Exam 52: Wills, Trusts, and Estates

In a spendthrift trust, all control over the trust is removed from the beneficiary.

Which of the following is true of a living trust?

A will can be created to come into effect during one's lifetime.

What is a person's right to die? What are the views regarding the legality of euthanasia in the United States?

A will is a testamentary deposition of property.

Mr. Raynold writes a will placing his estate in a trust on his death. He names a local bank as the trustee to administer the trust and invest its assets. The trust provides that when his grandson reaches the age of 23, the trust will terminate, and he will be given legal title to the assets. Mr. Raynold dies when the grandson is 12 years old. At the age of 23, the grandson inherits the title to the assets. What kind of trust is created by Mr. Raynold in this scenario?

All trusts are deemed irrevocable at the time of creation.

Which of the following statements is true of a testator's signature on a will?

A probate can only be conducted by a lineal descendant of the testator.

The receiver of property under intestacy statutes is known as a(n) ________.

A will that is executed by two or more testators is known as a ________.

Which of the following does a health care directive outline?

Reductions under the doctrine of abatement are proportionate for all beneficiaries ________.

Pursuant to per capita distribution, all the lineal descendants equally share the property of the estate.

A gift of $30,000 to a named beneficiary is an example of a ________ gift.

A will has to be written on legal paper to be considered valid.

If the deceased has no surviving relatives, then the deceased's property escheats to the state.

In case of abatement, if a will provides for both general and residuary gifts, the residuary gifts are abated first.

What are the requirements of the Statute of Wills?

The person or entity to receive the trust corpus on the termination of the trust is called the remainder beneficiary.