LLB220 Final: Succession Act Relevant Sections

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scarlettoad922

29 Jun 2018

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Succession Act

*Superannuation cannot be disposed of by will*

Section 4 – What property may be disposed of by will?

(1) A person may dispose by will of property to which the person is entitled at

the time of the person’s death.

(2) Subsection (1) applies whether or not the entitlement existed at the date of the

making of the will.

(3) A person may dispose by will of property to which the person’s personal

representative becomes entitled, in the capacity of personal representative, after the

person’s death.

(4) Subsection (3) applies whether or not the entitlement existed at the time of the

person’s death.

(5) A person may not dispose by will of property of which the person is trustee at the

time of the person’s death.

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Related Questions

______ 1. If a person dies without a valid will or fails to dispose of certain items of property in a will, the person is said to have died _____.

______ 2. A(n) ______ is a document that verifies the wishes of the testator to restrict the use of extraordinary procedures and equipment to prolong life.

______ 3. Many states provide that _____ children are entitled to receive the amount they would have received through intestate succession.

______ 4. A gift of personal property is called a(n) _____.

A. Self-Proving Will B. Probate C. Pretermitted D. âLast Wishesâ Statement E. Intestate

F. Devise G. Living Will H. Bequest I. Intestate Succession

TRUE/FALSE:

T F 5. All states require that a valid will be signed by the testator.

T F 6. Will Contests are held annual on a state wide and regional basics to see which lawyers write or âdraw upâ the best will.

T F 7. Probate includes the collection of the decedentâs assets and the payment of debts.

T F 8. A legacy bequest in a will is where money from the estate is given to a nonprofit to do charitable work with it.

1. The failure of an individual to have a will canresult in which of the following?

I. Favorite relatives may be disinherited

II. Testamentary gifts to charity cannot be made.

a) I only

b) II only

c) Both I and II

d) Neither I nor II

2. Which of the following statements concerning a validwritten will is (are) correct?

I. A testatorâs signature must be notarized when the will isexecuted

II. A testator must have testamentary capacity at the time ofdeath

a) I only

b) II only

c) Both I and II

d) Neither I nor II

3. Which of the following statements concerning theinstallment sale of property is (are) correct?

I. The interest rate agreed to by the parties to the sale isconclusive for tax purposes.

II. The gain on the sale is recognized by the seller ratably asthe installment payments are received.

a) I only

b) II only

c) Both I and II

d) Neither I nor II

4. An executor may value assets as of the date of deathor the alternate valuation date 6 months after death. Assuming theexecutor elects the alternate valuation date, which of thefollowing statements is (are) correct?

I. Property sold by the executor before the alternate valuationdate is valued at its armâs-length sale price.

II. Property that has increased in value since the date of deathis valued at the alternate valuation date.

a) I only

b) II only

c) Both I and II

d) Neither I nor II

limeserval287

1. Income earned but unpaid at the time of a decedentâsdeath is deemed to be income in respect of a decedent (IRD). Whichof the following statements concerning IRD is correct?

a) The income must be reported on the decedentâs final federalincome tax return.

b) The income is taxable to the person or entity receivingit.

c) IRD includes income earned by the executor on estateassets.

d) The character of the income as taxable or nontaxable ischanged when passed to the recipient.

2. The federal estate tax is

a) A tax on the right of a decedent to transfer property

b) A tax on the right of a beneficiary to inherit property

c) A tax levied only on a decedentâs probate property

d) An excise tax levied on the privilege of accumulatingwealth.

3. The owner of a successful business wishes to retireand sell the business to her daughter. The business is worthsubstantially more than the ownerâs basis. The owner and herdaughter have agreed to an installment sale. Which of the followingstatements concerning this sale iscorrect?

a) The sale price should be lower than the fair market value ofthe business to avoid estate or gift tax complications.

b) The installment period must be limited to 10 years or less toavoid adverse estate tax consequences.

c) The principal payments payable after the sellerâs death avoidestate inclusion.

d) The interest rate specified should be reasonable to avoidadverse gift or income tax consequences.

4. Which of the following statements concerningguardians is correct?

a) A guardian for personal care is called a guardian adlitem

b) A special guardian can be appointed by the court to protect aminorâs rights in a legal proceeding.

c) A guardian named in a deceased parentâs will is binding onthe court.

d) A guardian receives the legal authority to act from thedeceased parentâs will.

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LLB220 Final: Succession Act Relevant Sections

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