Jim Created a Valid Will in 2003

question 59

Multiple Choice

Jim created a valid will in 2003.Three years later,he wanted to make some minor changes to the will.Jim wants to modify the provisions of his will without making an entirely new will.He can amend his will by executing a(n) ________.

• A)bequest
• B)residuary
• C)advance directive
• D)codicil

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Definitions:

Cash Flow Estimating

The process of projecting the future cash inflows and outflows of a project or company to determine its financial health.

Capital Budgeting

The process businesses use to evaluate potential major projects or investments.

Positive/Negative Analysis

An evaluative process that assesses the positive and negative outcomes or impacts of a decision or situation.

Risk Analysis

The process of identifying, assessing, and prioritizing risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events.