Exam 50: Trusts and Decedents Estates

The characteristics of a totten trust include that:

Extinction of a gift by a testator's failure to change his will after changed circumstances have made the performance of a provision in the will impossible is termed:

In most states,children under the age of 18 cannot make valid wills.

A totten trust involves a bank account opened by the settlor of the trust.

Of the following elements,which one is NOT required to create an enforceable trust?

A precatory expression:

A totten trust may also be referred to as a savings account trust.

Which of the following is true about a constructive trust?

Taxes are imposed at death by the federal government in the form of an inheritance tax and by the state government in the form of an estate tax.

A court of equity may impose a trust upon property when the acts of the parties appear to warrant such a a construction.

A second will automatically revokes an earlier will if it is wholly inconsistent.

In order to be valid,a will must generally include all but which one of the following?

Clarence is the trustee of a trust.With $75,000 of his own money,Clarence purchases a parcel of real estate.Two months later,he sells the parcel to the trust for $150,000 and pockets the profit.Discuss the situation in terms of the duties and powers of the trustee.

In most states,a trustee's investment decisions are usually governed by:

Which of the following does not terminate a trust?

An amendment to a will is called a(n):

An express trust may be found if the intent of the grantor to create a trust is unmistakable.

A spouse of a beneficiary and the named executor of a will are considered qualified witnesses by all courts.

Which of the following conduct would be likely to invalidate a will?

A will entirely in the handwriting of the testator is called a ____ will.