Estate Planning Flashcards

A will written entirely in the testator's own handwriting and signed by the testator, often without witnesses, is known as what?

Answer: Holographic will

A holographic will is handwritten and signed by the testator and is recognized in roughly half of U.S. states.

A testator wants to make a small change to an existing valid will without rewriting the whole document. Which instrument is used?

Answer: Codicil

A codicil is a formally executed amendment that modifies, adds to, or revokes parts of an existing will.

When a person dies without a valid will, how are their probate assets distributed?

Answer: According to the state's intestate succession statute

Intestacy laws set a statutory order of heirs, and escheat to the state happens only when no qualifying heirs exist.

Which of the following is NOT normally a duty of an executor (personal representative)?

Answer: Changing the beneficiary on the decedent's life insurance policy

Beneficiary designations are fixed at death and pass outside probate, so the executor has no authority to change them.

What is the main benefit of attaching a self-proving affidavit to a will?

Answer: It allows the will to be admitted to probate without live witness testimony

A notarized self-proving affidavit lets the court accept the will without locating the attesting witnesses.

A will that directs any assets not already titled in a living trust to be transferred into that trust at death is called a:

Answer: Pour-over will

A pour-over will catches assets left outside the trust and 'pours' them into it, though those assets still pass through probate.

A will provision stating that a beneficiary who challenges the will forfeits their inheritance is known as a(n):

Answer: In terrorem (no-contest) clause

An in terrorem clause discourages will contests by disinheriting a beneficiary who brings one, though some states limit its enforcement.