Exam 52: Decedents Estates and Trusts

Which of the following is not a correct statement concerning wills?

Which of the following is an incorrect statement concerning trusts?

A decedent's transfer of $10,000 to a trustee,to be held in trust for A,will fail to create a valid trust if:

A trust may be terminated:

An individual who desires to make provisions that will be effective only on his or her death is said to have:

A will,to be effective,always must be dated.

Where a testatrix executes a will and later has a child:

A written will must be signed by the testator at the bottom or end of the will.

A will cannot be modified by merely crossing out a clause and writing in something new.

A will may only be revoked by operation of law;it may not be revoked by act of the testator.

A failure by the settlor to name a trustee renders a trust invalid.

Letters testamentary:

A will may be contested on grounds of:

A trustee cannot make decisions on matters that could not be foreseen by the settlor.

Fred and Mary were married.Fred had executed a will prior to the marriage that left all of his property,both real and personal,to his mother.Fred later died without changing his will.Mary feels that she should be entitled to some of Fred's estate.While waiting for Fred's estate to be finalized,Mary remarries.Mary's second husband executes a will providing for Mary.Later,after Mary and her husband adopt two children,her second husband dies.Mary feels that her children should be entitled to receive something from her second husband's estate.Is Mary and,later,are her adopted children entitled to receive something under the wills?

A bequest of a pearl necklace is a:

A living will,now legal in most states,provides that if the testator becomes unable to express his or her wishes and is in an irreversible,incurable medical condition,he or she does not want life-sustaining medical treatments.

Tuttle died at age 96,leaving a will that she made at age 40 that provided that her three children would share her estate equally.At the time of her death,only one child,Anna,was living.Tuttle's two deceased children,Bill and Caroline,each had two children who were living at the time of Tuttle's death.Anna is claiming that she is entitled to the entire estate because the bequests to Bill and Caroline lapsed upon their deaths prior to Tuttle's death.How will the estate be settled?

A trustee may keep all matters associated with the trust secret.

Generally,the right to make a will is limited to persons 18 or older.