Exam 50: Trusts and Wills

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?

A resulting trust depends on a contract or agreement as evidenced by the parties' acts.

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

A trust created by will and effective after the death of a testator is called a(n):

In 2010, Boyd created a trust that would become effective on his death.In the trust instrument, Boyd specified that all of the income from his stocks and bonds be used for the benefit of St.John's Hospital and indicated that his brother Chad should administer the trust. a.What kind of trust is this? b.What is Boyd with relationship to the trust? c.What is the corpus of the trust? d.What is Chad with relationship to the trust?

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

A stepchild will not ordinarily inherit under intestacy statutes unless legally adopted.

Constructive trusts are generally found where the creator clearly intended a trust to be formed.

Jameson, a trustee, fraudulently purchases property with trust funds and puts title in his own name.What type of trust will a court create?

Creditors of the beneficiary of a spendthrift trust can attach the income of the trust before or after the beneficiary receives it, but they cannot reach the trust fund itself.

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

The duties of a trustee are:

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:

A person's written statement that he is leaving property "to Margaret in full confidence and with hope she will take care of Tina" is too indefinite to create a trust.

Taxes imposed at death include:

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

If a will was burned in an electrical fire that destroyed the testator's home, it will be presumed to be revoked.

Consideration is not necessary in order to enforce a trust.

A minor's declaration of trust is voidable.

Which of the following is true about a constructive trust?