Jacob's Will Stated That $100,000 Each Would Be Given to His

question 30

Multiple Choice

Jacob's will stated that $100,000 each would be given to his wife, Melisa, and two children, Tim and Ben. But upon his death, it was found that his estate was worth only $240,750. Hence, the bequests to his wife and two children are said to have _____, and each would only get $80,250.

• A) devised
• B) abated
• C) exempted
• D) converted
• E) executed

Recognize the Importance of estate planning documents.

Distinguish between formal, holographic, and ethical wills.

Identify the roles and qualifications for executors of wills.

Acknowledge the federal and state taxation on inheritances, estates, and gifts.

---

Definitions:

Drug-Free Workplace Act

A U.S. federal law that requires some employers to maintain a work environment free from the illegal use of drugs.

Fair Labor Standards Act

U.S. legislation that establishes minimum wage, overtime pay, recordkeeping, and child labor standards.

Vocational Rehabilitation Act

Federal legislation aimed at assisting individuals with disabilities in preparing for and engaging in gainful employment.

Equal Employment Opportunity Commission

The U.S. federal agency responsible for enforcing laws against workplace discrimination and advocating for equal opportunity employment.