Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Testator has had a change of heart and would like to change his will so that all of his assets will pass to his wife.

Testator has had a change of heart and would like to change his will so that all of his

assets will pass to his wife. What is the best method by which the Testator can change

his will?

A. Tell his wife.

B. Cross out the section he wants changed within the will and insert the correction.

C. Codicil to the will.

D. Move to another state.

Which of the following are characteristics of a qualified disclaimer?

1) It may not direct the bequest to another person selected by the disclaimant. It must be

received by the executor of the estate within 9 months of the death of the decedent.

2) It must be written and irrevocable.

3) The disclaimant may disclaim a part of an asset.

(a) 1 and 2.

(b) 1, 2 and 3.

(c) 1, 3 and 4.

(d) 1, 2, 3 and 4.

Which of the following statements concerning the ownership of real property as

joint tenants with right of survivor ship is (are) correct?

I. If the joint tenants are mother and son and the son contributed all the

funds to purchase the property, one-half of the propertys value will be

excluded from the mothers estate if she dies first.

II. If the joint tenants are married to each other and the wife contributed all

the funds to purchase the property, the entire value of the property will

be in the wifes estate if she dies first.

(A) I only

(B) II only

(C) Both I and II

(D) Neither I nor II

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Real Estate Finance and Investments

Authors: William Brueggeman, Jeffrey Fisher

14th edition

73377333, 73377339, 978-0073377339

More Books

Students also viewed these Finance questions

Question

What is a residual plot?

Answered: 1 week ago