Exam 52: Wills, trusts, and Estates

In an inter vivos trust,the settlor transfers legal title of property to a named trustee to hold,administer,and manage for the benefit of named beneficiaries while he or she is alive.

A gift of $100,000 to a named beneficiary is an example of a general gift.

According to the doctrine of ademption,the lineal descendants inherit by representation of their parent.

When there is an allegation of undue influence in making a will,the courts only consider direct evidence as proof.

A ________ is a document that states which lifesaving measures the signor does and does not want; can specify that he or she wants such treatments withdrawn if doctors determine that there is no hope of a meaningful recovery.

A distribution of an estate in which grandchildren and great-grandchildren of the deceased inherit by representation of their parent is known as a(n)________.

The action of a will being witnessed by two or three objective and competent people is known as ________.

A will has to be written on legal paper to be considered valid.

What is a holographic will?

Which of the following does a health care directive outline?

The state of having died without leaving a will is known as ________.

A living trust is subject to property division on divorce.

The process of a deceased's property being collected,debts and taxes being paid,and the remainder of the estate being distributed is known as ________.

A ________ is a specialized state court that supervises the administration and settlement of estates.

A person who inherits property under a will or an intestacy statute takes the property subject to all the outstanding claims against it.

A beneficiary under a will cannot be a witness of that will.

In case of abatement,if a will provides for both general and residuary gifts,the residuary gifts are abated first.

A(n)________ is a declaration of how a person wants his or her property to be distributed on death.

Who are the beneficiaries of a trust?

A probate can only be conducted by a lineal descendant of the testator.