Deck 6: Preparation to Draft a Will Checklists and the Conference With the Client

Question 1

When drafting a will,simple language should be used.

Answer 1

True

Question 2

MATCHING

Checklists should be used to collect information during the initial interview.

Answer 2

True

Question 3

MATCHING

The family home and adjoining land

Answer 3

F

Question 4

MATCHING

The person who has a superior claim over all others to the benefits of a life insurance contract

Question 5

MATCHING

In order to efficiently assist the attorney,the paralegal needs to develop drafting and counseling skills.

Question 6

Recommending periodic reviews of the will whenever the client's marital status changes constitutes improper solicitation.

Question 7

MATCHING

An agreement to sell real property on an installment basis

Question 8

A spouse can be legally disinherited,but a child cannot.

Question 9

MATCHING

A testator's act of specifically depriving someone who would otherwise be that testator's legal beneficiary

Question 10

The paralegal should familiarize the client with the taxes imposed on a decedent's estate and give legal advice about how to minimize them.

Question 11

MATCHING

A legally binding agreement by which one party promises to pay another a certain sum of money if the policyholder dies or suffers a disability

Question 12

MATCHING

One who wastes money or spends it unwisely

Question 13

MATCHING

The monetary amount an item would bring if it were sold on the open market

Question 14

One of the paralegal's duties is to collect complete information about the client,his or her family,and the beneficiaries to be named in the will.

Question 15

The client should receive a rough draft of the will.

Question 16

For smaller estates,joint tenancy ownership can prevent additional administration expenses.

Question 17

MATCHING

Debts established in the course of business that are currently due from others

Question 18

MATCHING

The share of profits or property to which the owners of a business are entitled

Question 19

MATCHING

An interest in real property

Question 20

Witnesses must read and be informed of all contents of a will before signing.

Question 21

Which is tangible personal property?

A)Automobiles
B)Stocks and bonds
C)A vacation home
D)Cash

Question 22

Which is NOT a disadvantage of using a preprinted will form?

A)A preprinted will form is expensive to use.
B)A preprinted will form is easily forged.
C)A preprinted will form might not meet the special needs of the testator.
D)Words on preprinted forms are often crossed out or deleted by ink or type.

Question 23

Which type of checklist will include a "Patents" heading?

A)Assets and liabilities
B)Family advisers
C)Family data
D)Life insurance data

Question 24

Which is a government grant that gives an inventor an exclusive right to make,use,and sell an invention?

A)Patent
B)Copyright
C)Royalty
D)Receivable

Question 25

When drafting a will,the paralegal should:

A)Include a residuary clause
B)Use legal words and elaborate phrasing whenever possible
C)Make sure all copies of the will are signed
D)Erase as many mistakes as necessary,and make any corrections needed on the final will

Question 26

What is an annuity?

A)A fixed sum to be paid at regular intervals to an insurance policyholder for either a certain or indefinite period
B)The cash reserve that increases each year an insurance policy remains in force as a minimum savings feature
C)An annual sum that the insured pays to an insurance company as consideration for the insurance contract
D)An alternative that a party to an insurance contract agrees to follow to discharge the agreement

Question 27

A condition or specific event that must occur before an agreement or obligation becomes binding is:

A)A condition precedent
B)A condition subsequent
C)A defeasance
D)An advancement

Question 28

Which is an example of a liability?

A)Automobile loan
B)Individual retirement account IRA)
C)Partnership agreement
D)ATM card

Question 29

The checklist for family data should include all of the following EXCEPT:

A)Tangible personal property,including personal effects and clothing of considerable value
B)Age and marital status of the testator
C)Mental and physical health of the testator and spouse
D)Full names,addresses,and phone numbers of the participants

Question 30

An agreement or contract to sell real property on an installment basis is:

A)A contract for deed
B)A mortgage
C)An installment purchase
D)A promissory note