When a Testator Provides for a Bequest of His Gold

question 46

Multiple Choice

When a testator provides for a bequest of his gold watch to his nephew, but the gold watch is not owned by the testator at the time of death: __________.

• A) the nephew is entitled to an equivalent amount of cash.
• B) the executor must purchase a similar gold watch for the nephew if funds are available.
• C) the bequest to the nephew fails by ademption.
• D) all legacies in the estate abate to provide funds to purchase a gold watch for the nephew.

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Definitions:

Interval Estimation

A range of values, calculated from sample data, that is likely to contain the value of an unknown population parameter.

Test Statistic

A value, derived from sample data, used in hypothesis testing to determine whether to reject the null hypothesis.

Sample Standard Deviation

A measure of the variability or dispersion of a sample data set, quantifying the extent to which the numbers vary from the sample mean.

Confidence Interval Estimate

A range of values, derived from sample data, that is likely to contain the value of an unknown population parameter, with a specified level of confidence.