Exam 52: Wills, Trusts, and Estates

Relatives who receive property under intestacy statutes are called beneficiaries.

A ________ is a document that states which lifesaving measures the signor does and does not want; can specify that he or she wants such treatments withdrawn if doctors determine that there is no hope of a meaningful recovery.

Who is an executor?

________ arise where two or more testators execute separate wills that leave their property to each other on the condition that the survivor leave the remaining property on his or her death as agreed by the testators.

A living trust is subject to property division on divorce.

What is a codicil?

Which of the following beneficiaries is considered a lineal descendant of the testator?

A will cannot be amended by merely striking out existing provisions and adding new ones.

Which of the following wills is an exception to the writing rule of the Statute of Wills?

A person who inherits property under a will or an intestacy statute takes the property subject to all the outstanding claims against it.

Which of the following statements is true of the requirements for making a will?

In a trust arrangement, the trustee has legal title to the trust corpus, and the beneficiary has equitable title.

A codicil is considered to be a separate instrument from the will it references.

Mr. Cartledge places his estate in a trust while he is alive, and he names a local bank as the trustee to administer the trust and invest its assets. The trust designates his wife as the income beneficiary of his estate and stipulates that their children Brendan and Margaret will receive the assets of the trust after his wife's death. Brendan and Margaret are the ________ in this scenario.

In an inter vivos trust, the settlor transfers legal title of property to a named trustee to hold, administer, and manage for the benefit of named beneficiaries while he or she is alive.

What is a holographic will?

The ________ doctrine says that if the property a testator leaves is insufficient to satisfy all the beneficiaries named in a will and there are both general and residuary bequests, the residuary bequest is paid last.

A gift of real estate by will is called a(n) ________.

A(n) ________ is a declaration of how a person wants his or her property to be distributed on death.

Who are the beneficiaries of a trust?