Paralegal Quiz – Estate Planning and Probate

Paralegal Quiz – Estate Planning and Probate

Paralegal Quiz – Estate Planning and Probate

1. The rule against perpetuities

a. ensures that a person can control his or her property after death

b. prevents a person from controlling his or her property after death

c. prevents a person from controlling is or her property for too long after death

d. ensure that a person can control his or property forever

 

2. A living will

a. is another term for a Last Will and Testament

b. describes what life saving measures a person does or does not wish to receive

c. allows a person to manage his or her assets after death

d. all of the above

 

3. When a person dies without a Will

a. all of their assets go to their spouse

b. all of their assets go to their children

c. all of their assets go to the state

d. none of the above

 

4. An irrevocable trust

a. can be revoked during the Settlors lifetime

b. cannot be revoked during the Settlors lifetime

c. can protect assets from creditors

d. both b and c

 

5. When a person dies with a Will his or her family

a. cannot avoid probate

b. will have to go to Court

c. must allow everyone in the family to read the Will

d. none of the above

 

True or False?

6. In most states, divorce invalidates all items in a Will which leave assets to the former spouse and/or appoints him/her as executor.

7. A beneficiary may not act as an executor of a Will or administrator of an estate.

8. If a person dies intestate, they have a Will.

9. An executor or administrator is responsible for filing the decedent’s income taxes for the year in which they died.

10. Everyone who dies owes federal estate taxes.

 

Answers

1. c – See Rule against Perpetuities

2. b – See What is a Living Will?

3. d – See Intestate Succession

4. d – See Irrevocable Trust

5. d – Probate and court involvement in asset transfers after death can be avoided by jointly titling assets and naming beneficiaries so that assets are all distributed outside of the estate. There is no legal requirement that anyone besides those named in a Will be allowed to read it.

6. True

7. False

8. False – See Intestate

9. True

10. False – See Estate Taxes

About Shelley Riseden

Shelley M. Riseden is a freelance paralegal providing research, document preparation, and writing services to both attorneys and non-attorneys. She is an expert at conducting legal research and has a natural ability to grasp complex legal issues.Phone: 765.667.5139, E-mail: smriseden@earthlink.net or shelley@virtuallylegal.net, Skype: shelley.riseden, Yahoo: Virtually_Legal

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