appointment.
b. A special power of appointment.
c. A power of property appointment.
d. A half power of attorney