Which of the Following Is Not a Correct Statement Concerning

question 1

Multiple Choice

Which of the following is not a correct statement concerning wills?

• A) Attestation is the act of witnessing the execution of a will.
• B) Most states require two (2)witnesses to the execution of the will.
• C) A will must be dated.
• D) Self-proved wills are wills that carry a presumption that they are valid if executed according to the requirements set forth by statute.

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Definitions:

Gain

An increase in the value of an investment or asset.

Donor's Adjusted Basis

The value used for tax purposes to determine the gain or loss when property is given as a gift, generally the cost basis of the donor at the time of the gift.

Fair Market Value

The price that property would sell for on the open market, between a willing buyer and a willing seller each having reasonable knowledge of all pertinent facts.

Gift

A transfer of property or assets from one individual to another without the expectation of payment or anything in return.