Question 1

A totten trust may also be referred to as a savings account trust.

Accepted Answer

A) True 
 B)False

Question 2

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

Question 3

Darrell executed a will fifteen years ago.Now he has changed his mind about how he wants his estate distributed and who he wants to appoint as executor.Discuss how Darrell may revoke his will.

Accepted Answer

A will is revocable by the testator, alt

Question 4

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)  All of these. 
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)  All of these.

Question 5

The death of the beneficiary will generally terminate the trust.

Accepted Answer

A) True 
 B)False

Question 6

A valid will must be witnessed.Which of the following statements about witnesses is correct?

Accepted Answer

A)  Under the law in all states, witnesses lose any bequests to them in a will they witness. 
B)  The witnesses must see the testator write the will. 
C)  The witnesses must sign the will. 
D)  Most states require only one witness to a will. 
A)  Under the law in all states, witnesses lose any bequests to them in a will they witness. 
B)  The witnesses must see the testator write the will. 
C)  The witnesses must sign the will. 
D)  Most states require only one witness to a will.

Question 7

Probate is the:

Accepted Answer

A)  actual property given away in a will. 
B)  reading of a will by a lawyer. 
C)  process of managing the distribution of a deceased person's property. 
D)  process of declaring a person dead. 
A)  actual property given away in a will. 
B)  reading of a will by a lawyer. 
C)  process of managing the distribution of a deceased person's property. 
D)  process of declaring a person dead.

Question 8

Identify and describe the following types of wills.
a.Holographic 
b.Nuncupative 
c.Soldiers' and sailors' will

Accepted Answer

a.A holographic will is a will entirely

Question 9

Which of the following is/are considered to be conduct to invalidate a will?

Accepted Answer

A)  Duress. 
B)  Undue influence. 
C)  Fraud. 
D)  All of these. 
A)  Duress. 
B)  Undue influence. 
C)  Fraud. 
D)  All of these.

Question 10

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 11

A trust is presumed to be irrevocable unless the grantor reserves the power of revocation.

Accepted Answer

A) True 
 B)False

Question 12

For a memorandum to be incorporated into a will, which of the following conditions must be met? The memorandum must be:

Accepted Answer

A)  in writing. 
B)  adequately described in the will. 
C)  in existence when the will is executed. 
D)  All of these. 
A)  in writing. 
B)  adequately described in the will. 
C)  in existence when the will is executed. 
D)  All of these.

Question 13

A living will is a document that:

Accepted Answer

A)  cannot be revoked. 
B)  contains the maker's wishes regarding extraordinary medical treatment. 
C)  is videotaped. 
D)  is capable of being changed from time to time, unlike other wills. 
A)  cannot be revoked. 
B)  contains the maker's wishes regarding extraordinary medical treatment. 
C)  is videotaped. 
D)  is capable of being changed from time to time, unlike other wills.

Question 14

A will entirely in the handwriting of the testator is called what type of will?

Accepted Answer

A)  Conditional. 
B)  Codicil. 
C)  Nuncupative. 
D)  Holographic. 
A)  Conditional. 
B)  Codicil. 
C)  Nuncupative. 
D)  Holographic.

Question 15

All of the following may, in general, revoke a will by operation of law EXCEPT:

Accepted Answer

A)  subsequent marriage. 
B)  subsequent divorce. 
C)  birth of a child. 
D)  all of these will revoke a will by operation of law. 
A)  subsequent marriage. 
B)  subsequent divorce. 
C)  birth of a child. 
D)  all of these will revoke a will by operation of law.

Question 16

A trust for the dissemination of a particular political doctrine cannot be a charitable trust.

Accepted Answer

A) True 
 B)False

Question 17

A trust may serve any purpose that is not against the law or public policy.

Accepted Answer

A) True 
 B)False

Exam 50: Trusts and Wills

A totten trust may also be referred to as a savings account trust.

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?

Darrell executed a will fifteen years ago.Now he has changed his mind about how he wants his estate distributed and who he wants to appoint as executor.Discuss how Darrell may revoke his will.

The characteristics of a totten trust include:

The death of the beneficiary will generally terminate the trust.

A valid will must be witnessed.Which of the following statements about witnesses is correct?

Probate is the:

Identify and describe the following types of wills. a.Holographic b.Nuncupative c.Soldiers' and sailors' will

Which of the following is/are considered to be conduct to invalidate a will?

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.

A trust is presumed to be irrevocable unless the grantor reserves the power of revocation.

For a memorandum to be incorporated into a will, which of the following conditions must be met? The memorandum must be:

A living will is a document that:

A will entirely in the handwriting of the testator is called what type of will?

All of the following may, in general, revoke a will by operation of law EXCEPT:

A trust for the dissemination of a particular political doctrine cannot be a charitable trust.

A trust may serve any purpose that is not against the law or public policy.

Introduction to Law

Business Ethicspart Ii: the Legal Environment of Business

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Negligence and Strict Liabilitypart Iii: Contracts

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance, Breach, and Discharge

Contract Remediespart Iv: Sales

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Product Liability: Warranties and Strict Liability

Sales Remediespart V: Negotiable Instruments

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transferspart Vi: Agency

Relationship of Principal and Agent

Relationship With Third Partiespart Vii: Business Associations

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature and Formation of Corporations

Financial Structure of Corporations

Management Structure of Corporations

Fundamental Changes of Corporationspart Viii: Debtor and Creditor Relations

Secured Transactions and Suretyship

Bankruptcypart Ix: Regulation of Business

Securities Regulation

Intellectual Property

Employment Law

Antitrust

Accountants Legal Liability

Consumer Protection

International Business Lawpart X: Property

Introduction to Property, Property Insurance, Bailments, and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

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