Question 1

Ordinarily, the attorney who drafts the will may not serve as a witness to the will.

Accepted Answer

A) True 
 B)False

Question 2

Once a trust is validly created, it is revocable.

Accepted Answer

A) True 
 B)False

Question 3

Under the UPC, a person must be what age to make a valid will?

Accepted Answer

A)  Sixteen 
B)  Eighteen 
C)  Twenty-one 
D)  Age does not matter as long as the person is of sound mind and has the intent to make a will. 
A)  Sixteen 
B)  Eighteen 
C)  Twenty-one 
D)  Age does not matter as long as the person is of sound mind and has the intent to make a will.

Question 4

A testator with capacity and intent can create an irrevocable will.

Accepted Answer

A) True 
 B)False

Question 5

In order to be valid, a will must generally include all but which one of the following?

Accepted Answer

A)  Signature of the testator 
B)  A written document 
C)  Signatures of witnesses 
D)  Signature of the executor 
A)  Signature of the testator 
B)  A written document 
C)  Signatures of witnesses 
D)  Signature of the executor

Question 6

Which of the following is untrue regarding the revocation of a will?

Accepted Answer

A)  There cannot be a partial revocation. 
B)  An inadvertent destruction of a will acts as a revocation. 
C)  The execution of a second will does not of itself constitute a revocation of an earlier will. 
D)  Divorce does not ordinarily revoke a will. 
A)  There cannot be a partial revocation. 
B)  An inadvertent destruction of a will acts as a revocation. 
C)  The execution of a second will does not of itself constitute a revocation of an earlier will. 
D)  Divorce does not ordinarily revoke a will.

Question 7

A second will automatically revokes an earlier will if it is wholly inconsistent.

Accepted Answer

A) True 
 B)False

Question 8

A spouse of a beneficiary and the named executor of a will are considered qualified witnesses by all courts.

Accepted Answer

A) True 
 B)False

Question 9

The courts may not create implied trusts.

Accepted Answer

A) True 
 B)False

Question 10

If a person dies without a will and without any heirs or next of kin, her property:

Accepted Answer

A)  escheats to a vestry commission. 
B)  vests in her neighbors. 
C)  vests in her church. 
D)  escheats to the state. 
A)  escheats to a vestry commission. 
B)  vests in her neighbors. 
C)  vests in her church. 
D)  escheats to the state.

Question 11

A living will is a will that:

Accepted Answer

A)  is videotaped. 
B)  contains instructions to one's physician. 
C)  provides for guardianship of the testator's children. 
D)  cannot be revoked. 
A)  is videotaped. 
B)  contains instructions to one's physician. 
C)  provides for guardianship of the testator's children. 
D)  cannot be revoked.

Question 12

The characteristics of a totten trust include that:

Accepted Answer

A)  it is a bank account opened by the settlor of the trust. 
B)  it is tentative. 
C)  transfer of ownership is complete only on the depositor's death. 
D)  All of these. 
A)  it is a bank account opened by the settlor of the trust. 
B)  it is tentative. 
C)  transfer of ownership is complete only on the depositor's death. 
D)  All of these.

Question 13

The administration of the assets of the deceased and the proving of the validity of the will are determined in:

Accepted Answer

A)  probate proceedings. 
B)  a domicile of intent. 
C)  an equity proceeding. 
D)  a testamentary hearing. 
A)  probate proceedings. 
B)  a domicile of intent. 
C)  an equity proceeding. 
D)  a testamentary hearing.

Question 14

The Uniform Probate Code has been adopted by:

Accepted Answer

A)  fewer than half of the states. 
B)  all states without variation. 
C)  the great majority of states without variation. 
D)  the federal government. 
A)  fewer than half of the states. 
B)  all states without variation. 
C)  the great majority of states without variation. 
D)  the federal government.

Question 15

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 16

A totten trust is revocable by the creator.

Accepted Answer

A) True 
 B)False

Question 17

Clarence is the trustee of a trust. With $75,000 of his own money, Clarence purchases a parcel of real estate. Two months later, he sells the parcel to the trust for $150,000 and pockets the profit. Discuss the situation in terms of the duties and powers of the trustee.

Accepted Answer

Clarence has breached his fiduciary duty

Question 18

Rules for the distribution of property in a situation involving intestate succession:

Accepted Answer

A)  vary widely from state to state. 
B)  are uniform federal rules. 
C)  will govern distribution of an intestate's estate only if such distribution conforms to the clear intention of the decedent. 
D)  at common law and today, prevent intestate property from ascending lineally. 
A)  vary widely from state to state. 
B)  are uniform federal rules. 
C)  will govern distribution of an intestate's estate only if such distribution conforms to the clear intention of the decedent. 
D)  at common law and today, prevent intestate property from ascending lineally.

Question 19

Diego, a widower, dies intestate, leaving two surviving children and two grandchildren who are children of his deceased daughter. If Diego's surviving children each take one­third of his estate and the grandchildren each take one-sixth of the estate, this is described legally by the statement that:

Accepted Answer

A)  lineal descendants of predeceased children take property per stirpes. 
B)  lineal descendants take property per capita. 
C)  collateral heirs take the property per stirpes. 
D)  lineal descendants and collateral heirs take the property per capita. 
A)  lineal descendants of predeceased children take property per stirpes. 
B)  lineal descendants take property per capita. 
C)  collateral heirs take the property per stirpes. 
D)  lineal descendants and collateral heirs take the property per capita.

Question 20

In most states, a trustee's investment decisions are usually governed by:

Accepted Answer

A)  the prudent person rule. 
B)  judiciary determination. 
C)  the beneficiary's intent. 
D)  The Uniform Principal and Income Act. 
A)  the prudent person rule. 
B)  judiciary determination. 
C)  the beneficiary's intent. 
D)  The Uniform Principal and Income Act.

Exam 50: Trusts and Decedents Estates

Ordinarily, the attorney who drafts the will may not serve as a witness to the will.

Once a trust is validly created, it is revocable.

Under the UPC, a person must be what age to make a valid will?

A testator with capacity and intent can create an irrevocable will.

In order to be valid, a will must generally include all but which one of the following?

Which of the following is untrue regarding the revocation of a will?

A second will automatically revokes an earlier will if it is wholly inconsistent.

A spouse of a beneficiary and the named executor of a will are considered qualified witnesses by all courts.

The courts may not create implied trusts.

If a person dies without a will and without any heirs or next of kin, her property:

A living will is a will that:

The characteristics of a totten trust include that:

The administration of the assets of the deceased and the proving of the validity of the will are determined in:

The Uniform Probate Code has been adopted by:

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

A totten trust is revocable by the creator.

Clarence is the trustee of a trust. With $75,000 of his own money, Clarence purchases a parcel of real estate. Two months later, he sells the parcel to the trust for $150,000 and pockets the profit. Discuss the situation in terms of the duties and powers of the trustee.

Rules for the distribution of property in a situation involving intestate succession:

In most states, a trustee's investment decisions are usually governed by:

Introduction to Law

Business Ethics and the Social Responsibility of Business

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