Question 1

A will is presumed to be irrevocable unless the power to revoke is expressly stated.

Accepted Answer

A) True 
 B)False

Question 2

In what situations do courts impose a constructive trust?

Accepted Answer

Constructive trusts are imposed by court

Question 3

Creditors of any trust beneficiary can attach the fund or the income to pay the beneficiary's individual debts.

Accepted Answer

A) True 
 B)False

Question 4

Nuncupative wills are generally enforceable.

Accepted Answer

A) True 
 B)False

Question 5

The holder of legal title to the property in a trust is the:

Accepted Answer

A)  grantor. 
B)  settlor. 
C)  beneficiary. 
D)  trustee. 
A)  grantor. 
B)  settlor. 
C)  beneficiary. 
D)  trustee.

Question 6

For a memorandum to be incorporated into a will,which of the following conditions must be met?

Accepted Answer

A)  It must be in writing. 
B)  It must be in existence when the will is executed. 
C)  It must be adequately described in the will. 
D)  All of these. 
A)  It must be in writing. 
B)  It must be in existence when the will is executed. 
C)  It must be adequately described in the will. 
D)  All of these.

Question 7

If Hana pays the purchase price for property and takes title in the name of Thalia,a constructive trust is formed with Thalia being treated as the trustee.

Accepted Answer

A) True 
 B)False

Question 8

Constructive trusts are generally found where the creator clearly intended a trust to be formed.

Accepted Answer

A) True 
 B)False

Question 9

Renunciation is a statutory right of a surviving spouse to give up her statutory share in the estate.

Accepted Answer

A) True 
 B)False

Question 10

A beneficiary ordinarily has no right to sell his interest in trust assets before he is entitled to receive the corpus.

Accepted Answer

A) True 
 B)False

Question 11

Upon the death of a beneficiary who held more than a life estate,his interest in the trust reverts to the trustee.

Accepted Answer

A) True 
 B)False

Question 12

A valid will must be witnessed.Which of the following statements about witnesses is correct?

Accepted Answer

A)  Most states require only one witness to a will. 
B)  The witnesses must see the testator write the will. 
C)  The witnesses must sign the will. 
D)  Under the Uniform Probate Code,witnesses lose any bequests to them in a will they witness. 
A)  Most states require only one witness to a will. 
B)  The witnesses must see the testator write the will. 
C)  The witnesses must sign the will. 
D)  Under the Uniform Probate Code,witnesses lose any bequests to them in a will they witness.

Question 13

A trust for the establishment and maintenance of a nonprofit museum would be a charitable trust.

Accepted Answer

A) True 
 B)False

Question 14

A trust created by will at the death of a testator is called a(n):

Accepted Answer

A)  charitable trust. 
B)  cy pres trust. 
C)  inter vivos trust. 
D)  testamentary trust. 
A)  charitable trust. 
B)  cy pres trust. 
C)  inter vivos trust. 
D)  testamentary trust.

Question 15

An express trust is:

Accepted Answer

A)  established by law through the courts when the parties' conduct seems to warrant the creation of a trust. 
B)  established by voluntary action. 
C)  always a written document. 
D)  always revocable. 
A)  established by law through the courts when the parties' conduct seems to warrant the creation of a trust. 
B)  established by voluntary action. 
C)  always a written document. 
D)  always revocable.

Question 16

Dan dies without a valid will in a state that uses the Uniform Probate Code.Which of the following is correct?

Accepted Answer

A)  If there are no children and no surviving parents,Dan's widow is entitled to the entire estate. 
B)  The surviving spouse is entitled to the entire estate regardless of other possible heirs. 
C)  If Dan has a parent surviving as well as a wife,then Dan's parent will get one-half of the estate remaining after payment of $50,000 to the wife. 
D)  If Dan is survived by his wife and two children from a previous marriage,his wife is entitled to the first $200,000 plus half of the remaining estate. 
A)  If there are no children and no surviving parents,Dan's widow is entitled to the entire estate. 
B)  The surviving spouse is entitled to the entire estate regardless of other possible heirs. 
C)  If Dan has a parent surviving as well as a wife,then Dan's parent will get one-half of the estate remaining after payment of $50,000 to the wife. 
D)  If Dan is survived by his wife and two children from a previous marriage,his wife is entitled to the first $200,000 plus half of the remaining estate.

Question 17

A trustee has a duty to make proper allocation of income items.Which of the following statements is true concerning this allocation?

Accepted Answer

A)  Ordinary income is allocated to the remainderman. 
B)  Ordinary expenses are chargeable to the income beneficiary. 
C)  Rents and royalties to the remainderman. 
D)  Extraordinary repairs to the income beneficiary. 
A)  Ordinary income is allocated to the remainderman. 
B)  Ordinary expenses are chargeable to the income beneficiary. 
C)  Rents and royalties to the remainderman. 
D)  Extraordinary repairs to the income beneficiary.

Question 18

If a person dies without a valid will and has no heirs or next of kin,her property goes to the state.

Accepted Answer

A) True 
 B)False

Question 19

If a person dies intestate,his property will be:

Accepted Answer

A)  distributed according to the clear intention of the decedent if ascertainable. 
B)  passed to his living children. 
C)  kept by the state. 
D)  Not necessarily any of these. 
A)  distributed according to the clear intention of the decedent if ascertainable. 
B)  passed to his living children. 
C)  kept by the state. 
D)  Not necessarily any of these.

Question 20

A completely handwritten will is valid only if witnessed.

Accepted Answer

A) True 
 B)False

Exam 50: Trusts and Decedents Estates

A will is presumed to be irrevocable unless the power to revoke is expressly stated.

In what situations do courts impose a constructive trust?

Creditors of any trust beneficiary can attach the fund or the income to pay the beneficiary's individual debts.

Nuncupative wills are generally enforceable.

The holder of legal title to the property in a trust is the:

For a memorandum to be incorporated into a will,which of the following conditions must be met?

If Hana pays the purchase price for property and takes title in the name of Thalia,a constructive trust is formed with Thalia being treated as the trustee.

Constructive trusts are generally found where the creator clearly intended a trust to be formed.

Renunciation is a statutory right of a surviving spouse to give up her statutory share in the estate.

A beneficiary ordinarily has no right to sell his interest in trust assets before he is entitled to receive the corpus.

Upon the death of a beneficiary who held more than a life estate,his interest in the trust reverts to the trustee.

A valid will must be witnessed.Which of the following statements about witnesses is correct?

A trust for the establishment and maintenance of a nonprofit museum would be a charitable trust.

A trust created by will at the death of a testator is called a(n):

An express trust is:

Dan dies without a valid will in a state that uses the Uniform Probate Code.Which of the following is correct?

A trustee has a duty to make proper allocation of income items.Which of the following statements is true concerning this allocation?

If a person dies without a valid will and has no heirs or next of kin,her property goes to the state.

If a person dies intestate,his property will be:

A completely handwritten will is valid only if witnessed.

Introduction to Law

Business Ethics and the Social Responsibility of Business

Civil Dispute Resolution

Constitutional Law

Administrative Law

A: Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance,breach,and Discharge

Contract Remedies

Relationship of Principal and Agent

Relationship With Third Parties

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Products Liability: Warranties and Strict Liability in Tort

Sales Remedies

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits,collections,and Funds Transfers

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature,formation,and Powers

Financial Structure

Management Structure

Fundamental Changes

Secured Transactions and Suretyship

Bankruptcy

Protection of Intellectual Property

Antitrust

Consumer Protection Double

Employment Law

Securities Regulation

Accountants Legal Liability

Environmental Law

International Business Law

Introduction to Property,property Insurance,bailments,and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

Legal Terminology: Understanding Criminal and Civil Law Systems

Contract Law Terminology

Exploring the Legal Concepts of Agency and Fiduciary Duty

Understanding Key Legal Concepts in Sales and Contracts

Understanding the Terminology of Banking and Finance: Key Concepts and Definitions

Exploring Legal Concepts and Processes in Business Partnerships

Understanding Corporate Law: A Guide to Ultra Vires Acts, Subscribers, Debt Securities, and More

Understanding Key Terms in Secured Transactions and Bankruptcy Law

Legal Topics and Terms