Question 1

One reason for having a living trust is to avoid probate.

Accepted Answer

A) True 
 B)False

Question 2

Frank is Mary's uncle.Frank sets up a trust for Mary by depositing $20,000 in the trust department at Last National Bank.In this situation:

Accepted Answer

A)  Frank is the settlor,Mary is the beneficiary,and Last National is the trustee 
B)  Frank is the trustee,Mary is the beneficiary,and Last National is the settlor 
C)  Frank is the settlor,Mary is the legatee,and Last National is the trustee 
D)  Frank is the administrator,Mary is the trust corpus,and Last National is the executor 
E)  Frank is the settlor,Mary is the heir,and Last National is the administrator 
A)  Frank is the settlor,Mary is the beneficiary,and Last National is the trustee 
B)  Frank is the trustee,Mary is the beneficiary,and Last National is the settlor 
C)  Frank is the settlor,Mary is the legatee,and Last National is the trustee 
D)  Frank is the administrator,Mary is the trust corpus,and Last National is the executor 
E)  Frank is the settlor,Mary is the heir,and Last National is the administrator

Question 3

Probate is the administration and settlement of an individual's estate.

Accepted Answer

A) True 
 B)False

Question 4

Testators are being allowed to videotape their wills to accompany their handwritten wills.

Accepted Answer

A) True 
 B)False

Question 5

An attestation clause refers to the court's approval of will into probate.

Accepted Answer

A) True 
 B)False

Question 6

In most states more than one witness is required,and the witnesses are required to witness each other's signatures.

Accepted Answer

A) True 
 B)False

Question 7

People who do not want their lives prolonged indefinitely by artificially means should sign a living will.

Accepted Answer

A) True 
 B)False

Question 8

Barb and Marv are an elderly husband and wife with three grown children,each of whom has children.Eight years ago Barb and Marv went to their lawyer and executed wills,with each executing a separate will.The oldest son recently spent a week at his parents house with Barb while Marv was on a fishing trip.The oldest son returned to his home after Marv returned from the trip.The next week,his parents were driving late at night on a rural road and ran into a tree.When the car was found several hours later,they were both dead.Marv's will left everything to Barb,and Barb's will,executed the prior week,left all to her oldest son.Discuss this situation.

Accepted Answer

Under the simultaneous death s

Question 9

A general gift is one that is a specifically identified piece of property.

Accepted Answer

A) True 
 B)False

Question 10

What is required to make a will under a statute of wills?

Accepted Answer

A)  intent,property to will,and at least one witness 
B)  signature of testator,testamentary capacity,and intent 
C)  signature of testator,intent,and signature of two witnesses 
D)  signature of testator,testamentary capacity,a writing,and,in most states,two or three attesting witnesses 
E)  signature of testator,testamentary capacity,and either a writing or three witnesses for nonwritten wills 
A)  intent,property to will,and at least one witness 
B)  signature of testator,testamentary capacity,and intent 
C)  signature of testator,intent,and signature of two witnesses 
D)  signature of testator,testamentary capacity,a writing,and,in most states,two or three attesting witnesses 
E)  signature of testator,testamentary capacity,and either a writing or three witnesses for nonwritten wills

Question 11

Which of the following is not one of the factors that courts will commonly look at in determining whether a will was executed under undue influence?

Accepted Answer

A)  There was an opportunity to exert undue influence. 
B)  The testator had a large number of living relatives. 
C)  The will contains an unnatural disposition of the testator's property. 
D)  The bequests constitute a change from an earlier will. 
E)  The testator was highly susceptible to undue influence. 
A)  There was an opportunity to exert undue influence. 
B)  The testator had a large number of living relatives. 
C)  The will contains an unnatural disposition of the testator's property. 
D)  The bequests constitute a change from an earlier will. 
E)  The testator was highly susceptible to undue influence.

Question 12

Which of the following is not generally needed in a will?

Accepted Answer

A)  a writing 
B)  signature of the testator 
C)  naming of the executor 
D)  signature of the witnesses 
A)  a writing 
B)  signature of the testator 
C)  naming of the executor 
D)  signature of the witnesses

Question 13

Mary is the beneficiary of a spendthrift trust that her grandmother set up when Mary was 12 years old.Mary is now 25 years old.Mary has overused her credit cards and is in default on several.Under terms of the trust,Mary receives $500 per month of income,but any remaining income remains in the trust.Mary wants to force the trustee to pay her all the income plus some of the trust corpus each month.Also,one creditor wants to attach the trust corpus and income.Discuss.

Accepted Answer

Mary cannot control the distri

Question 14

What is the difference between an administrator and an executor?

Accepted Answer

A)  Administrators administer trusts and executors administer wills. 
B)  Administrators distribute real property and executors distribute personal property. 
C)  Executors are used where the decedent has surviving children under age 18 and administrators are used where the decedent has no surviving children under age 18. 
D)  Administrators are appointed by the court and executors are named in the will. 
E)  Administrators are used for per capita distributions and executors are used for per stirpes distributions. 
A)  Administrators administer trusts and executors administer wills. 
B)  Administrators distribute real property and executors distribute personal property. 
C)  Executors are used where the decedent has surviving children under age 18 and administrators are used where the decedent has no surviving children under age 18. 
D)  Administrators are appointed by the court and executors are named in the will. 
E)  Administrators are used for per capita distributions and executors are used for per stirpes distributions.

Question 15

A totten trust is created for the benefit of society.

Accepted Answer

A) True 
 B)False

Question 16

What happens when someone dies with two valid wills,neither of which has been revoked?

Accepted Answer

A)  The earlier will is always followed. 
B)  The later will is always followed. 
C)  The survivor decides which will more accurately reflects the testator's wishes and that will is followed. 
D)  Both wills are followed,but where inconsistent,the later one controls. 
E)  Neither will is followed because the testator lacked capacity by having two wills outstanding. 
A)  The earlier will is always followed. 
B)  The later will is always followed. 
C)  The survivor decides which will more accurately reflects the testator's wishes and that will is followed. 
D)  Both wills are followed,but where inconsistent,the later one controls. 
E)  Neither will is followed because the testator lacked capacity by having two wills outstanding.

Question 17

Jan has two daughters,Ann and Betty.Each of these daughters has two sons.While all of these persons are living,Jan writes a will leaving her entire estate to her "lineal descendants,per stirpes." After Jan writes this will,the older daughter,Ann,dies.Jan dies next.If the value of Jan's estate is $120,000,how much does Ann's older son receive?

Accepted Answer

A)  $20,000 
B)  $24,000 
C)  $30,000 
D)  $36,000 
E)  $40,000 
A)  $20,000 
B)  $24,000 
C)  $30,000 
D)  $36,000 
E)  $40,000

Question 18

Ademption means that if a specific bequest is not owned by the testator at the testator's death,then the beneficiary receives nothing.

Accepted Answer

A) True 
 B)False

Question 19

A signature can be made with an "x" or initials and still be effective.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following best describes a codicil?

Accepted Answer

A)  It is an instrument that revokes a will. 
B)  It is a modification to a will that does not need all the formalities of a will so long as the required formalities were followed in the original will. 
C)  It is the instrument that names the testator. 
D)  It is a modification to a will that must follow all the formalities of a will. 
E)  It is an order of a probate court to distribute property of the testator. 
A)  It is an instrument that revokes a will. 
B)  It is a modification to a will that does not need all the formalities of a will so long as the required formalities were followed in the original will. 
C)  It is the instrument that names the testator. 
D)  It is a modification to a will that must follow all the formalities of a will. 
E)  It is an order of a probate court to distribute property of the testator.

Exam 52: Wills, Trusts, and Elder Law

One reason for having a living trust is to avoid probate.

Frank is Mary's uncle.Frank sets up a trust for Mary by depositing $20,000 in the trust department at Last National Bank.In this situation:

Probate is the administration and settlement of an individual's estate.

Testators are being allowed to videotape their wills to accompany their handwritten wills.

An attestation clause refers to the court's approval of will into probate.

In most states more than one witness is required,and the witnesses are required to witness each other's signatures.

People who do not want their lives prolonged indefinitely by artificially means should sign a living will.

A general gift is one that is a specifically identified piece of property.

What is required to make a will under a statute of wills?

Which of the following is not one of the factors that courts will commonly look at in determining whether a will was executed under undue influence?

Which of the following is not generally needed in a will?

What is the difference between an administrator and an executor?

A totten trust is created for the benefit of society.

What happens when someone dies with two valid wills,neither of which has been revoked?

Ademption means that if a specific bequest is not owned by the testator at the testator's death,then the beneficiary receives nothing.

A signature can be made with an "x" or initials and still be effective.

Which of the following best describes a codicil?

Legal Heritage and the Information Age

Court Systems and Jurisdiction

Judicial, Alternative, and Online Dispute Resolution

Constitutional Law for Business and E-Commerce

Intentional Torts and Negligence

Strict Liability and Product Liability

Intellectual Property and Cyber Piracy

Criminal Law and Cyber Crimes

Nature of Traditional and E-Contracts

Agreement

Consideration and Promissory Estoppel

Capacity and Legality

Genuineness of Assent and Undue Influence

Statute of Frauds and Equitable Exceptions

Third-Party Rights and Discharge

Remedies for Breach of Traditional and E-Contracts

Internet Law and E-Commerce

Formation of Sales and Lease Contracts

Title to Goods and Risk of Loss

Remedies for Breach of Sales and Lease Contracts

Sales and Lease Warranties

Creation of Negotiable Instruments

Transferability and Holder In Due Course

Liability,Defenses and Discharge

Checks, the Banking System, and E-Money

Creditor's and Debtor's Rights

Secured Transactions and Electronic Filing

Bankruptcy and Reorganization

Agency Formation and Termination

Liability of Principals, Agents, and Independent Contractors

Employment,Worker Protection,and Immigration Laws

Labor Law and Collective Bargaining

Equal Opportunity in Employment

Small Businesses, Entrepreneurs, and General Partnerships

Limited Partnerships and Limited Liability Limited Partnerships

Corporate Formation and Financing

Corporate Governance and the Sarbanes Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Companies and Limited Liability Partnerships

Franchises and Special Forms of Business

Investor Protection and Online Securities Transactions

Ethics and Social Responsibility of Business

Administrative Law and Regulatory Agencies

Consumer Protection and Product Safety

Environmental Protection and Global Warming

Antitrust Law and Unfair Trade Practices

Personal Property and Bailment

Real Property

Landlord Tenant Law and Land Use Regulation

Insurance

Accountants' Liability

Family Law

International and World Trade Law

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