Exam 50: Wills and Trusts

Mason creates a trust to prevent his son, Newt, the beneficiary, from assign?ing his rights to future payments of income from the trust. This is

In his will, Vigor makes a gift of $10,000 to Wylie. This is

Patsy makes a gift of real estate in her will to Quinn. This gift is

The trustee is the person for whose benefit a trust is held.

To "publish" a will means to record it in the appropriate county office.

If a trust does not provide for its termination, it will not terminate.

Irma dies without a will, survived by her granddaughter Joey and Joey's brother Keno. Joey and Keno are Irma's

Dharma is the trustee of a trust in which Elin has a life estate and Frank has the remainder interest. The trust property is a farm. The farm is leased to Glen, who pays the rent to the trust. Property taxes are paid annually on the farm. Long-term improvements are occasionally made and paid for. A section of the farm's land is sold to Haruo, one of the farm's neigh?bors. How are the payments for taxes and improvements classified (ordi?nary or extraordinary)? How are the receipts of rent and the pro?ceeds from the land sale classified? To whom are these costs and benefits allocated?

If no heirs are found, the property of a decedent escheats to charitable organizations.

Dotty creates a trust by her will for the benefit of Eppie and her family to come into existence on Dotty's death. This is

Ratzo is asked to be a witness to Sade's will. Before attesting to the will,

A court will apply the same principles in reviewing a transfer outside probate as it would apply to a testamentary transfer.

A will is probated in part to establish its validity.

Most states permit a nuncupative will if it is made before witnesses.

Brick executes a will, telling the witnesses that the document they are about to sign is his "last will and testament." After Brick's death, the will is ad?mitted for probate. Cecily, his lawyer, reads the will to his heirs. The pub?lication of the will is

Tundi's will provides for a distribution of her assets on her death. Who "distributes" this property, and what are the steps involved?

One who dies with a valid will has died in probate.

For Troy's will to be valid, he must be mentally competent at the time of

If a trust provides for its termination on the beneficiary's death, the death will end the trust.

Gus dies without a will. Under applicable laws, the debts of his estate are paid by