Exam 51: Trusts and Wills

A trust will fail for lack of:

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. -bill of lading

In 1998, Boyd created a trust that would become effective on his death.In the trust instrument, Boyd specified that all of the income from his stocks and bonds be used for the benefit of St.John's Hospital and indicated that his brother Chad should administer the trust. a.What kind of trust is this? b.What is Boyd with relationship to the trust? c.What is the corpus of the trust? d.What is Chad with relationship to the trust?

Dan, a widower, dies intestate, leaving two surviving children, Joe and Carrie, and two grandchildren who are children of his deceased daughter, Debra.If Joe and Carrie each take one-third of his estate and the grandchildren each take one-sixth of the estate, this is described legally by the statement that:

If Neal wants to reject the use of life-prolonging procedures that artificially delay the dying process if he becomes permanently unconscious with a terminal condition, he can make his wishes known through following statutory requirements for a living will.

A living will is a document 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. -confusion

Constructive trusts are generally found where the creator clearly intended a trust to be formed.

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. -adverse possession

Wills and trusts, after being validly created, are revocable.

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. -trust

A completely handwritten will is valid only if witnessed.

All of the following may, in general, revoke a will by operation of law EXCEPT:

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. -fee simple

A valid will must be witnessed.Which of the following statements about witnesses is correct?

In order to be valid, a will must generally include all but which one of the following?

Which of the following will be acceptable as a witness to a will?

A trustee has a duty to make proper allocation of benefits and burdens between income beneficiaries and remaindermen.Which of the following statements is true concerning this allocation?

Renunciation is a statutory right of a surviving spouse to give up a statutory share in the estate.

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. -waiver