Question 1

Which of the following is an example of advance directives?

Accepted Answer

A)  Intestacy 
B)  Codicil 
C)  Escheat 
D)  Living will 
A)  Intestacy 
B)  Codicil 
C)  Escheat 
D)  Living will

Question 2

A durable power of attorney terminates upon the incapacity of the principal.

Accepted Answer

A) True 
 B)False

Question 3

Define a constructive trust and the duty it imposes on the constructive trustee.

Accepted Answer

A constructive trust is a trust created

Question 4

Who among the following is responsible for supervision of administering a person's will and settling their estate?

Accepted Answer

A)  An arbitrator 
B)  The attorney general 
C)  A Probate court 
D)  A Family court 
A)  An arbitrator 
B)  The attorney general 
C)  A Probate court 
D)  A Family court

Question 5

When a person dies intestate,the property the person owns:

Accepted Answer

A)  will be distributed to the people designated as the intestate's heirs. 
B)  will be considered public property and will be at the government's disposal. 
C)  escheats to the state. 
D)  will go to the biological children, not the adopted children. 
A)  will be distributed to the people designated as the intestate's heirs. 
B)  will be considered public property and will be at the government's disposal. 
C)  escheats to the state. 
D)  will go to the biological children, not the adopted children.

Question 6

A charitable trust is not valid if no definitely ascertainable beneficiary is named and or if it is to continue for an indefinite or unlimited period.

Accepted Answer

A) True 
 B)False

Question 7

If a person who is entitled to a share of the decedent's estate survives the decedent but dies before receiving her share,her share in the decedent's estate becomes part of her own estate.

Accepted Answer

A) True 
 B)False

Question 8

A nuncupative will:

Accepted Answer

A)  is an oral will that is valid only under limited circumstances. 
B)  is valid only to transfer real property. 
C)  must be signed by the testator. 
D)  is valid only when made by soldiers or sailors. 
A)  is an oral will that is valid only under limited circumstances. 
B)  is valid only to transfer real property. 
C)  must be signed by the testator. 
D)  is valid only when made by soldiers or sailors.

Question 9

Spendthrift clauses:

Accepted Answer

A)  restrict the voluntary or involuntary transfer of a beneficiary's interest in a trust. 
B)  prevent creditors who have furnished necessaries from compelling payment. 
C)  enable a person to put their own property beyond the claims of their own creditors. 
D)  prevent divorced spouses from claiming alimony. 
A)  restrict the voluntary or involuntary transfer of a beneficiary's interest in a trust. 
B)  prevent creditors who have furnished necessaries from compelling payment. 
C)  enable a person to put their own property beyond the claims of their own creditors. 
D)  prevent divorced spouses from claiming alimony.

Question 10

A will proved by an affidavit sworn to and signed by the testator and the witnesses,at the time the will was executed,is called a self-proving affidavit.

Accepted Answer

A) True 
 B)False

Question 11

Children who are born or adopted after a will has been executed are called:

Accepted Answer

A)  presumptive heirs. 
B)  pretermitted children. 
C)  illegitimate children. 
D)  nuncupative heirs. 
A)  presumptive heirs. 
B)  pretermitted children. 
C)  illegitimate children. 
D)  nuncupative heirs.

Question 12

What are the conditions under which holographic wills are recognized as valid?

Accepted Answer

Holographic wills are wills that are wri

Question 13

A trustee owes a duty of loyalty to the beneficiaries.

Accepted Answer

A) True 
 B)False

Question 14

While on his deathbed,Miguel's grandfather,Julio,revoked all his prior wills and wrote out a new will in his own handwriting,leaving everything to the local animal shelter in trust for his dog,Fido.Julio signed the will and mailed it to the animal shelter before he died.Miguel wants to challenge the new will.Which of the following statements is true?

Accepted Answer

A)  Julio did not have the legal right to revoke his prior will without notice to Miguel and the other beneficiaries. 
B)  If Julio lacked the mental capacity to understand his actions, the new will is invalid. 
C)  Wills made on the deathbed cannot be lawfully executed, and Julio should have made the will before. 
D)  The will would be treated as valid only if Miguel had approved of the changes before Julio's death. 
A)  Julio did not have the legal right to revoke his prior will without notice to Miguel and the other beneficiaries. 
B)  If Julio lacked the mental capacity to understand his actions, the new will is invalid. 
C)  Wills made on the deathbed cannot be lawfully executed, and Julio should have made the will before. 
D)  The will would be treated as valid only if Miguel had approved of the changes before Julio's death.

Question 15

A person who inherits property under a will takes the property free of all outstanding claims against the property.

Accepted Answer

A) True 
 B)False

Question 16

What makes holographic wills suspect?

Accepted Answer

A)  They are not properly witnessed. 
B)  They are not written and signed in the testator's handwriting. 
C)  They are typed by the testator and signed by him or her. 
D)  They are oral wills. 
A)  They are not properly witnessed. 
B)  They are not written and signed in the testator's handwriting. 
C)  They are typed by the testator and signed by him or her. 
D)  They are oral wills.

Question 17

Which of the following creates a revocable living trust?

Accepted Answer

A)  Doctrine of cy pres 
B)  Express trust 
C)  Spendthrift trust 
D)  Totten trust 
A)  Doctrine of cy pres 
B)  Express trust 
C)  Spendthrift trust 
D)  Totten trust

Question 18

A person could move in and out of periods of lucidity and still have testamentary capacity if she executed her will during a lucid period.

Accepted Answer

A) True 
 B)False

Question 19

At common law,which of the following is true of the right of a widow on a life estate?

Accepted Answer

A)  The widow gets a one-third interest in fee simple, only in the real property owned by the testator during their marriage. 
B)  The widow has the right to a life estate in two-thirds of the lands owned by her husband at the time of his death. 
C)  The widow has the right to a life estate in half of the lands owned by her husband during their marriage. 
D)  The widow gets a one-third interest in fee simple in the real and personal property owned by her husband at the time of his death. 
A)  The widow gets a one-third interest in fee simple, only in the real property owned by the testator during their marriage. 
B)  The widow has the right to a life estate in two-thirds of the lands owned by her husband at the time of his death. 
C)  The widow has the right to a life estate in half of the lands owned by her husband during their marriage. 
D)  The widow gets a one-third interest in fee simple in the real and personal property owned by her husband at the time of his death.

Question 20

Life insurance proceeds are usually controlled by:

Accepted Answer

A)  testamentary capacity. 
B)  the provisions of a will. 
C)  the insured's designation of beneficiaries. 
D)  the right of survivorship. 
A)  testamentary capacity. 
B)  the provisions of a will. 
C)  the insured's designation of beneficiaries. 
D)  the right of survivorship.

Exam 36: Estates and Trusts

Which of the following is an example of advance directives?

A durable power of attorney terminates upon the incapacity of the principal.

Define a constructive trust and the duty it imposes on the constructive trustee.

Who among the following is responsible for supervision of administering a person's will and settling their estate?

When a person dies intestate,the property the person owns:

A charitable trust is not valid if no definitely ascertainable beneficiary is named and or if it is to continue for an indefinite or unlimited period.

If a person who is entitled to a share of the decedent's estate survives the decedent but dies before receiving her share,her share in the decedent's estate becomes part of her own estate.

A nuncupative will:

Spendthrift clauses:

A will proved by an affidavit sworn to and signed by the testator and the witnesses,at the time the will was executed,is called a self-proving affidavit.

Children who are born or adopted after a will has been executed are called:

What are the conditions under which holographic wills are recognized as valid?

A trustee owes a duty of loyalty to the beneficiaries.

A person who inherits property under a will takes the property free of all outstanding claims against the property.

What makes holographic wills suspect?

Which of the following creates a revocable living trust?

A person could move in and out of periods of lucidity and still have testamentary capacity if she executed her will during a lucid period.

At common law,which of the following is true of the right of a widow on a life estate?

Life insurance proceeds are usually controlled by:

Law, Legal Reasoning, and the Legal Profession

Dispute Settlement

Business Ethics and Corporate Social Responsibility

Business and the Constitution

Crimes

Intentional Torts

Negligence and Strict Liability

Licensing and Intellectual Propertypart Two Contracts

The Nature and Origins of Contracts

Creating a Contract: Offers

Creating a Contract: Acceptances

Consideration

Capacity to Contract

Voluntary Consent

Illegality

The Form and Meaning of Contracts

Third Parties Contract Rights

Performance and Remediespart Three Sales

Formation and Terms of Sales Contracts

Warranties and Product Liability

Performance of Sales Contracts

Remedies for Breach of Sales Contractspart Four Agency and Employment

The Agency Relationship-Creation, duties, and Termination

Liability of Principals and Agents to Third Parties

Employment Laws-Part Five Business Organizations

Which Form of Business Organization

Partnerships

Formation and Termination of Corporations

Management of the Corporate Business

Financing the Corporation and the Role of the Shareholders

Securities Regulation

Legal Liability of Accountantspart Six Property

Personal Property and Bailments

Real Property

Landlord and Tenant

Insurance-Part Seven Commercial Paper

Negotiable Instruments

Negotiation and Holder in Due Course

Liability of Parties

Checks and Electronic Fund Transfers-Part Eight Credit Transactions

Introduction to Security

Security Interests in Personal Property

Bankruptcy-Part Nine Government Regulation

The Antitrust Laws

Consumer Protection Laws

Environmental Regulation

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