Purchase a course multi-pack for yourself or a friend and save up to 50%!
5-COURSE MULTI-PACK $180
10-COURSE MULTI-PACK $300
Accelerated 1-year bachelor's program
Question 1
Fanny died nine months ago. Her son, Sylvester, was appointed the executor under her will. After he had gathered all the assets and paid all the expenses, he received a decree of final distribution. As he prepares to distribute the remaining assets, pursuant to the will, a cousin, Reba, decides to challenge the will, claiming Fanny had promised to leave her $5,000. There was no such bequest in the will. Under what theory does Reba lose her challenge?
Correct
Incorrect!
Correct A person has standing to contest a will only if the person is an interested party. Most states further limit this category to the testator's intestate heirs under an earlier will whose gifts are reduced or eliminated by the subsequent will. Here, there is no evidence that Fanny had an earlier will that had left a bequest to Reba. In addition, she had no standing to contest the will because under the intestacy statutes, she would not be a beneficiary. As a cousin, she would be too far removed to qualify, especially since Fanny died leaving issue'Sylvester.
Incorrect! A person has standing to contest a will only if the person is an interested party. Most states further limit this category to the testator's intestate heirs under an earlier will whose gifts are reduced or eliminated by the subsequent will. Here, there is no evidence that Fanny had an earlier will that had left a bequest to Reba. In addition, she had no standing to contest the will because under the intestacy statutes, she would not be a beneficiary. As a cousin, she would be too far removed to qualify, especially since Fanny died leaving issue'Sylvester.
Correct
Incorrect!
Question 2
Halle died a month ago, leaving a husband, Tyler, and an adult child, Serena. Halle and Tyler lived in an apartment in Staten Island, NY for most of their marriage. The main assets they owned were joint checking and savings accounts (which passed to Tyler by right of survivorship), a 1995 Ford Taurus (in Halle's name), $22,000 stock portfolio (in Halle's name), $2,500 in U.S. Savings Bonds (in Halle's name), a life insurance policy that named Tyler and Serena as joint beneficiaries, household furnishings and personal affects. What type of administration is most appropriate for Halle's estate?
Correct
Incorrect!
Correct
Incorrect!
Correct
Incorrect!
Correct To qualify for informal administration, the estate's assets have to be less than the statutory maximum. In New York, the statutory maximum is $20,000. In this case, the assets in Halle's estate are more than $20,000'1995 Ford Taurus, stock portfolio, U.S. Savings Bonds, household furnishings and personal affects. As such, her estate is not eligible for informal administration and instead must go through the full, formal administration.
Incorrect! To qualify for informal administration, the estate's assets have to be less than the statutory maximum. In New York, the statutory maximum is $20,000. In this case, the assets in Halle's estate are more than $20,000'1995 Ford Taurus, stock portfolio, U.S. Savings Bonds, household furnishings and personal affects. As such, her estate is not eligible for informal administration and instead must go through the full, formal administration.