Question 1

Who is an executor of a probate?

Accepted Answer

A) a person appointed by the government to conduct the probate 
B) a person designated in the will to conduct the probate 
C) a person who is beneficiary of the probate 
D) an person who is usually appointed to help administer the estate and to complete the probate 
A) a person appointed by the government to conduct the probate 
B) a person designated in the will to conduct the probate 
C) a person who is beneficiary of the probate 
D) an person who is usually appointed to help administer the estate and to complete the probate

Question 2

A(n)________ is a legal arrangement established when one person transfers title to property to another person to be held and used for the benefit of a third person.

Accepted Answer

A) will 
B) trust 
C) escheatment 
D) abatement 
A) will 
B) trust 
C) escheatment 
D) abatement

Question 3

A Statute of Wills permits all oral wills to be legally binding in a state.

Accepted Answer

A) True 
 B)False

Question 4

A living will states a person's wishes regarding estate planning.

Accepted Answer

A) True 
 B)False

Question 5

Trusts are used to transfer property that is to be held and managed for the benefit of another person or persons.

Accepted Answer

A) True 
 B)False

Question 6

A will that is executed by two or more testators is known as a ________.

Accepted Answer

A) joint will 
B) mutual will 
C) reciprocal will 
D) nuncupative will 
A) joint will 
B) mutual will 
C) reciprocal will 
D) nuncupative will

Question 7

Give an account of the funding and operation of a living trust.

Accepted Answer

To fund a living trust,the grantor trans

Question 8

________ arise where two or more testators execute separate wills that leave their property to each other on the condition that the survivor leave the remaining property on his or her death as agreed by the testators.

Accepted Answer

A) Nuncupative wills 
B) Mutual wills 
C) Joint wills 
D) Living wills 
A) Nuncupative wills 
B) Mutual wills 
C) Joint wills 
D) Living wills

Question 9

Relatives who receive property under intestacy statutes are called beneficiaries.

Accepted Answer

A) True 
 B)False

Question 10

Nicknames or titles cannot be used as a testator's signature in a will.

Accepted Answer

A) True 
 B)False

Question 11

If the deceased has no surviving relatives,then the deceased's property escheats to the state.

Accepted Answer

A) True 
 B)False

Question 12

A(n)________ is a distribution of an estate in which each grandchild and great-grandchild of the deceased inherits equally with the children of the deceased.

Accepted Answer

A) abatement 
B) per stirpes distribution 
C) per capita distribution 
D) ademption 
A) abatement 
B) per stirpes distribution 
C) per capita distribution 
D) ademption

Question 13

A living trust does not allow creditors to obtain a lien against property in the trust.

Accepted Answer

A) True 
 B)False

Question 14

In a trust arrangement,the trustee has legal title to the trust corpus,and the beneficiary has equitable title.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following statements is true of reciprocal wills?

Accepted Answer

A) They can be held invalid as to one testator but not the other. 
B) They are to be executed as one will with mutual terms. 
C) Any will that is executed by two or more testators is a reciprocal will. 
D) They cannot be unilaterally revoked after one of the parties has died. 
A) They can be held invalid as to one testator but not the other. 
B) They are to be executed as one will with mutual terms. 
C) Any will that is executed by two or more testators is a reciprocal will. 
D) They cannot be unilaterally revoked after one of the parties has died.

Question 16

Which of the following statements is true of a testator's signature on a will?

Accepted Answer

A) The testator's signature must be obtained in the presence of the sole beneficiary as the principal witness. 
B) The will need not be signed by the testator if it is already attested by witnesses. 
C) The use of nicknames and honorary titles while signing a will render it unenforceable and invalid. 
D) The testator's signature must appear at the end of the will to prevent chances of any fraud. 
A) The testator's signature must be obtained in the presence of the sole beneficiary as the principal witness. 
B) The will need not be signed by the testator if it is already attested by witnesses. 
C) The use of nicknames and honorary titles while signing a will render it unenforceable and invalid. 
D) The testator's signature must appear at the end of the will to prevent chances of any fraud.

Question 17

An equitable trust that is implied by law to avoid fraud,unjust enrichment,and injustice is defined as a ________.

Accepted Answer

A) constructive trust 
B) testamentary trust 
C) spendthrift trust 
D) token trust 
A) constructive trust 
B) testamentary trust 
C) spendthrift trust 
D) token trust

Question 18

A health care directive names an individual or individuals who can make health care decisions if the maker of the directive is unable to do so.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following is true of a living trust?

Accepted Answer

A) It comes in to effect after the death of the grantor. 
B) It helps reduce the grantor's income tax. 
C) It can be revoked during the grantor's lifetime. 
D) It is considered a public record subject to probate proceedings. 
A) It comes in to effect after the death of the grantor. 
B) It helps reduce the grantor's income tax. 
C) It can be revoked during the grantor's lifetime. 
D) It is considered a public record subject to probate proceedings.

Question 20

What are the requirements of the Statute of Wills?

Accepted Answer

Every state has a Statute of Wills that

Exam 52: Wills, trusts, and Estates

Who is an executor of a probate?

A(n)________ is a legal arrangement established when one person transfers title to property to another person to be held and used for the benefit of a third person.

A Statute of Wills permits all oral wills to be legally binding in a state.

A living will states a person's wishes regarding estate planning.

Trusts are used to transfer property that is to be held and managed for the benefit of another person or persons.

A will that is executed by two or more testators is known as a ________.

Give an account of the funding and operation of a living trust.

________ arise where two or more testators execute separate wills that leave their property to each other on the condition that the survivor leave the remaining property on his or her death as agreed by the testators.

Relatives who receive property under intestacy statutes are called beneficiaries.

Nicknames or titles cannot be used as a testator's signature in a will.

If the deceased has no surviving relatives,then the deceased's property escheats to the state.

A(n)________ is a distribution of an estate in which each grandchild and great-grandchild of the deceased inherits equally with the children of the deceased.

A living trust does not allow creditors to obtain a lien against property in the trust.

In a trust arrangement,the trustee has legal title to the trust corpus,and the beneficiary has equitable title.

Which of the following statements is true of reciprocal wills?

Which of the following statements is true of a testator's signature on a will?

An equitable trust that is implied by law to avoid fraud,unjust enrichment,and injustice is defined as a ________.

A health care directive names an individual or individuals who can make health care decisions if the maker of the directive is unable to do so.

Which of the following is true of a living trust?

What are the requirements of the Statute of Wills?

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