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[Will Formalities] Mark Decided He Wanted a Will

question 71

Multiple Choice

[Will Formalities] Mark decided he wanted a will. Mark contacted Anthony, a reputable attorney with an expertise in estate planning. In their initial meeting, Mark described the property he owned and how he wished it to be distributed upon his death. Mark also specified his funeral arrangements. Anthony drew up the will and provided Mark with a draft. Mark made some minor revisions, which Anthony incorporated. Mark and Anthony went over the will one last time, in the presence of Anthony's administrative assistants, Stacy and Jason. Mark was satisfied with the will and signed it. Two years later, Mark wanted to revise his will to add his new wife, Karen. The document named Karen as the primary beneficiary instead of Mark's brother, John. Mark handwrote these provisions on a thin cutting board and labeled it "codicil," signed it, and attached it to his will. Mark unexpectedly dies and Karen and John dispute who should receive the majority of Mark's assets.
-Which of the following statements is true regarding the will Anthony drafted?

Definitions:

Bank Account

A financial account maintained by a bank for a customer, allowing for the deposit and withdrawal of funds and earning of interest.

Annual Withdrawals

The amount of money taken from an account or investment over the course of a year.

Interest

The expense associated with taking out a loan, usually represented as a yearly percent of the total loan value.

Years

A measurement of time equal to 365 days (or 366 days in a leap year), used to denote the duration or age of something.