Question 1

When a person procures the transfer of property by means of fraud or duress,he becomes a(n)________ and is under an obligation to return the property to its original owner.

Accepted Answer

A) constructive trustee 
B) implied trustee 
C) executor 
D) administrator 
A) constructive trustee 
B) implied trustee 
C) executor 
D) administrator A

Question 2

A person who is appointed under a will to look after the property of the decedent is known as a(n):

Accepted Answer

A) obligee. 
B) estate agent. 
C) legal heir. 
D) executor. 
A) obligee. 
B) estate agent. 
C) legal heir. 
D) executor. D

Question 3

Incorporation by reference refers to:

Accepted Answer

A) the specification of heirs in a will without naming them,e.g. ,to my children. 
B) the necessity that witnesses to a will do not benefit from it in any way. 
C) the inclusion of extrinsic documents in a will. 
D) the requirement that a will is executed according to state law. 
A) the specification of heirs in a will without naming them,e.g. ,to my children. 
B) the necessity that witnesses to a will do not benefit from it in any way. 
C) the inclusion of extrinsic documents in a will. 
D) the requirement that a will is executed according to state law. C

Question 4

What is the term for planning for the transfer of a person's estate in later life and at death?

Accepted Answer

A) Estate Planning 
B) Probate 
C) Corporate Giving 
D) Intestate 
A) Estate Planning 
B) Probate 
C) Corporate Giving 
D) Intestate

Question 5

Which of the following statements about revocation of wills is false?

Accepted Answer

A) Physical destruction of a will with the intent to revoke it constitutes revocation. 
B) A will can be revoked by operation of law without any act on the part of the testator signifying revocation. 
C) A will is revocable until the moment of the testator's death,and as a result,confers no present interest in the testator's property. 
D) A later will,even if it does not expressly revoke the prior will,will operate to revoke the prior will in its entirety. 
A) Physical destruction of a will with the intent to revoke it constitutes revocation. 
B) A will can be revoked by operation of law without any act on the part of the testator signifying revocation. 
C) A will is revocable until the moment of the testator's death,and as a result,confers no present interest in the testator's property. 
D) A later will,even if it does not expressly revoke the prior will,will operate to revoke the prior will in its entirety.

Question 6

A(n)________ is a document executed with specific legal formalities by a testator that contains her instructions about the way her property will be disposed of at her death.

Accepted Answer

A) trust 
B) will 
C) advance directive 
D) res 
A) trust 
B) will 
C) advance directive 
D) res

Question 7

A personal representative under a will is also known as the executor.

Accepted Answer

A) True 
 B)False

Question 8

Before he died,Aaron created a charitable trust for the plantation of Analytica Beni trees,nominating David as the trustee.Some years later,planting Analytica Beni trees is declared illegal by the state.What remedies does David have available to him?

Accepted Answer

David has the remedy of the application

Question 9

What is a gift of real property called?

Accepted Answer

A) Residuary 
B) Estate 
C) Bequest 
D) Devise 
A) Residuary 
B) Estate 
C) Bequest 
D) Devise

Question 10

If an individual dies without a will,then they are said to have died intestate.

Accepted Answer

A) True 
 B)False

Question 11

Most states require that the personal representative of an estate post a bond:

Accepted Answer

A) in the amount of $5,000. 
B) in the amount of $10,000. 
C) in accordance with the amount provided by the will. 
D) in an amount in excess of the estimated value of the estate. 
A) in the amount of $5,000. 
B) in the amount of $10,000. 
C) in accordance with the amount provided by the will. 
D) in an amount in excess of the estimated value of the estate.

Question 12

Which of the following follows after the testator's signature and states the formalities that have been followed in the execution of the will?

Accepted Answer

A) Attestation clause 
B) Codicil 
C) Survival clause 
D) A notary's statement of execution 
A) Attestation clause 
B) Codicil 
C) Survival clause 
D) A notary's statement of execution

Question 13

To interpret a will,the court gives preference to the statements of the beneficiaries rather than the intent of the testator.

Accepted Answer

A) True 
 B)False

Question 14

Under the doctrine of cy pres,the trust will not fail if the settlor indicated a general intention to devote the property to charitable purposes.

Accepted Answer

A) True 
 B)False

Question 15

If the decedent died intestate,the personal representative is called a(n)________.

Accepted Answer

A) trustee 
B) executor 
C) administrator 
D) beneficiary 
A) trustee 
B) executor 
C) administrator 
D) beneficiary

Question 16

Lyle and Susie had three children: Seed,Sierra,and Shasta.All three children are adults.Although Sierra and Shasta each attend college,Seed has not quite found himself.Seed tours with various music bands.He plays guitar,spends most of the year hiking the Cascade Mountains,and plans to live on a commune in Big Sur,California.Lyle and Susie visited their attorney to plan their estates.They wish to leave equal shares of their estates to their children,but they are concerned that Seed will not be able to handle an inheritance.What should they do with respect to Seed's share?

Accepted Answer

Lyle and Susie can establish a spendthri

Question 17

To be valid,a holographic will must be typed.

Accepted Answer

A) True 
 B)False

Question 18

A gift is given to the testator's issue or descendants,with each surviving descendant dividing the share that his or her parent would have taken if the parent had survived.This is known as division ________.

Accepted Answer

A) per stirpes 
B) per capita 
C) inter vivos 
D) causa mortis 
A) per stirpes 
B) per capita 
C) inter vivos 
D) causa mortis

Question 19

Which of the following is a comprehensive,uniform law that is intended to update and unify state law concerning the disposition and administration of property at death?

Accepted Answer

A) Uniform Probate Code 
B) Uniform Estate Planning Code 
C) Uniform Testate and Intestacy Code 
D) Uniform Estate Administration Code 
A) Uniform Probate Code 
B) Uniform Estate Planning Code 
C) Uniform Testate and Intestacy Code 
D) Uniform Estate Administration Code

Question 20

In intestate succession what is the term for the individuals that stand to inherit the decedent's assets?

Accepted Answer

A) Probate 
B) Heirs 
C) Incorporation 
D) Executors 
A) Probate 
B) Heirs 
C) Incorporation 
D) Executors

Exam 26: Estates and Trusts

When a person procures the transfer of property by means of fraud or duress,he becomes a(n)________ and is under an obligation to return the property to its original owner.

A person who is appointed under a will to look after the property of the decedent is known as a(n):

Incorporation by reference refers to:

What is the term for planning for the transfer of a person's estate in later life and at death?

Which of the following statements about revocation of wills is false?

A(n)________ is a document executed with specific legal formalities by a testator that contains her instructions about the way her property will be disposed of at her death.

A personal representative under a will is also known as the executor.

Before he died,Aaron created a charitable trust for the plantation of Analytica Beni trees,nominating David as the trustee.Some years later,planting Analytica Beni trees is declared illegal by the state.What remedies does David have available to him?

What is a gift of real property called?

If an individual dies without a will,then they are said to have died intestate.

Most states require that the personal representative of an estate post a bond:

Which of the following follows after the testator's signature and states the formalities that have been followed in the execution of the will?

To interpret a will,the court gives preference to the statements of the beneficiaries rather than the intent of the testator.

Under the doctrine of cy pres,the trust will not fail if the settlor indicated a general intention to devote the property to charitable purposes.

If the decedent died intestate,the personal representative is called a(n)________.

To be valid,a holographic will must be typed.

A gift is given to the testator's issue or descendants,with each surviving descendant dividing the share that his or her parent would have taken if the parent had survived.This is known as division ________.

Which of the following is a comprehensive,uniform law that is intended to update and unify state law concerning the disposition and administration of property at death?

In intestate succession what is the term for the individuals that stand to inherit the decedent's assets?

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