Exam 52: Wills Trusts and Estates

The state of having died without leaving a will is known as ________.

Which of the following statements is true of a testator's signature on a will?

Mr.Rolleck writes a will placing his estate in a trust upon his death.He names a local bank as trustee to administer the trust and invest its assets.The trust provides that when his grandson reaches the age of 23, the trust will terminate and he will be given legal title to the assets.Mr.Rolleck dies when the grandson is 12 years old.At the age of 23, the grandson inherits the title to the assets.What kind of trust did Mr.Rolleck create in this scenario?

Which of the following is a similarity between a living trust and an inter vivos trust?

Nuncupative wills are legal oral wills that are made at a testator's deathbed in the absence of witnesses.

The ________ doctrine says that if the property a testator leaves is insufficient to satisfy all the beneficiaries named in a will and there are both general and residuary bequests, the residuary bequest is paid last.

A testamentary trust comes into existence while the settlor is still alive.

A mutual will cannot be unilaterally revoked after one of the parties has died.

Helga wants to buy a painting that is to be sold at an auction next week, but she has an unforeseen engagement which requires her to go out of town on the day of the auction.She asks her sister Karina to attend the auction and bid for the painting.If the sale is successful, Karina is to claim legal title to the painting till Helga returns.What kind of a trust is created between Helga and Karina?

The receiver of property under intestacy statutes is known as a(n)________.

An equitable trust that is implied by law to avoid fraud, unjust enrichment, and injustice is defined as a ________.

The process of a deceased's property being collected, debts and taxes being paid, and the remainder of the estate being distributed is known as a(n)________.

The primary purpose of using a living trust is to avoid probate associated with using a will.

In a trust arrangement, the trustee has legal title to the trust corpus, and the beneficiary has equitable title.

A(n)________ is a legal arrangement established when one person transfers title to property to another person to be held and used for the benefit of a third person.

A probate can only be conducted by a lineal descendant of the testator.

A will is a testamentary deposition of property.

Relatives who receive property under intestacy statutes are called beneficiaries.

Which of the following wills is an exception to the writing rule of the Statute of Wills?

Which of the following statements is true of reciprocal wills?