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Willz: 5 Preparation to Draft a Will: Checklist and the Conference with the Client already passed
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Willz: 5 Preparation to Draft a Will: Checklist and the Conference with the Client already passed
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Willz: 5 Preparation to Draft a Will:Checklist and the Conference with the
Client
The supervising attorney should give legal advice to the client about how to minimize the tax burdens
imposed on a decedent's Estate, for example, by reducing the client's gross estate through lifetime gifts
and increasing the potential deductions from the gross estate. - correct answer ✔✔True
Even if a person obviously appears to lack testamentary capacity, he/she is still entitled to legal
assistance in executing a will, and an attorney should ethnically accept the person as a client. - correct
answer ✔✔False
A life Estate is money or property given by a parent while living to a child in anticipation of the share that
the child will inherit from the parent's estate and in advance of the proper time for receipt of such
property. - correct answer ✔✔False
A dividend is the share of profit or property to which the owner's of a business are entitled. - correct
answer ✔✔True
A promissory note is a promise in writing to pay a certain sum of money at a future time to a specific
person. - correct answer ✔✔True
An annuity is a fixed sum to be paid at regular intervals, such as annually, for either a certain or indefinite
period, as for a stated number of years or for life. - correct answer ✔✔True
Inter vivos gifts and trusts generally increase administration expenses and death taxes. - correct answer
✔✔False
When a child is not specifically excluded in a parent's will, but the parent intends to disinherit that child,
the child may ultimately receive a share as a result of a state's pretermitted child statute. - correct
answer ✔✔True
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