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Question 1
Ella made the following bequests in her will: "I hereby give $11,000 out of my bank account at Wachovia to my sister, Catherine"; "I hereby give $2,000 to my nephew, Ryan"; "I hereby give my Mikimoto pearls to my daughter, Elyse" and "I hereby give my Picasso painting to my brother, Shawn." Which item is a specific bequest?
Correct A specific bequest or devise is a gift of a specific item of property that can be easily identified and distinguished from all other property in the testator's estate. Clearly, the Picasso painting is sufficiently unique that it can be readily distinguishable from the other property in Ella's estate.
Incorrect! A specific bequest or devise is a gift of a specific item of property that can be easily identified and distinguished from all other property in the testator's estate. Clearly, the Picasso painting is sufficiently unique that it can be readily distinguishable from the other property in Ella's estate.
Correct
Incorrect!
Correct
Incorrect!
Question 2
Ella made the following bequests in her will: "I hereby give $11,000 out of my bank account at Wachovia to my sister, Catherine"; "I hereby give $2,000 to my nephew, Ryan"; "I hereby give my Mikimoto pearls to my daughter, Elyse" and "I hereby give my Picasso painting to my brother, Shawn." Which item is a demonstrative bequest?
Correct
Incorrect!
Correct A demonstrative bequest is a gift of a certain amount of property from a specific source or a particular fund. Here, the $11,000 is a certain amount and it is to come from a specific location'Wachovia Bank.
Incorrect! A demonstrative bequest is a gift of a certain amount of property from a specific source or a particular fund. Here, the $11,000 is a certain amount and it is to come from a specific location'Wachovia Bank.
Correct
Incorrect!
Correct
Incorrect!
Question 3
Ella made the following bequests in her will: "I hereby give $11,000 out of my bank account at Wachovia to my sister, Catherine"; "I hereby give $2,000 to my nephew, Ryan"; "I hereby give my Mikimoto pearls to my daughter, Elyse" and "I hereby give my Picasso painting to my brother, Shawn." Which item is a general bequest?
Correct
Incorrect!
Correct
Incorrect!
Correct
Incorrect!
Correct A general bequest is a gift of property payable from the general assets of the testator's estate. Here, there is no restriction that the $2,000 is to come from a particular place. Rather, it can be any $2,000 in Ella's estate.
Incorrect! A general bequest is a gift of property payable from the general assets of the testator's estate. Here, there is no restriction that the $2,000 is to come from a particular place. Rather, it can be any $2,000 in Ella's estate.
Question 4
Ella made the following bequests in her will: "I hereby give $21,000 out of my bank account at Wachovia to my sister, Catherine"; "I hereby give $2,000 to my nephew, Ryan"; "I hereby give my Mikimoto pearls to my daughter, Elyse" and "I hereby give my Picasso painting to my brother, Shawn." In addition, Ella owned a residence in South Carolina (value $95,000). The expenses of the estate were higher than expected. As such, Ryan never received his $2,000. Which item is part of the residuary?
Correct
Incorrect!
Correct
Incorrect!
Correct
Incorrect!
Correct A residuary gift is a gift of the remaining portion of the estate after the satisfaction of other dispositions, such as administration expenses, taxes and creditors' claims, and all specific, demonstrative and general bequests. Here, since the other dispositions were so high that Ryan never received his gift, there would be no residuary left. Undoubtedly, the residence in South Carolina had to be sold to pay the other expenses.
Incorrect! A residuary gift is a gift of the remaining portion of the estate after the satisfaction of other dispositions, such as administration expenses, taxes and creditors' claims, and all specific, demonstrative and general bequests. Here, since the other dispositions were so high that Ryan never received his gift, there would be no residuary left. Undoubtedly, the residence in South Carolina had to be sold to pay the other expenses.