How Can a Will Be Amended

question 16

Multiple Choice

How can a will be amended?

• A) It cannot be amended after it is signed.
• B) It must be completely replaced if a change is requested.
• C) By executing a codicil.
• D) By the executor during the reading of the will.

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Definitions:

Subsidiary Loss

Financial losses incurred by a subsidiary, which may impact the financial position and results of the parent company.

Deferred Tax Liability

A tax obligation due in the future for income that has been recognized in the financial statements before it is taxable.

Inventory

The raw materials, work-in-process products, and finished goods that are considered to be the portion of a business's assets that are ready or will be ready for sale.

Accounts Payable

Liabilities of a business representing amounts owed to creditors for goods and services received but not yet paid for.