Explain the concept of self-dealing
What will be an ideal response?
A fiduciary is precluded from making a profit that should go to the other person.
You might also like to view...
T or F Rule 34 of the Federal Rules of Civil Procedure prohibits serving a formal request for document production before the parties have conferred asrequired under Rule 26.
Answer the following statement true (T) or false (F)
Models of real evidence must be accurate in terms of
a. scale b. condition. c. color d. all of the above.
Fred and Wilma purchased a six acre parcel of land in order to build a restaurant. An error in the property description omitted a strip of land needed to access a public highway. This is discovered after the closing. Explain the immediate consequence to Fred and Wilma
What will be an ideal response?
Answer the following statement(s) true (T) or false (F)
1. Individual’s lifetime as well as disposition upon death. 2. A will that has been amended is known as a holographic will. 3. Estate assets escheat to the state if the decedent has no surviving spouse or children. 4. A person must have testamentary capacity at the time a will is submitted to probate. 5. Most state statutes provide for surviving adult children to elect a share of the estate set out by law, often equal to a life share in one third of the estate.