Question 1

A court will require witnesses' signatures to be proven before a formal decree will be issued allowing the will.

Accepted Answer

A) True 
 B)False

Question 2

In the case of Keeney v. Keeney , the court found:

Accepted Answer

A)  a constructive trust is created by equity regardless of the intention of the parties to create a trust where legal title to property is obtained through fraud or undue influence rendering it unconscionable for the holder of legal title to retain the property. 
B)  intention of the parties is the sole consideration in determining the existence of a trust. 
C)  the existence of a confidential relationship prohibits the trustee from seeking any personal benefit. 
D)  a totten trust is a tentative trust and the transfer of ownership becomes complete only upon the depositor's death. 
A)  a constructive trust is created by equity regardless of the intention of the parties to create a trust where legal title to property is obtained through fraud or undue influence rendering it unconscionable for the holder of legal title to retain the property. 
B)  intention of the parties is the sole consideration in determining the existence of a trust. 
C)  the existence of a confidential relationship prohibits the trustee from seeking any personal benefit. 
D)  a totten trust is a tentative trust and the transfer of ownership becomes complete only upon the depositor's death.

Question 3

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 4

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 5

The courts may not create implied trusts.

Accepted Answer

A) True 
 B)False

Question 6

Probate is the:

Accepted Answer

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

Question 7

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

Accepted Answer

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

Question 8

Rayshawn served as a witness to Samuel's will, but died before Samuel. When Samuel's will is probated, proof of Rayshawn's handwriting is necessary unless there are enough other witnesses to meet the statutory requirements without Rayshawn.

Accepted Answer

A) True 
 B)False

Question 9

There is no such thing as an irrevocable will.

Accepted Answer

A) True 
 B)False

Question 10

Taxes imposed at death include:

Accepted Answer

A)  income tax that the estate must pay on income received during estate administration. 
B)  federal estate tax on the transfer of property at death. 
C)  state inheritance tax on the privilege of an heir or beneficiary to receive the property. 
D)  All of these. 
A)  income tax that the estate must pay on income received during estate administration. 
B)  federal estate tax on the transfer of property at death. 
C)  state inheritance tax on the privilege of an heir or beneficiary to receive the property. 
D)  All of these.

Question 11

Consideration is necessary in order to enforce a trust.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

A statement signed by the required number of witnesses who observe the execution of a valid will is called a(n):

Accepted Answer

A)  validity clause. 
B)  ambulatory clause. 
C)  attestation clause. 
D)  fiduciary clause. 
A)  validity clause. 
B)  ambulatory clause. 
C)  attestation clause. 
D)  fiduciary clause.

Question 16

A living will is a document that:

Accepted Answer

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

Question 17

Which of the following would be charged to the life tenant's interest in the course of administering a trust?

Accepted Answer

A)  Expenses of selling a trust investment. 
B)  The costs of establishing the trust. 
C)  Ordinary repairs to trust property. 
D)  Permanent improvements to the trust property. 
A)  Expenses of selling a trust investment. 
B)  The costs of establishing the trust. 
C)  Ordinary repairs to trust property. 
D)  Permanent improvements to the trust property.

Question 18

The death of the beneficiary will generally terminate the trust.

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

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

Question 20

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

Exam 50: Trusts and Wills

A court will require witnesses' signatures to be proven before a formal decree will be issued allowing the will.

In the case of Keeney v. Keeney , the court found:

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.

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

The courts may not create implied trusts.

Probate is the:

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

Rayshawn served as a witness to Samuel's will, but died before Samuel. When Samuel's will is probated, proof of Rayshawn's handwriting is necessary unless there are enough other witnesses to meet the statutory requirements without Rayshawn.

There is no such thing as an irrevocable will.

Taxes imposed at death include:

Consideration is necessary in order to enforce a trust.

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

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

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

A statement signed by the required number of witnesses who observe the execution of a valid will is called a(n):

A living will is a document that:

Which of the following would be charged to the life tenant's interest in the course of administering a trust?

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?

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.

Introduction to Law

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