If a testator leaves a specific ring to a beneficiary but the ring is no longer in the estate of the testator when he or she? dies, the? ________.

A.estate must provide an item of equal value

B.beneficiary receives nothing

C.estate must replace the ring

D.estate must give the beneficiary money in the amount of the market value of the ring

E.beneficiary can sue the estate

Which of the following is an INCORRECT statement regarding intestate? succession?

A.If a? person's will or trust fails for some legal? reason, the property is distributed to his or her relatives pursuant to a? state's intestacy statute.

B.If the deceased has no surviving? relatives, then the? deceased's property escheats to the state.

C.?In-laws do not inherit under most intestacy statutes.

D.Relatives who receive property under intestacy statutes are called heirs.

E.If a person dies without a will or? trust, he or she dies testate.

Which of the following is an INCORRECT statement regarding an irrevocable? trust?

A.An express trust is voluntarily created by the settlor.

B.A trust can be created and becomes effective during a? trustor's lifetime, or it can be created to become effective on the? trustor's death.

C.A will is a legal arrangement under which the trustor delivers and transfers legal right to property to the trustee to be held and used for the benefit of the beneficiary.

D.The property and assets held in trust are called the trust corpus.

E.Another term for trust corpus is trust res.

Which of the following is an INCORRECT statement regarding? probate?

A.If a? testator's will does not designate a personal? representative, the court appoints an administrator? (male) or administratrix? (female).

B.A probate court is a specialized federal court that supervises the administration and settlement of estates.

C.The personal representative of a? decedent's estate is usually a relative of the deceased or a bank.

D.An attorney is usually appointed to help administer the estate and to complete the probate.

E.If a? testator's will designates a female personal? representative, that person is called an executrix.

Which of the following is an INCORRECT statement regarding? probate?

A.The process and procedures for settling an estate are governed by state statute.

B.Dissolution and winding up is the process of a? deceased's property being? collected, debts and taxes being? paid, and the remainder of the estate being distributed.

C.A specialized? court, called the probate? court, usually supervises the administration and settlement of estates.

D.Probate is also known as settlement of the estate.

E.A personal representative must be appointed to administer an estate during its settlement phase.

A husband and wife make wills that leave their entire estate to each other. The husband and wife are killed simultaneously in an airplane crash.? Here, the? husband's property would go to? _____, and the? wife's property would go to? _____.

A.the probate? court; the probate court

B.his? relatives; her relatives

C.the? state; her relatives

D.the? state; the state

E.his? relatives; the state

Which of the following is an INCORRECT statement regarding a mutual? will?

A.Valid mutual wills are enforceable.

B.Mutual wills are usually separate instruments with reciprocal terms.

C.A mutual will is also known as a nuncupative will.

D.Mutual wills arise where two or more testators execute separate wills that make testamentary dispositions of their property to each other on the condition that the survivor leave the remaining property on his or her death as agreed by the testators.

E.Mutual wills cannot be unilaterally revoked after one of the parties has died.

Which of the following is an INCORRECT statement regarding revocation of a? will?

A.Divorce or annulment revokes disposition of property to the former spouse under a will.

B.A properly executed subsequent will revokes a prior will.

C.Restitution of a will occurs if the testator intentionally? tears, burns,? obliterates, or otherwise destroys it.

D.Wills can be revoked by operation of law.

E.A will may be revoked by certain acts of the testator.

Which of the following is an INCORRECT statement regarding a will? codicil?

A.A will cannot be amended by merely striking out existing provisions on the will and adding new provisions on the will itself.

B.The codicil must incorporate by reference the will it is amending.

C.The codicil must be executed with the same formalities as a will.

D.Preparing a codicil is the legal way to change an existing will.

E.The codicil and the will are read as separate instruments.

Which of the following is an INCORRECT statement regarding attestation of wills by? witnesses?

A.Witnesses must reside in the jurisdiction in which the testator is domiciled.

B.Wills must be attested to by mentally competent witnesses.

C.Witnesses usually sign a will following the signature of the testator.

D.A will that meets the requirements of the Statute of Wills is called a formal will.

E.Most states require attestation by two or three witnesses.

Which of the following is an INCORRECT statement regarding the requirements for making a? will?

A.Every state has a Statute of Repose that establishes the requirements for making a valid will in that state.

B.The courts determine testamentary capacity on a? case-by-case basis.

C.Wills can be handwritten.

D.Wills must be in writing to be? valid, except for dying declarations.

E.Most jurisdictions require the? testator's signature to appear at the end of the will.