Wills - Video 4

Question 1

Who is a decedent?

Answer 1

The deceased

Question 2

The deceased. The person who died.

Answer 2

Decedent

Question 3

What is a will?

Answer 3

An instrument or declaration by which one directs the disposition of one’s property after death.

Question 4

An instrument or declaration by which one directs the disposition of one’s property after death.

Answer 4

Will

Question 5

The writing in which you dictate how you want your property distributed and to whom when you die.

Answer 5

Will

Question 6

Who is the testator (testatrix)?

Answer 6

The person who died who is making the will.

Question 7

The person who died who is making the will.

Answer 7

Testator (testatrix)

Question 8

What is a codicil?

Answer 8

A supplement to a will that adds or deletes provisions or otherwise changes a will.

Question 9

A supplement to a will that adds or delete provisions or otherwise changes a will.

Answer 9

Codicil

Question 10

What does “testate (testacy)” mean?

Answer 10

You died with a will.

Question 11

You died with a will.

Answer 11

Testate (testacy)

Question 12

What does “intestacy (intestate succession)” mean?

Answer 12

You died without a will

Question 13

You died without a will

Answer 13

Intestacy (intestate succession)

Question 14

What is “partial intestacy”?

Answer 14

When you died, your will only distributed part of your estate.

Question 15

When you died, your will only distributed part of your estate.

Answer 15

Partial intestacy

Question 16

When would partial intestacy occur?

Answer 16

When a provision is declared invalid, or the will failed to cover all of the property.

Question 17

When a provision is declared invalid, or the will failed to cover all of the property.

Answer 17

Partial intestacy

Question 17

How can intestacy or partial intestacy be avoided?

Answer 17

Include a residuary clause in the will

Question 17

You should include a residuary clause in the will to avoid what?

Answer 17

intestacy or partial intestacy

Question 18

True or False – A codicil is a handwritten will.

Answer 18

Answer: False A codicil is more like an amendment to a will. A handwritten will is called a holographic will.

Question 19

What is a devise?
Verb:
Noun:

Answer 19

Verb- to dispose of property by will
noun- or a testamentary disposition of real or personal property

Question 20

What is bequest?

Answer 20

means the same as devise, but was historically used for personal property.

Question 21

Means the same as devise, but was historically used for personal property.

Answer 21

Bequest

Question 22

To dispose of property by will

Answer 22

devise (verb)

Question 23

A testamentary disposition of real or personal property.

Answer 23

Devise (noun)

Question 24

________ was used for real property meaning land and ______ was for personal property meaning stuff.

Answer 24

devise bequest

Question 25

What is a legacy?

Answer 25

Same as bequest (A direction in a will, a gift that is made of the decedent's property to someone.)

Question 26

Same as bequest (A direction in a will, a gift that is made of the decedent's property to someone.)

Answer 26

Legacy

Question 27

Who is a devisee?

Answer 27

A person designated under a will to receive a devise.

Question 28

A person designated under a will to receive a devise.

Answer 28

Devisee

Question 29

True or False - A residuary clause can help the decadent avoid partial intestacy.

Answer 29

true

Question 30

Who is an heir?

Answer 30

A person entitled to another person's real property under intestate succession (includes the surviving spouse or the state.)

Question 31

A person entitled to another person's real property under intestate succession (includes the surviving spouse or the state.)

Answer 31

Heir

Question 32

How long must one survive the decedent to be an heir?

Answer 32

Must survive the decedent by 120 hours - UPC 2-104(1)

Question 33

UPC stands for what?

Answer 33

Uniform Probate Code

Question 34

Must an “heir” be born at the time of the decedent’s death?

Answer 34

An individual in gestation at a particular time is treated as living at that time if the individual lives 120 hours or more after birth - UPC 2-104(2)

Question 35

May a will contain a provision expressly disinheriting an heir (i.e., a negative will)?

Answer 35

Yes – UPC 2-101(2)

Question 36

Why would anyone need a negative will in the first place?

Answer 36

To exclude or limit the right of an individual or class to succeed to property of the decedent that passes through intestate succession

Question 37

What does a “probate” mean?

Answer 37

The process of proving a will or having it declared valid and effective following the death of a testator.

Question 38

Who is a “personal representative”?

Answer 38

An executor, administrator, or the like

Question 39

What is an “estate”?

Answer 39

The property of the decedent (the person who died)

Question 40

The process of proving a will or having it declared valid and effective following the death of a testator.

Answer 40

Probate

Question 41

An executor, administrator, or the like

Answer 41

Personal representative

Question 42

The property of the decedent (the person who died)

Answer 42

Estate

Question 43

What is a “net estate” or “distributable estate”?

Answer 43

The gross estate less the deduction allowed

Question 44

The gross estate less the deduction allowed

Answer 44

Net Estate

Question 45

Probate will cover intestacy proceedings as well. True or False

Answer 45

True

Question 46

JTWROS

Answer 46

Joint-tenants with right of survivorship

Question 47

Assuming joint owner survives decedent

Answer 47

JTWROS

Question 48

Assuming spouse survives decedent

Answer 48

Tenants by entirety

Question 49

Tenants by entirety

Answer 49

(assuming spouse survives decedent)

Question 50

___________ _________ includes things like property that is owned jointly.

Answer 50

Non-probate estate

Question 51

lets say that my sister and I own a piece of property with JTWROS, let’s say that I pre-decease my sister, so I die first. and she gets that property outright. She doesn't have to take it through the probate estate, she just becomes the sole owner of it at my death because of that right of survivorship has kicked in. True or False

Answer 51

true

Question 52

Tenancy by the entirety can only be had by _________ people.

Answer 52

married

Question 53

Let’s say spouse and spouse are married and they own property together as tenants by the entirety. One spouse dies and the other survives.the surviving spouse will become the sole owner of that property. It doesn't have to go through probate it just operates through the right of survivorship. True or False

Answer 53

true

Question 54

Can Gifts causa morti pass without going through the probate state?

Answer 54

True

Question 55

Assets that are not part of the Estate: 1. 2.

Answer 55

1. Gifts made inter-vivos (during life) 2. Irrevocable living trust (treated like a gift)

Question 56

There are other will substitutes as well. Things that can convey your assets that do it at your death but aren't wills. For example 1. 2. 3. 4.

Answer 56

1. life insurance 2. pension and retirement accounts 3. joint bank accounts 4. revocable trusts

Question 57

UPC Requirements for Formal Will UPC 2-502(a): [Witnessed or Notarized Wills.] Except as otherwise provided in subsection (b)..., a will must be: In writing; Signed by the testator or in the testator’s name by some other individual in the testator’s conscious presence and by the testator’s direction; and Either: Signed by at least two individuals, each of whom signed within a reasonable time after the individual witnessed either the singing of the will as described in paragraph (2) or the testator’s acknowledgement of that signature or acknowledgement of the will; or Acknowledged by the testator before a notary public or other individual authorized by law to take acknowledgements. True or False

Answer 57

True

Question 58

UPC Requirements for Formal Will UPC 2-502(a): [Witnessed or Notarized Wills.] Except as otherwise provided in subsection (b)..., a will must be: 1.

Answer 58

In writing

Question 59

UPC Requirements for Formal Will UPC 2-502(a): [Witnessed or Notarized Wills.] Except as otherwise provided in subsection (b)..., a will must be: 2.

Answer 59

2. Signed by the testator or in the testator's name by some other individual in the testator's conscious presence and by the testator's direction; and

Question 60

UPC Requirements for Formal Will UPC 2-502(a): [Witnessed or Notarized Wills.] Except as otherwise provided in subsection (b)..., a will must be: Either: 3. (a)

Answer 60

Signed by at least two individuals, each of whom signed within a reasonable time after the individual witnessed either the singing of the will as described in paragraph (2) or the testator’s acknowledgement of that signature or acknowledgement of the will; or

Question 61

UPC Requirements for Formal Will UPC 2-502(a): [Witnessed or Notarized Wills.] Except as otherwise provided in subsection (b)..., a will must be: Either: 3. (b)

Answer 61

Acknowledged by the testator before a notary public or other individual authorized by law to take acknowledgements.

Question 62

Witnesses UPC 2-505: Who May Witness. An individual generally competent to be a witness may act as a witness to a will. The signing of a will by an interested witness does not invalidate the will or any provision of it. True or False

Answer 62

True

Question 63

True of False - To be an heir, someone must survive the decedent by 48 hours.

Answer 63

False. 120 hours.