Exam 52: B: Wills and Trusts

A living trust cannot be irrevocable.

Dyan executes her will to give "to my nephew Esau my stock in Fargo,Inc." Later,Dyan writes separately,with the same formalities required for a will,to leave the stock to her niece Ginny and cash to Esau.This writing

A trust created by a will to come into existence on the settlor's death is a living trust.

When there is no surviving spouse or child,the next in the order of inheritance are the grandchildren.

Clayton dies without a will.The distribution of Clayton's property,including his farm near Lincoln,Nebraska,is prescribed by

A "living will" is a will drafted and executed during a decedent's life.

The property of a decedent escheats to his or her designated heirs.

Filbert wants to put some money in trust for his son Gregor,but he does not want to lose full control over the funds in case he may need them in the future.One trust suited to Filbert's needs is

Gwyn dies without a will,survived by her nephew Halsey and her aunt Ilene.Halsey and Ilene are Gwyn'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?

Keri's will states,"I give to my sister Liz my condominium in Malibu,California." This is

For a will to be valid,a testator must be of "sound mind" at the time of death.

Dan makes a will leaving a specific sum of money to each surviving rela?tive.The assets of Dan's estate are not enough to make all of the gifts in full.This situation requires

The joint ownership of property is a method of accomplishing a property transfer without a will.

Leo is asked to serve as a witness to Mona's will.To qualify,Leo must be

A will must normally be attested to by two or three mentally competent witnesses.

Char's daughter Delsey dies before Char,leaving Delsey's son Egor.On Char's death,it is learned that Char's will gives "to my daughter Delsey my ranch in Mesquite County,Texas." Most likely,the gift of the ranch

Juli types onto a computer what she intends to be "My Will" and prints it out.Juli has capacity."My Will" is

A resulting trust is a trust implied in law.

A codicil is a will substitute that avoids the cost of probate.