FSE 2080 Funeral Law 1.3 Practice Questions and Correct Answers
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Course
FSE 2080
Institution
FSE 2080
Give an example of how per capitas distribution of an estate may be used Each person gets exact percentage of estate
Give an example of how per stripes distribution of an estate may be used Per relationship. Wife may get 50% while each of his 2 children get 25% each
Know whether a pre-need should...
FSE 2080 Funeral Law 1.3 Practice
Questions and Correct Answers
Give an example of how per capitas distribution of an estate may be used ✅Each
person gets exact percentage of estate
Give an example of how per stripes distribution of an estate may be used ✅Per
relationship. Wife may get 50% while each of his 2 children get 25% each
Know whether a pre-need should be revocable or irrevocable in order not to be
considered as a part of the assets a person who is going on to Medicaid ✅Irrevocable
Know the process for a pre-need sales agent with regards to the written an oral
notification of the consumer's right to cancel ✅Consumer must be advised about the
right to cancellation of the contract any time prior to midnight of the 3rd business day.
Define estate ✅Real and personal property owned at the time of death
Define Real Property ✅Land and any fixture permanent to the land
Define personal property and give an example ✅Tangible or intangible, such as
personal effects, furniture, autos, jewelry, stock, bonds, etc.
Define what is meant by jointly liable and severally liable ✅-Jointly is each person
signing is responsible for his/her share of their portion of the contract.
Severally is each person signing the contract is responsible for entire contract if the
others signing do not pay
Define ademption ✅common law doctrine used to determine what happens when
property bequeathed under a will is no longer in the testator's estate at the time of
death. Ex: auto gifted to niece but the auto has already been sold
Define devise and devisee ✅Devise- a gif t of real/personal property made by the will
Devisee- person appointed to receive the gifts
Define abatement and know when it will be applied to an estate ✅Proportional
reduction of gifts, when funds or assets of estate are insufficient, to pay off debts. Ex:
land may be sold to cover the cost of the funeral
Differentiate between testate and intestate ✅Testate- state of condition of leaving a will
Intestate- state of condition of dying without having made a will
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