Question 1

An express trust may be found if the intent of the grantor to create a trust is unmistakable.

Accepted Answer

A) True 
 B)False

Question 2

As long as a decedent's wishes are clear, the formalities of a will need not be strictly met in order for the will to be valid.

Accepted Answer

A) True 
 B)False

Question 3

The characteristics of a totten trust include:

Accepted Answer

A)  it is a joint 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)  These are all characteristics of a totten trust. 
A)  it is a joint 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)  These are all characteristics of a totten trust.

Question 4

Darla dies intestate leaving two children, Brad and Christopher. Her daughter, Anna, died two years earlier. Anna had three children, Iris, Jeffrey and Keith. If Darla leaves an estate of $300,000, how much will Jeffrey's share be under the usual statutes of descent and distribution?

Accepted Answer

A)  $0. 
B)  $60,000. 
C)  $33,333. 
D)  $100,000. 
A)  $0. 
B)  $60,000. 
C)  $33,333. 
D)  $100,000.

Question 5

Renunciation is a statutory right of a surviving spouse to give up her statutory share in the estate.

Accepted Answer

A) True 
 B)False

Question 6

There is no such thing as an irrevocable will.

Accepted Answer

A) True 
 B)False

Question 7

A totten trust involves a bank account opened by the settlor of the trust.

Accepted Answer

A) True 
 B)False

Question 8

A codicil to the will must be executed with all the formal requirements of a will.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following is true regarding property distribution upon a person's death intestate?

Accepted Answer

A)  At common law, property lineally ascended to parents if there was no surviving spouse and there were no children. 
B)  Today, in all states, if there is a surviving spouse, he or she gets the entire estate. 
C)  Rules of descent vary widely from state to state. 
D)  If there are no children, the property automatically goes to the state. 
A)  At common law, property lineally ascended to parents if there was no surviving spouse and there were no children. 
B)  Today, in all states, if there is a surviving spouse, he or she gets the entire estate. 
C)  Rules of descent vary widely from state to state. 
D)  If there are no children, the property automatically goes to the state.

Question 10

In most states, there is no lower age limit for testators as long as they understand the extent of their property.

Accepted Answer

A) True 
 B)False

Question 11

A trust must have which of the following?

Accepted Answer

A)  Executor. 
B)  Corpus. 
C)  Testator. 
D)  All of these. 
A)  Executor. 
B)  Corpus. 
C)  Testator. 
D)  All of these.

Question 12

A trustee has a duty to make proper allocation of benefits and burdens between income beneficiaries and remaindermen. Which of the following statements is true concerning this allocation?

Accepted Answer

A)  Current expenses are chargeable to the remaindermen. 
B)  Extraordinary expenses are chargeable to the remaindermen. 
C)  Money paid for the use of trust property is chargeable to the remaindermen. 
D)  Any profit from the use of trust property is allocated to the remaindermen. 
A)  Current expenses are chargeable to the remaindermen. 
B)  Extraordinary expenses are chargeable to the remaindermen. 
C)  Money paid for the use of trust property is chargeable to the remaindermen. 
D)  Any profit from the use of trust property is allocated to the remaindermen.

Question 13

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 14

A photocopy of a will or a will written in pencil would not be valid for probate.

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

A)  The testator's spouse. 
B)  The administrator of the estate. 
C)  The beneficiary of a testamentary trust. 
D)  The spouse of a beneficiary. 
A)  The testator's spouse. 
B)  The administrator of the estate. 
C)  The beneficiary of a testamentary trust. 
D)  The spouse of a beneficiary.

Question 16

Megan, who has no heirs or next of kin, makes a will leaving her estate to her best friend, Pat. If Megan's will is witnessed by only two instead of three people as required by her state statute, upon her death her estate will:

Accepted Answer

A)  go to Pat without court involvement. 
B)  escheat to the state. 
C)  go through probate, at which time the court will try to determine Megan's intent as to disposition and follow that intent. 
D)  be given to a charity as determined by the probate court. 
A)  go to Pat without court involvement. 
B)  escheat to the state. 
C)  go through probate, at which time the court will try to determine Megan's intent as to disposition and follow that intent. 
D)  be given to a charity as determined by the probate court.

Question 17

Divorce or marriage will result in a revocation of a will.

Accepted Answer

A) True 
 B)False

Exam 50: Trusts and Wills

An express trust may be found if the intent of the grantor to create a trust is unmistakable.

As long as a decedent's wishes are clear, the formalities of a will need not be strictly met in order for the will to be valid.

The characteristics of a totten trust include:

Darla dies intestate leaving two children, Brad and Christopher. Her daughter, Anna, died two years earlier. Anna had three children, Iris, Jeffrey and Keith. If Darla leaves an estate of $300,000, how much will Jeffrey's share be under the usual statutes of descent and distribution?

Renunciation is a statutory right of a surviving spouse to give up her statutory share in the estate.

There is no such thing as an irrevocable will.

A totten trust involves a bank account opened by the settlor of the trust.

A codicil to the will must be executed with all the formal requirements of a will.

Which of the following is true regarding property distribution upon a person's death intestate?

In most states, there is no lower age limit for testators as long as they understand the extent of their property.

A trust must have which of the following?

A trustee has a duty to make proper allocation of benefits and burdens between income beneficiaries and remaindermen. Which of the following statements is true concerning this allocation?

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

A photocopy of a will or a will written in pencil would not be valid for probate.

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

Megan, who has no heirs or next of kin, makes a will leaving her estate to her best friend, Pat. If Megan's will is witnessed by only two instead of three people as required by her state statute, upon her death her estate will:

Divorce or marriage will result in a revocation of a will.

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