general business data bank

Question # 00003601 Posted By: vikas Updated on: 11/16/2013 09:53 AM Due on: 11/30/2013
Subject Business Topic General Business Tutorials:
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1. An executor is a personal representative named in a will.

2. An administrator is a personal representative appointed by a court for a decedent who dies without a will.

3. One who dies with a valid will has died intestate.

4. If no heirs or kin can be found, title to the property of a deceased individual is transferred to charitable organizations.

5. A legatee is a person who receives a gift of real property under a will.

6. A gift of real estate by will is a bequest.

7. A lapsed legacy will occur if the testator predeceases the legatee.

8. A will is probated to establish its validity and to carry out the administration of the estate.

9. To be effective, a will must follow certain requirements exactly.

10. Testamentary capacity requires a testator to be of legal age at the time a will is made.

11. In most states, a person must be twenty-one years of age to execute a valid will.

12. The uniform law covering wills is called the Uniform Testamentary Code.

13. A will may be declared invalid because of undue influence.

14. Generally, a will must be in writing.

15. A will that is completely in the handwriting of the testator is a nuncupative will.

16. Many states do not permit nuncupative wills.

17. A formal will may be implied by conduct.

18. A will is required to be in writing only if real property is being transferred.

19. A nuncupative will is an oral will.

20. An "X" or other mark cannot qualify as a signature on a will.

21. Once executed, a will cannot be revoked.

22. A testator's intentionally destroying a will revokes it.

23. To "publish" a will means to record it in the appropriate county office.

24. A testator may revoke a will by tearing it.

25. A will can be amended.

26. A codicil is a clause in a will affirming the testator's testamentary capacity.

27. Divorce does not necessarily revoke the entire will of a spouse who executed the will prior to the divorce.

28. A child born after a will has been executed may still inherit a portion of his or her parent's estate.

29. Many states allow for the distribution of assets without probate proceedings.

30. Under intestacy laws, only when no children or grandchildren survive the decedent will a surviving spouse succeed to the entire estate.

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Tutorials for this Question
  1. Tutorial # 00003409 Posted By: vikas Posted on: 11/16/2013 11:41 AM
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