Exam 51: Decedents Estates and Trusts

A will may be contested on any of the following grounds except: __________.

The requirements to create a trust are uniform.

If a trust is created to take effect within the lifetime of the settlor, it is a testamentary trust.

When a decedent dies without a valid will he is said to have died testate.

A general legacy is a certain sum of money left by a testator to a named person.

A trustee cannot make decisions on matters that could not be foreseen by the settlor.

All of the following are correct statements concerning wills, except: __________.

A trust can be terminated in any of the following manners, except: _______.

Which of the following is not a duty of a trustee?

Margo had only one son, and her husband had predeceased her. The son was reckless and extravagant, but Margo loved him dearly. She left all her property to a trustee in trust for her son and provided that the trust was a spendthrift trust. Margo further provided that the income from the trust was to be paid to her son quarterly until he reached the age of 30 at which time the full trust corpus was to be paid over to him. After Margo's death and before the son had reached the age of 30, the son signed a contract that purported to transfer the entire trust corpus to a finance company. The son was paid for this. The son had also run up many unpaid bills on which he was sued and judgments entered against him. The finance company and the other judgment creditors are seeking to compel the trustee to turn over the trust corpus to them. Decide.

The beneficiaries of a decedent are paid prior to debts.

When a person dies with a will, usually the probate judge names who the administrator of the estate.

When property is transferred to a trust, the trustee has legal title and the beneficiary has equitable title.

Fred and Mary were married. Fred had executed a will prior to the marriage that left all of his property, both real and personal, to his mother. Fred later died without changing his will. Mary feels that she should be entitled to some of Fred's estate. While waiting for Fred's estate to be finalized, Mary remarries. Mary's second husband executes a will providing for Mary. Later, after Mary and her husband adopt two children, her second husband dies. Mary feels that her children should be entitled to receive something from her second husband's estate. Is Mary and, later, are her adopted children entitled to receive something under the wills?

When all the distributees stand in the same degree of relationship to the decedent, distribution is made per capita.

A will is very informal and may be created in any reasonable manner.

All of the following factors are required to show testamentary intent, except: __________.

Being 18 years of age automatically means one has testamentary capacity.

If the trustee breaches the trust, which of the following remedies is not available?

If Bruce's will states, "I give my condo in Boise, Idaho to my sister Carolyn Harwood" he is giving her __________.