Exam 50: Trusts and Wills

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:

Once a trust is validly created, it is revocable.

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

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

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

Which of the following is untrue regarding the revocation of a will?

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

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

Gail dies intestate leaving two children, Benjamin and Christopher. Her daughter, Anna, died two years earlier. Anna had three children, Carolyn, Jeffrey and Scott. If Gail leaves an estate of $150,000, how much will Jeffrey's share be under the usual statutes of descent and distribution?

A second will automatically revokes an earlier will if it is wholly inconsistent.

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

Which of the following statements about wills is correct?

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

In 1995, Jack executed a valid will in which he left his entire estate to the Heart Fund. In 2000, Jack was declared incompetent and committed to an institution. At his death in 2005, his son, Brian, who was his sole survivor, contested the will claiming that Jack was obviously incompetent. Will Brian prevail with this argument? Explain.

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

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

The characteristics of a totten trust include:

The duties of a trustee are:

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

The powers of a trustee are determined solely by the trust instrument.