Question 1

If a trust is created to take effect within the lifetime of the settlor,it is a testamentary trust.

Accepted Answer

A) True 
 B)False

Question 2

Testate distribution describes the distribution that is made when the decedent leaves an invalid will.

Accepted Answer

A) True 
 B)False

Question 3

Every trust must have a beneficiary.

Accepted Answer

A) True 
 B)False

Question 4

Statutes often require that the attestation of witnesses be made in the presence of the testator and in the presence of each other.

Accepted Answer

A) True 
 B)False

Question 5

Margo had only one son,and her husband had predeceased her.The son was reckless and extravagant,but Margo loved him dearly.She left all her property to a trustee in trust for her son and provided that the trust was a spendthrift trust.Margo further provided that the income from the trust was to be paid to her son quarterly until he reached the age of 30 at which time the full trust corpus was to be paid over to him.After Margo's death and before the son had reached the age of 30,the son signed a contract that purported to transfer the entire trust corpus to a finance company.The son was paid for this.The son had also run up many unpaid bills on which he was sued and judgments entered against him.The finance company and the other judgment creditors are seeking to compel the trustee to turn over the trust corpus to them.Decide.

Accepted Answer

Where the settlor provides that the trus

Question 6

A trustee can delegate the performance of personal duties.

Accepted Answer

A) True 
 B)False

Question 7

When property is transferred to a trust,the trustee has legal title and the beneficiary has equitable title.

Accepted Answer

A) True 
 B)False

Question 8

Probate is the act by which:

Accepted Answer

A)  the court declares an instrument is a valid will. 
B)  a qualified person may contest the will. 
C)  the witnesses sign an attestation clause. 
D)  publication of the will takes place. 
A)  the court declares an instrument is a valid will. 
B)  a qualified person may contest the will. 
C)  the witnesses sign an attestation clause. 
D)  publication of the will takes place.

Question 9

A trustee is not permitted to profit personally from the position of trustee,other than to receive the compensation allowed by contract or law.

Accepted Answer

A) True 
 B)False

Question 10

Antilapse statutes commonly provide that the gift to the deceased beneficiary shall not lapse but that the children or heirs of that beneficiary may take the legacy in the place of the deceased beneficiary.

Accepted Answer

A) True 
 B)False

Question 11

The relatives of an individual who dies without a valid will may acquire title to the decedent's property through:

Accepted Answer

A)  intestate succession. 
B)  the right of replevin. 
C)  testate succession. 
D)  the right of acquisition. 
A)  intestate succession. 
B)  the right of replevin. 
C)  testate succession. 
D)  the right of acquisition.

Question 12

One desiring to leave the balance of an estate to a specified person or group after specific bequests are satisfied may do so by making a residuary bequest in a will.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is generally not required for the testator to have testamentary capacity?

Accepted Answer

A)  The testator knows the exact value of his or her estate. 
B)  The testator understands the writing to be a will. 
C)  The testator has a reasonable appreciation of the identity of relatives and friends. 
D)  The testator has a reasonable appreciation of the extent of the property that may exist at death. 
A)  The testator knows the exact value of his or her estate. 
B)  The testator understands the writing to be a will. 
C)  The testator has a reasonable appreciation of the identity of relatives and friends. 
D)  The testator has a reasonable appreciation of the extent of the property that may exist at death.

Exam 52: Decedents Estates and Trusts

If a trust is created to take effect within the lifetime of the settlor,it is a testamentary trust.

Testate distribution describes the distribution that is made when the decedent leaves an invalid will.

Every trust must have a beneficiary.

Statutes often require that the attestation of witnesses be made in the presence of the testator and in the presence of each other.

A trustee can delegate the performance of personal duties.

When property is transferred to a trust,the trustee has legal title and the beneficiary has equitable title.

Probate is the act by which:

A trustee is not permitted to profit personally from the position of trustee,other than to receive the compensation allowed by contract or law.

Antilapse statutes commonly provide that the gift to the deceased beneficiary shall not lapse but that the children or heirs of that beneficiary may take the legacy in the place of the deceased beneficiary.

The relatives of an individual who dies without a valid will may acquire title to the decedent's property through:

One desiring to leave the balance of an estate to a specified person or group after specific bequests are satisfied may do so by making a residuary bequest in a will.

Which of the following is generally not required for the testator to have testamentary capacity?

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