Quiz 1

Question 1

THE MAJOR DIFFERENCE BETWEEN A WILL AND TRUST IS

Answer 1

A TRUST IS NOT REQUIRED TO BE PROBATED

Question 2

IN FRANK’S WILL HE LEFT HIS CHRIS CRAFT BOAT TO CHARLIE. BEFORE FRANK DIED HE SOLD THE BOAT AND PURCHASED AN AIRPLANE FROM THE BOAT SALE PROCEEDS. CHARLIE INHERITS WHAT FROM FRANK’S WILL?

Answer 2

NOTHING

Question 3

WHAT ARE THE LAWS OF INTESTACY?

Answer 3

THE LAWS GOVERNING THOSE WHO DIE WITHOUT A WILL OR TRUST.

Question 4

IN HIS WILL, FRED MAKES A BEQUEST OF HIS INTELLECTUAL PROPERTY TO CHARLIE. WHAT IS AN EXAMPLE OF INTELLECTUAL PROPERTY?

Answer 4

PATENTS, TRADEMARKS AND COPYRIGHTS

Question 5

A TENANCY BY THE ENTIRETIES

Answer 5

CAN ONLY BE CREATED BY MARRIED INDIVIDUALS

Question 6

LEGALLY ADOPTED CHILDREN

Answer 6

HAVE EXACTLY THE SAME INHERITANCE RIGHTS AS NATURALLY BORN CHILDREN

Question 7

THE MAJOR DIFFERENCE BETWEEN A BEQUEST AND A DEVISE IS

Answer 7

A BEQUEST REFERS TO PERSONAL PROPERTY AND A DEVISE REFERS TO REAL PROPERTY

Question 8

WHAT IS ESCHEAT?

Answer 8

WHEN A PERSON DIES WITHOUT EITHER A WILL OR A TRUST AND HAS NO DISCOVERABLE HEIRS

Question 9

“A” TO “B” FOR LIFE AND FOLLOWING “B’S” DEATH TO “C”. “C” IS

Answer 9

THE REMAINDERMAN

Question 10

YOU ARE READING “THE WALL STREET JOURNAL” FOR THIS CLASS. WHERE IS WALL STREET LOCATED?

Answer 10

NEW YORK CITY