Ashworth Paralegal Certificate - Wills, Trusts & Estates UPDATED ACTUAL Exam Questions and CORRECT Answers
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Ashworth Paralegal
Institution
Ashworth Paralegal
Ashworth Paralegal Certificate - Wills,
Trusts & Estates UPDATED ACTUAL
Exam Questions and CORRECT Answers
A reversion, as it pertains to life estates, is also known as a: - CORRECT ANSWER-
reversionary interest.
Which of the following best exemplifies the characteristics of a joint tenancy?...
Ashworth Paralegal Certificate - Wills,
Trusts & Estates UPDATED ACTUAL
Exam Questions and CORRECT Answers
A reversion, as it pertains to life estates, is also known as a: - CORRECT ANSWER✔✔-
reversionary interest.
Which of the following best exemplifies the characteristics of a joint tenancy? - CORRECT
ANSWER✔✔- Time, possession, interest, and title
If a person dies intestate, it means: - CORRECT ANSWER✔✔- he or she died without
having executed a will - no personal representative has been named and an administrator
must be appointed to administer the estate.
A ______ is the person who transfers legal title of property to a trustee. - CORRECT
ANSWER✔✔- settlor
Which of the following is TRUE?
a) A fee simple cannot be transferred until after the individual dies.
b) A fee simple is not total ownership of property.
c) A fee simple is not subject to the claims of creditors.
d) A fee simple can be transferred by will. - CORRECT ANSWER✔✔- d) A fee simple can
be transferred by will.
A will is ambulatory because: - CORRECT ANSWER✔✔- a person may change or revoke it
at any time before death.
Pay-on-death (POD) accounts are also known as: - CORRECT ANSWER✔✔- Totten Trust.
Brigette buys a home in Oregon. She and Bob the seller get into a dispute about two pear
trees that Bob removed after the parties negotiated the sale. Which of the following is TRUE?
- CORRECT ANSWER✔✔- Bob should not have removed the trees.
,The laws of intestate succession will determine: - CORRECT ANSWER✔✔- at the time of
death, how and to whom all the property the decedent possessed will be distributed.
A beneficiary is: - CORRECT ANSWER✔✔- the person that receives property under a will
or the holder of the equitable title under a trust.
What is a will? - CORRECT ANSWER✔✔- A written declaration of a person's intent to
distribute property after death
To execute a will means to: - CORRECT ANSWER✔✔- to sign it
Stock certificates and promissory notes are examples of ___________ property. - CORRECT
ANSWER✔✔- intangible
Example(s) of fixtures are: - CORRECT ANSWER✔✔- trees and flowers
Real property includes all of the following EXCEPT: - CORRECT ANSWER✔✔-
automobiles
A life estate is: - CORRECT ANSWER✔✔- the right of a person, called the life tenant, to
live on the property until the death of the life in being.
Objects of one's bounty, his or her bounty, that he or she is making a will, and mental
competence are all components of: - CORRECT ANSWER✔✔- sound mind.
In the case of Sellers v. Qualls 1954, the court found that "odd eating habits" was not
sufficient to find the testator NOT of sound mind, based on - CORRECT ANSWER✔✔-
eccentricities.
A __________ occurs when a donor confers the authority upon another, the donor, to select
and nominate who will receive the donor's property or income either by will or in a trust. -
CORRECT ANSWER✔✔- power of appointment
, Attesting and subscribing is often associated with which part of the will being executed? -
CORRECT ANSWER✔✔- A person acting as a witness
The opening clause of a will is called: - CORRECT ANSWER✔✔- exordium clause.
A paralegal: - CORRECT ANSWER✔✔- cannot provide legal advice or give opinions
regarding legal matters.
What is included in the exordium clause? - CORRECT ANSWER✔✔- Identifies the testator,
statement of the testator's domicile, statement that this is a last will and testament
A codicil must be executed with the same formalities as the will it modifies and must be
executed with - CORRECT ANSWER✔✔- testator's intent, testator's signature, required
number of witnesses
As a rule, wills should be reviewed by the testator: - CORRECT ANSWER✔✔- every 3-5
years.
The following is an example: "I have intentionally and with full knowledge omitted to
provide for my heirs at the time of my death. If any beneficiary under this will or heir at law
of minechallenge the validity of this will, directly or indirectly, shall have their share or
interest revoked." This demonstrates a/an: - CORRECT ANSWER✔✔- in terrorem clause.
Before an attorney can draft a will: - CORRECT ANSWER✔✔- a conference must be held
between the attorney and the client.
A/An __________ clause lets the personal representative and probate court know how debts
and other charges to the estate are to be paid. - CORRECT ANSWER✔✔- apportionment
clause
The example, "I give the sum of $1,000 to Daily Harvest Food Basket of Denver, Colorado"
is a/an: - CORRECT ANSWER✔✔- demonstrative bequest.
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