Question 1

Which of the following will be acceptable as a witness to a will?

Accepted Answer

A)  The testator's spouse 
B)  The person named to be executor of the estate 
C)  The beneficiary of a testamentary trust 
D)  The spouse of a beneficiary 
A)  The testator's spouse 
B)  The person named to be executor of the estate 
C)  The beneficiary of a testamentary trust 
D)  The spouse of a beneficiary

Question 2

A trust can only be created by a written document, although no particular words are necessary.

Accepted Answer

A) True 
 B)False

Question 3

The characteristics of a spendthrift trust include which of the following?

Accepted Answer

A)  Spendthrift provisions are not valid in most states. 
B)  Spendthrift trusts are created to preserve assets against trust creditors. 
C)  A settlor may provide, in a spendthrift trust, that the beneficiaries cannot, by assignment or otherwise, impair their rights to receive principal or income. 
D)  All of these. 
A)  Spendthrift provisions are not valid in most states. 
B)  Spendthrift trusts are created to preserve assets against trust creditors. 
C)  A settlor may provide, in a spendthrift trust, that the beneficiaries cannot, by assignment or otherwise, impair their rights to receive principal or income. 
D)  All of these.

Question 4

For soldiers on active duty and sailors at sea:

Accepted Answer

A)  most statutes have specialized, more formal requirements for wills. 
B)  in most jurisdictions, personal and real property can be passed by soldiers' and sailors' wills. 
C)  most statutes relax the formal requirements for a will and permit a testamentary disposition to be valid regardless of the informality of the document. 
D)  specialized wills allow for general gifts only. 
A)  most statutes have specialized, more formal requirements for wills. 
B)  in most jurisdictions, personal and real property can be passed by soldiers' and sailors' wills. 
C)  most statutes relax the formal requirements for a will and permit a testamentary disposition to be valid regardless of the informality of the document. 
D)  specialized wills allow for general gifts only.

Question 5

A trust:

Accepted Answer

A)  is a fiduciary relationship in which one person holds both legal and equitable title to property which is the subject matter of the trust. 
B)  may take effect only during the lifetime of the person creating the trust. 
C)  may be created by such words as "I leave [certain property] to Swigert in full confidence and hope that Swigert will care for Adamson." 
D)  may not be created "to benefit and maintain Southside Park," since this purpose would be too vague to be enforceable. 
A)  is a fiduciary relationship in which one person holds both legal and equitable title to property which is the subject matter of the trust. 
B)  may take effect only during the lifetime of the person creating the trust. 
C)  may be created by such words as "I leave [certain property] to Swigert in full confidence and hope that Swigert will care for Adamson." 
D)  may not be created "to benefit and maintain Southside Park," since this purpose would be too vague to be enforceable.

Question 6

A beneficiary ordinarily has no right to sell his interest in trust assets before he is entitled to receive the corpus.

Accepted Answer

A) True 
 B)False

Question 7

If a person dies intestate, his property will be:

Accepted Answer

A)  distributed according to the clear intention of the decedent if ascertainable. 
B)  passed to his living children. 
C)  kept by the state. 
D)  Not necessarily any of these. 
A)  distributed according to the clear intention of the decedent if ascertainable. 
B)  passed to his living children. 
C)  kept by the state. 
D)  Not necessarily any of these.

Question 8

An attorney receives a check from the defendant in settlement of a lawsuit brought by his client, the plaintiff. Even if the check is made out in the name of the attorney, it will belong to the client as a:

Accepted Answer

A)  resulting trust. 
B)  constructive trust. 
C)  totten trust. 
D)  spendthrift trust. 
A)  resulting trust. 
B)  constructive trust. 
C)  totten trust. 
D)  spendthrift trust.

Question 9

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

Accepted Answer

A)  do not apply to property held in joint tenancy. 
B)  apply where the testator has failed to name an administrator. 
C)  prevent property from escheating to the state. 
D)  have no application to real estate owned by the decedent. 
A)  do not apply to property held in joint tenancy. 
B)  apply where the testator has failed to name an administrator. 
C)  prevent property from escheating to the state. 
D)  have no application to real estate owned by the decedent.

Question 10

An express trust is:

Accepted Answer

A)  established by law through the courts when the parties' conduct seems to warrant the creation of a trust. 
B)  established by voluntary action. 
C)  always a written document. 
D)  All of these. 
A)  established by law through the courts when the parties' conduct seems to warrant the creation of a trust. 
B)  established by voluntary action. 
C)  always a written document. 
D)  All of these.

Question 11

Charlene drafted a will in 1992 stating as follows: "I hereby leave my 80-acre farm to Arthur, my pure-bred golden retriever to Brian, and $20,000 each to Dana and Ellen." In 1997, Charlene sold her farm and in 1998 her dog died. Charlene died in 2004 without having changed her will and with $15,000 in the bank. If there are no administrative costs or bills to be paid by the estate, what amount will Arthur, Brian, Dana, and Ellen receive under the will?

Accepted Answer

When a will makes a specific bequest of

Question 12

A completely handwritten will is valid only if witnessed.

Accepted Answer

A) True 
 B)False

Question 13

A trust divides legal and equitable title to property.

Accepted Answer

A) True 
 B)False

Question 14

The holder of legal title to the property in a trust is the:

Accepted Answer

A)  grantor. 
B)  settlor. 
C)  beneficiary. 
D)  trustee. 
A)  grantor. 
B)  settlor. 
C)  beneficiary. 
D)  trustee.

Question 15

A trust for the establishment and maintenance of a museum would be a charitable trust.

Accepted Answer

A) True 
 B)False

Question 16

Under most intestate succession laws, a stepchild will not inherit unless legally adopted.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is true about a constructive trust?

Accepted Answer

A)  It normally contains detailed instructions for the trustee to follow. 
B)  The court to redress an injustice imposes it. 
C)  It is revocable by the trustee. 
D)  It carries out the intentions of the trustee. 
A)  It normally contains detailed instructions for the trustee to follow. 
B)  The court to redress an injustice imposes it. 
C)  It is revocable by the trustee. 
D)  It carries out the intentions of the trustee.

Question 18

Testamentary capacity refers to:

Accepted Answer

A)  the age of the testator. 
B)  the same capacity as required to contract. 
C)  the mental ability to create a will. 
D)  the influence of others over the testator. 
A)  the age of the testator. 
B)  the same capacity as required to contract. 
C)  the mental ability to create a will. 
D)  the influence of others over the testator.

Question 19

The person holding legal title to the property is the settlor of the trust.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following conduct would be likely to invalidate a will?

Accepted Answer

A)  Maria urges her husband to leave all of his property to her. 
B)  Leah, who was not a blood relative, took care of Austin in his last illness. While he was in a weakened condition, she urged him to name her sole beneficiary to the exclusion of his children, which he did. 
C)  Paul does not mention his oldest child in his will. 
D)  All of these. 
A)  Maria urges her husband to leave all of his property to her. 
B)  Leah, who was not a blood relative, took care of Austin in his last illness. While he was in a weakened condition, she urged him to name her sole beneficiary to the exclusion of his children, which he did. 
C)  Paul does not mention his oldest child in his will. 
D)  All of these.

Exam 50: Trusts and Decedents Estates

Which of the following will be acceptable as a witness to a will?

A trust can only be created by a written document, although no particular words are necessary.

The characteristics of a spendthrift trust include which of the following?

For soldiers on active duty and sailors at sea:

A trust:

A beneficiary ordinarily has no right to sell his interest in trust assets before he is entitled to receive the corpus.

If a person dies intestate, his property will be:

An attorney receives a check from the defendant in settlement of a lawsuit brought by his client, the plaintiff. Even if the check is made out in the name of the attorney, it will belong to the client as a:

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

An express trust is:

A completely handwritten will is valid only if witnessed.

A trust divides legal and equitable title to property.

The holder of legal title to the property in a trust is the:

A trust for the establishment and maintenance of a museum would be a charitable trust.

Under most intestate succession laws, a stepchild will not inherit unless legally adopted.

Which of the following is true about a constructive trust?

Testamentary capacity refers to:

The person holding legal title to the property is the settlor of the trust.

Which of the following conduct would be likely to invalidate a will?

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