Deck 5: 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

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

Answer 2

True

Question 3

MATCHING:
a.spendthrift
b.life estate
c.disinheritance
d.dividend
e.fair market value
f.homestead
g.receivables
h.life insurance
i.contract for deed
j.primary beneficiary
An interest in real property

Answer 3

B

Question 4

MATCHING:
a.spendthrift
b.life estate
c.disinheritance
d.dividend
e.fair market value
f.homestead
g.receivables
h.life insurance
i.contract for deed
j.primary beneficiary
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 5

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

Question 6

MATCHING:
a.spendthrift
b.life estate
c.disinheritance
d.dividend
e.fair market value
f.homestead
g.receivables
h.life insurance
i.contract for deed
j.primary beneficiary
An agreement to sell real property on an installment basis

Question 7

The client should receive a rough draft of the will.

Question 8

MATCHING:
a.spendthrift
b.life estate
c.disinheritance
d.dividend
e.fair market value
f.homestead
g.receivables
h.life insurance
i.contract for deed
j.primary beneficiary
The monetary amount an item would bring if it were sold on the open market

Question 9

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

Question 10

MATCHING:
a.spendthrift
b.life estate
c.disinheritance
d.dividend
e.fair market value
f.homestead
g.receivables
h.life insurance
i.contract for deed
j.primary beneficiary
The family home and adjoining land

Question 11

MATCHING:
a.spendthrift
b.life estate
c.disinheritance
d.dividend
e.fair market value
f.homestead
g.receivables
h.life insurance
i.contract for deed
j.primary beneficiary
A testator's act of specifically depriving someone who would otherwise be that testator's legal beneficiary

Question 12

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

Question 13

MATCHING:
a.spendthrift
b.life estate
c.disinheritance
d.dividend
e.fair market value
f.homestead
g.receivables
h.life insurance
i.contract for deed
j.primary beneficiary
Debts established in the course of business that are currently due from others

Question 14

MATCHING:
a.spendthrift
b.life estate
c.disinheritance
d.dividend
e.fair market value
f.homestead
g.receivables
h.life insurance
i.contract for deed
j.primary beneficiary
The share of profits or property to which the owners of a business are entitled

Question 15

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

Question 16

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

Question 17

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 18

MATCHING:
a.spendthrift
b.life estate
c.disinheritance
d.dividend
e.fair market value
f.homestead
g.receivables
h.life insurance
i.contract for deed
j.primary beneficiary
One who wastes money or spends it unwisely

Question 19

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

Question 20

MATCHING:
a.spendthrift
b.life estate
c.disinheritance
d.dividend
e.fair market value
f.homestead
g.receivables
h.life insurance
i.contract for deed
j.primary beneficiary
The person who has a superior claim over all others to the benefits of a life insurance contract

Question 21

When drafting a will, the paralegal should:

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

Question 22

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 23

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

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

Question 24

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 25

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

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

Question 26

Which is an example of a liability?

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

Question 27

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

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

Question 28

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 29

Which is tangible personal property?

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

Question 30

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

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