Exam 52: Wills Trusts and Estates

A gift of real estate by will is called a(n)________.

What is a holographic will?

A person who inherits property under a will or an intestacy statute takes the property subject to all the outstanding claims against it.

Who receives the trust res upon the termination of a trust?

Which of the following beneficiaries is considered a lineal descendant of the testator?

An oral will that is made before a witness during the testator's last illness is defined as a ________.

A ________ is a will in which two or more testators execute separate wills that leave their property to each other on the condition that the survivor leave the remaining property on his or her death as agreed by the testators.

If two or more testators execute the same instrument as their will, the document is called a reciprocal will.

The Statute of Wills permits all orally made wills to be legally binding.

A ________ is created when a person deposits money in a bank account in his or her own name and holds it as a trustee for the benefit of another person.

A living trust does not allow creditors to obtain a lien against the property in the trust.

According to the Uniform Simultaneous Death Act, the deceased's property goes to the government in case of simultaneous deaths.

What is a trust corpus?

What are the different elements a court considers to determine undue influence in making a will?

All trusts are deemed irrevocable on creation.

What is intestate succession?

A health care directive names an individual or individuals who can make health care decisions if the maker of the directive is unable to do so.

Trusts are used to transfer property that is to be held and managed for the benefit of another person or persons.

Nicknames or titles cannot be used as a testator's signature in a will.

If the deceased has no surviving relatives, then the deceased's property escheats to the state.