Exam 51: Trusts and Wills

A totten trust involves a bank account opened by the settlor of the trust.

Which of the following is true about a constructive trust?

MATCHING Part X Matching Match each statement with the correct term below.a.Security interest in land created by a written document.b.Co-ownership in which each tenant holds an undivided interest with no right of survivorship.c.Commingling of identical goods belonging to different people so that the owners cannot identify their individual property.d.Property not in a physical form.e.Temporary transfer of possession of personal property by one party (the bailor) to another (the bailee).f.A security interest by possession.g.Absolute ownership of real property.h.Person who dies without a valid will.i.Co-ownership with the right of survivorship; requires the presence of the four unities.j.The right to remove the natural resources from the land of another.k.Revocable permission to use land of another.l.Ownership of real property for an indefinite time or for the life of a person.m.The principal method of public control over private land use.n.A formal document transferring any type of interest in land.o.The acquisition of title to land by open, continuous, and adverse occupancy for a statutorily prescribed period.p.The power of a government to take (buy) private land for public use.q.Private restrictions on real property contained in a conveyance, widely used in subdivisions.r.Fiduciary relationship in which legal title to property is held by one party for the use, enjoyment, and benefit of another.s.A written instrument executed with the formalities required by statute whereby a person makes a disposition of his property to take effect after his death.t.The court's supervision of the management and distribution of a decedent's estate.u.The person named in the will and appointed by the court to administer the will.v.An addition to or revision of a will executed with all the formalities of a will.w.Limited right to use another's land in a specific manner.x.Document of title issued by a carrier to a shipper as a receipt of goods for transportation.y.Intentional relinquishment of a known right. -intestate

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

The courts may not create implied trusts.

A totten trust is revocable by the creator.

Which of the following is true regarding property distribution upon a person's death intestate?

MATCHING Part X Matching Match each statement with the correct term below.a.Security interest in land created by a written document.b.Co-ownership in which each tenant holds an undivided interest with no right of survivorship.c.Commingling of identical goods belonging to different people so that the owners cannot identify their individual property.d.Property not in a physical form.e.Temporary transfer of possession of personal property by one party (the bailor) to another (the bailee).f.A security interest by possession.g.Absolute ownership of real property.h.Person who dies without a valid will.i.Co-ownership with the right of survivorship; requires the presence of the four unities.j.The right to remove the natural resources from the land of another.k.Revocable permission to use land of another.l.Ownership of real property for an indefinite time or for the life of a person.m.The principal method of public control over private land use.n.A formal document transferring any type of interest in land.o.The acquisition of title to land by open, continuous, and adverse occupancy for a statutorily prescribed period.p.The power of a government to take (buy) private land for public use.q.Private restrictions on real property contained in a conveyance, widely used in subdivisions.r.Fiduciary relationship in which legal title to property is held by one party for the use, enjoyment, and benefit of another.s.A written instrument executed with the formalities required by statute whereby a person makes a disposition of his property to take effect after his death.t.The court's supervision of the management and distribution of a decedent's estate.u.The person named in the will and appointed by the court to administer the will.v.An addition to or revision of a will executed with all the formalities of a will.w.Limited right to use another's land in a specific manner.x.Document of title issued by a carrier to a shipper as a receipt of goods for transportation.y.Intentional relinquishment of a known right. -deed

An express trust is a trust:

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

A trustee must act with the degree of care that a professional investor would use in making trust property productive.

Of the following elements, which one is NOT required to create an enforceable trust?

For a memorandum to be incorporated into a will, which of the following conditions must be met? The memorandum must be:

MATCHING Part X Matching Match each statement with the correct term below.a.Security interest in land created by a written document.b.Co-ownership in which each tenant holds an undivided interest with no right of survivorship.c.Commingling of identical goods belonging to different people so that the owners cannot identify their individual property.d.Property not in a physical form.e.Temporary transfer of possession of personal property by one party (the bailor) to another (the bailee).f.A security interest by possession.g.Absolute ownership of real property.h.Person who dies without a valid will.i.Co-ownership with the right of survivorship; requires the presence of the four unities.j.The right to remove the natural resources from the land of another.k.Revocable permission to use land of another.l.Ownership of real property for an indefinite time or for the life of a person.m.The principal method of public control over private land use.n.A formal document transferring any type of interest in land.o.The acquisition of title to land by open, continuous, and adverse occupancy for a statutorily prescribed period.p.The power of a government to take (buy) private land for public use.q.Private restrictions on real property contained in a conveyance, widely used in subdivisions.r.Fiduciary relationship in which legal title to property is held by one party for the use, enjoyment, and benefit of another.s.A written instrument executed with the formalities required by statute whereby a person makes a disposition of his property to take effect after his death.t.The court's supervision of the management and distribution of a decedent's estate.u.The person named in the will and appointed by the court to administer the will.v.An addition to or revision of a will executed with all the formalities of a will.w.Limited right to use another's land in a specific manner.x.Document of title issued by a carrier to a shipper as a receipt of goods for transportation.y.Intentional relinquishment of a known right. -tenancy in common

There is no such thing as an irrevocable will.

MATCHING Part X Matching Match each statement with the correct term below.a.Security interest in land created by a written document.b.Co-ownership in which each tenant holds an undivided interest with no right of survivorship.c.Commingling of identical goods belonging to different people so that the owners cannot identify their individual property.d.Property not in a physical form.e.Temporary transfer of possession of personal property by one party (the bailor) to another (the bailee).f.A security interest by possession.g.Absolute ownership of real property.h.Person who dies without a valid will.i.Co-ownership with the right of survivorship; requires the presence of the four unities.j.The right to remove the natural resources from the land of another.k.Revocable permission to use land of another.l.Ownership of real property for an indefinite time or for the life of a person.m.The principal method of public control over private land use.n.A formal document transferring any type of interest in land.o.The acquisition of title to land by open, continuous, and adverse occupancy for a statutorily prescribed period.p.The power of a government to take (buy) private land for public use.q.Private restrictions on real property contained in a conveyance, widely used in subdivisions.r.Fiduciary relationship in which legal title to property is held by one party for the use, enjoyment, and benefit of another.s.A written instrument executed with the formalities required by statute whereby a person makes a disposition of his property to take effect after his death.t.The court's supervision of the management and distribution of a decedent's estate.u.The person named in the will and appointed by the court to administer the will.v.An addition to or revision of a will executed with all the formalities of a will.w.Limited right to use another's land in a specific manner.x.Document of title issued by a carrier to a shipper as a receipt of goods for transportation.y.Intentional relinquishment of a known right. -profit à prendre

If a person dies intestate, his property will be:

An amendment to a will is called a(n):

Darrell executed a will fifteen years ago.Now he has changed his mind about how he wants his estate distributed and who he wants to appoint as executor.Discuss how Darrell may revoke his will.

A person named as a trust beneficiary: