Question 1

What are the different elements a court considers to determine the presence of undue influence in making a will?

Accepted Answer

The court considers elements such as the

Question 2

A mutual will cannot be unilaterally revoked after one of the parties has died.

Accepted Answer

A) True 
 B)False

Question 3

A distribution of an estate in which grandchildren and great-grandchildren of the deceased inherit by representation of their parent is known as a(n) ________.

Accepted Answer

A)  abatement 
B)  per stirpes distribution 
C)  per capita distribution 
D)  ademption 
A)  abatement 
B)  per stirpes distribution 
C)  per capita distribution 
D)  ademption

Question 4

Which of the following statements is true of real property inherited under a will?

Accepted Answer

A)  The person is not allowed to renounce the will after the death of the testator. 
B)  The person can only renounce the will before probate is conducted. 
C)  The person is not allowed to renounce the will if all outstanding claims against it are not settled by him or her. 
D)  All outstanding claims against the property like liens and mortgages are inherited by the beneficiary. 
A)  The person is not allowed to renounce the will after the death of the testator. 
B)  The person can only renounce the will before probate is conducted. 
C)  The person is not allowed to renounce the will if all outstanding claims against it are not settled by him or her. 
D)  All outstanding claims against the property like liens and mortgages are inherited by the beneficiary.

Question 5

The action of a will being witnessed by two or three objective and competent people is known as ________.

Accepted Answer

A)  attestation 
B)  abatement 
C)  escheating 
D)  ademption 
A)  attestation 
B)  abatement 
C)  escheating 
D)  ademption

Question 6

Nicknames or titles cannot be used as a testator's signature in a will.

Accepted Answer

A) True 
 B)False

Question 7

Bill and Deidre were married for 22 years. They died in a car accident without leaving behind a will. They had no surviving children, but they were close to many of their living relatives. According to the Uniform Simultaneous Death Act, how would the couple's properties be distributed following their death?

Accepted Answer

A)  It would be made into a charitable fund by a court-appointed trustee. 
B)  It would escheat to the government. 
C)  It would be distributed to their respective relatives. 
D)  It would be sold by the government, and the proceedings from the sale would then go to their relatives. 
A)  It would be made into a charitable fund by a court-appointed trustee. 
B)  It would escheat to the government. 
C)  It would be distributed to their respective relatives. 
D)  It would be sold by the government, and the proceedings from the sale would then go to their relatives.

Question 8

A ________ is created when a person deposits money in a bank account in his or her own name and holds it as a trustee for the benefit of another person.

Accepted Answer

A)  resulting trust 
B)  Totten trust 
C)  spendthrift trust 
D)  testamentary trust 
A)  resulting trust 
B)  Totten trust 
C)  spendthrift trust 
D)  testamentary trust

Question 9

A living will states a person's wishes regarding estate planning.

Accepted Answer

A) True 
 B)False

Question 10

When there is an allegation of undue influence in making a will, the courts only consider direct evidence as proof.

Accepted Answer

A) True 
 B)False

Question 11

Give an account of the funding and operation of a living trust.

Accepted Answer

To fund a living trust, the grantor tran

Question 12

Trusts are used to transfer property that is to be held and managed for the benefit of another person or persons.

Accepted Answer

A) True 
 B)False

Question 13

What is a trust corpus?

Accepted Answer

A)  property and assets that are claimed in case of intestacy 
B)  property and assets that the trustee has an equitable right to 
C)  property and assets escheated to the government in the absence of a trustee 
D)  property and assets held in trust to be used for the benefit of a third person 
A)  property and assets that are claimed in case of intestacy 
B)  property and assets that the trustee has an equitable right to 
C)  property and assets escheated to the government in the absence of a trustee 
D)  property and assets held in trust to be used for the benefit of a third person

Question 14

The ________ is an act in the United States that provides that if people who would inherit property from each other die such that it cannot be determined who died first, each person's property is distributed as though he or she had survived.

Accepted Answer

A)  Succession Act of 1995 
B)  Family Law Act of 1986 
C)  Uniform Determination of Death Act 
D)  Uniform Simultaneous Death Act 
A)  Succession Act of 1995 
B)  Family Law Act of 1986 
C)  Uniform Determination of Death Act 
D)  Uniform Simultaneous Death Act

Question 15

Who receives the trust res on the termination of a trust?

Accepted Answer

A)  the heir 
B)  the trustor 
C)  the remainder beneficiary 
D)  the income beneficiary 
A)  the heir 
B)  the trustor 
C)  the remainder beneficiary 
D)  the income beneficiary

Question 16

Wilma buys a painting that is to be sold at an auction next week, but she has an unforeseen engagement that requires her to go out of town on the day of the auction. She asks her sister, Sara, to attend the auction and bid for the painting. If the sale is successful, Sara is to claim legal title to the painting until Wilma returns. What kind of trust is created between Wilma and Sara?

Accepted Answer

A)  a charitable trust 
B)  a testamentary trust 
C)  a token trust 
D)  a resulting trust 
A)  a charitable trust 
B)  a testamentary trust 
C)  a token trust 
D)  a resulting trust

Question 17

A(n) ________ is a legal arrangement established when one person transfers title to property to another person to be held and used for the benefit of a third person.

Accepted Answer

A)  will 
B)  trust 
C)  escheatment 
D)  abatement 
A)  will 
B)  trust 
C)  escheatment 
D)  abatement

Question 18

Which of the following statements is true of reciprocal wills?

Accepted Answer

A)  They can be held invalid as to one testator but not the other. 
B)  They are to be executed as one will with mutual terms. 
C)  Any will that is executed by two or more testators is a reciprocal will. 
D)  They cannot be unilaterally revoked after one of the parties has died. 
A)  They can be held invalid as to one testator but not the other. 
B)  They are to be executed as one will with mutual terms. 
C)  Any will that is executed by two or more testators is a reciprocal will. 
D)  They cannot be unilaterally revoked after one of the parties has died.

Question 19

Which of the following is a benefit of a living trust?

Accepted Answer

A)  It helps reduce estate taxes more than a will does. 
B)  It helps avoid probate associated with the property. 
C)  It is not subject to property division on divorce. 
D)  It does not allow creditors to obtain liens against the property. 
A)  It helps reduce estate taxes more than a will does. 
B)  It helps avoid probate associated with the property. 
C)  It is not subject to property division on divorce. 
D)  It does not allow creditors to obtain liens against the property.

Question 20

According to the doctrine of ademption, the lineal descendants inherit by representation of their parent.

Accepted Answer

A) True 
 B)False

Exam 52: Wills, Trusts, and Estates

What are the different elements a court considers to determine the presence of undue influence in making a will?

A mutual will cannot be unilaterally revoked after one of the parties has died.

A distribution of an estate in which grandchildren and great-grandchildren of the deceased inherit by representation of their parent is known as a(n) ________.

Which of the following statements is true of real property inherited under a will?

The action of a will being witnessed by two or three objective and competent people is known as ________.

Nicknames or titles cannot be used as a testator's signature in a will.

A ________ is created when a person deposits money in a bank account in his or her own name and holds it as a trustee for the benefit of another person.

A living will states a person's wishes regarding estate planning.

When there is an allegation of undue influence in making a will, the courts only consider direct evidence as proof.

Give an account of the funding and operation of a living trust.

Trusts are used to transfer property that is to be held and managed for the benefit of another person or persons.

What is a trust corpus?

The ________ is an act in the United States that provides that if people who would inherit property from each other die such that it cannot be determined who died first, each person's property is distributed as though he or she had survived.

Who receives the trust res on the termination of a trust?

A(n) ________ is a legal arrangement established when one person transfers title to property to another person to be held and used for the benefit of a third person.

Which of the following statements is true of reciprocal wills?

Which of the following is a benefit of a living trust?

According to the doctrine of ademption, the lineal descendants inherit by representation of their parent.

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