CLA/CP Exam CLA/CP Estate Planning and Probate Questions and Answers 2

Question 1

Which type of trust becomes irrevocable upon the death of the grantor?

Accepted Answer

Revocable living trust

Answer

A revocable living trust automatically becomes irrevocable when the grantor dies, as the person with the power to revoke it no longer exists.

Question 2

What is the primary purpose of a no-contest clause in a will?

Accepted Answer

To discourage beneficiaries from challenging the will

Answer

A no-contest clause, also called an in terrorem clause, discourages will contests by providing that a beneficiary who challenges the will forfeits their inheritance.

Question 3

Under the Uniform Probate Code, what is the surviving spouse's elective share percentage of the augmented estate after 15 or more years of marriage?

Accepted Answer

50 percent

Answer

Under the UPC's sliding scale for elective share, a surviving spouse married 15 or more years is entitled to 50 percent of the augmented estate.

Question 4

Which document allows a person to designate someone to make healthcare decisions on their behalf if they become incapacitated?

Accepted Answer

Healthcare power of attorney

Answer

A healthcare power of attorney specifically authorizes an agent to make medical decisions for the principal when the principal cannot do so.

Question 5

What is the legal term for a gift of real property made through a will?

Accepted Answer

Devise

Answer

A devise is the legal term for a testamentary gift of real property, while bequest and legacy refer to gifts of personal property.

CLA/CP Exam Practice Test

CLA/CP Exam Practice Test

CLA/CP Exam CLA/CP Estate Planning and Probate Questions and Answers 2