Exam 52: Wills, Trusts, and Elder Law

A person renounces a gift made in a will when the person does not want to accept the gift.

A nuncupative will is an oral will.

The Uniform Simultaneous Death Act provides that each deceased person's property is distributed as though he or she died.

When assets are left to a beneficiary who has died before the testator,and that beneficiary's share is given to the descendants of that deceased beneficiary,what type of distribution is this?

The party who initially places property into a trust is known as the:

A trust corpus is the property that is held in trust.

A joint will refers to two or more testators executing the same instrument as their will.

An heir is someone who receives property under an intestacy statute.

A grantor's trust is the same thing as a living trust.

Which of the following does not revoke a will,either in whole or in part?

Wills transfer property upon a person's death.

The legal process of proving that the will is valid,collecting assets,paying off debts,and distributing the estate assets is:

All trusts are revocable.

A gift of a particular piece of artwork from an estate is what kind of gift?

Undue influence is easy to prove by direct influence.

A gift of a fixed amount of money from an estate that does not specify from where the money is to come is what kind of gift?

A trust where the beneficiary and the beneficiary's creditors do not have legal access to the trust corpus is what kind of trust?

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 capita." 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?