Exam 26: Estates and Trusts

Which of the following is an agent who is given express,written authorization by his or her principal to do a particular act or series of acts on behalf of the principal?

In the states that have enacted the Uniform Simultaneous Death Act,many define simultaneous as deaths that are within ________ of one another.

A trust that is established and effective during the settlor's lifetime is known as a(n)________ trust.

Which of the following is not a requirement for the formation of a valid trust?

The rule against perpetuities does not apply to a:

Which of the following is the legal term for a person's permanent home?

The probate process involves collecting the decedent's property,paying off debts,and distributing the remaining property to others.

Under exceptional circumstances in which the creation of a trust is necessary to effectuate a settlor's intent or avoid unjust enrichment,the law imposes a trust even though no express trust exists.This is known as a(n)________ trust.

A will that is not executed with the formalities required by state law is void.

A Totten trust creates a revocable living trust.

A person making a will is called the ________.

Grandfather Summers had two children,Mary and Bill.Mary,her father's favorite,has one child,Margaret.Bill has two children,Jill and John.Mary and Bill die before Summers (in legal terms,predecease him),but all three grandchildren are living at the time of his death.Summers' estate has to be divided per capita.Who will get what?

A(n)________ is a written document that directs others how future health care decisions should be made in the event that the individual becomes incapacitated.

Which of the types of wills is written and signed in the testator's handwriting?

Which of the following statements about The Patient Self-Determination Act (Act)is false?

A durable power of attorney for healthcare only becomes relevant when:

A distinguishing feature between the making of an inter vivos gift and the creation of a trust is that:

Which of the following debts of the decedent must be paid upon his/her death?

Donald is the trustee of a trust created by Simpson,with Adams as the beneficiary.The trust property consists almost entirely of income-producing real property-office buildings,apartment complexes,etc.By placing a "P" or an "I" in the appropriate space,indicate whether the following fund transactions should be allocated to principal (P)or to interest (I). ________ 1.Rental income received from tenants on trust property. ________ 2.Capital gains realized from the sale of trust real estate. ________ 3.Property tax payments on trust property. ________ 4.Building management fees for trust property. ________ 5.Costs of ordinary repairs to trust property. ________ 6.Property insurance premiums on trust property. ________ 7.The cost of long-term permanent improvements to trust property.

A(n)________ is a gift of personal property or money.