In Most States, There Is No Lower Age Limit for Testators

question 70

True/False

In most states, there is no lower age limit for testators as long as they understand the extent of their property.

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Definitions:

Units-Of-Output Method

A depreciation method where the expense is calculated based on the units produced by the asset.

Depreciation Expense

This is the allocation of the cost of a tangible asset over its useful life.

Revenue

Income generated from normal business operations, usually from the sale of goods and services to customers.

Lessor

An entity or individual that leases or rents out an asset to another party, known as the lessee.