Exam 51: Trusts and Wills

In order to use the money in a spendthrift trust as collateral, the beneficiary requires prior approval of the trustee.

The characteristics of a totten trust include:

The characteristics of a spendthrift trust include which of the following?

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. -bailment

Which of the following would be charged to the life tenant's interest in the course of administering a trust?

A witness to a will who is "interested" will be disinherited or disqualified.

If a will was burned in an electrical fire that destroyed the testator's home, the will is presumed to be revoked.

A trust is presumed to be irrevocable unless the grantor reserves the power of revocation.

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. -freehold estate

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

Which of the following is/are considered to be conduct to invalidate a will?

The death of the beneficiary will generally terminate the trust.

Almost all jurisdictions require that:

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. -restrictive covenants

A trust created by will to become effective at the death of a testator is called a(n):

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. -codicil

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. -zoning

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. -easement

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. -pledge

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. -will (testament)