BLAW 422 Midterm Questions and Answers Graded A+
Who do you have to get jurisdiction over?
The distributees
Who needs to sign waivers and consents?
The distributees
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Order of distributees
1. Spouse and children, and issue of predeceased children
- Drop a brick til...
BLAW 422 Midterm Questions and
Answers Graded A+
Who do you have to get jurisdiction over? - answer The distributees
Who needs to sign waivers and consents? - answer The distributees
Order of distributees - answer 1. Spouse and children, and issue of predeceased
children
- Drop a brick till you hit a head
2. Parents
3. Brothers and sisters and issue of predeceased brothers and sisters
4. Grandparents, aunts, uncles, and issue of predeceased aunts and uncles down to
first cousins
5. First cousins once removed
- Last resort
When do the distributees inherit? - answer If there is no will
Do adopted children or step children get love on the test? - answer Adopted
Three Arm Baby Rule - answer If the step-parent adopts the child, the step child can
inherit from the adopted parent AND both bio parents
Testator/testatrix - answer Person that draws the will
- Theyre dead
Executor of the will - answer Makes sure the debts and creditors are paid off for the
deceased person
Codicil - answer An addition or supplement that explains, modifies, or revokes a will
or part of one.
(T/F) If a codicil adversely affects you, you can object to it even if you are not a
distributee - answer TRUE
(T/F) Morgan draws a will and names peter as the executor. Two years later Morgan
draws a codicil and removes peter as the executor and names Stephen. Peter can
object to the codicil - answer TRUE
- Peter lost commission so it affects him
, EPTL 5-3.1 Exempt Property - answer These estate assets pass to the surviving
spouse or if not spouse children under 21 regardless what the will states and if there is
no will
- $25000 - Cash
- $25000 - Car
- $20000 - Furniture/clothing/electrical equipment
- $20000
- $2500 - Small things (things you'd put in a drawer)
Creditors CAN NOT touch these assets
I draw a will leaving it to cookie. I'm married. The car is worth 25,000. Who gets the car?
- answer Spouse; Creditors can't come after it
I die and leave my car to cookie. The car is worth $35,000. Can the wife still get the
car? - answer YES. They hand the cash overage to the estate.
I give you a life estate and say you get to live in my house during my life. I give cookie
the house and Stephanie the life estate. Who pays the mortgage? - answer Cookie
because he owns the house
Can a life tenant sell the property? - answer Yes
If I own the property and theres a life tenancy of someone living in the house, can I sell
the house? - answer Yes
Who pays taxes on the house the person with the life estate or the life tenant? - answer
The life tenant; If you live there you pay the taxes
Morgan leaves Stephanie the house. Robert has the right to live in the house the rest of
his life as long as he is married to my daughter Can the life tenant be defeated? -
answer YES
- If he divorces his daughter then it is defeated
You are able to sell a life estate BUT what is the major problem with that? - answer
The life estate ends when the seller of it dies
Settlor - answer Person who creates a trust
Living Trust - answer
During his life, Morgan sets up the Morgan living trust. He transfers into his trust during
his lifetime, $5 million. What does the trust read.. - answer Morgan gets to live off the
income for life and upon his death it goes to the certain individuals
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