Question 1

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.E) B) and C)
F) C) and D)

Question 2

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 trustE) B) and C)
F) A) and B)

Question 3

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 beneficiaryE) A) and B)
F) A) and C)

Question 4

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.E) A) and B)
F) All of the above

Question 5

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 ActE) B) and C)
F) C) and D)

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

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.E) B) and D)
F) C) and D)

Question 8

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 9

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 trustE) A) and D)
F) None of the above

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

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 13

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 14

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)   abatementE) A) and B)
F) None of the above

Question 15

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)   ademptionE) C) and D)
F) All of the above

Question 16

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.E) A) and D)
F) All of the above

Question 17

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)   ademptionE) A) and B)
F) A) and C)

Question 18

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

Accepted Answer

To fund a living trust, the grantor tran...

Question 19

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 personE) A) and B)
F) All of the above

Question 20

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

Accepted Answer

A) True 
 B)False

Exam 52: Wills, Trusts, and Estates

What is a trust corpus?

Correct Answer
verified

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.

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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.

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified
The court considers elements such as the...
View Answer

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

Correct Answer
verified

Which of the following statements is true of reciprocal wills?

Correct Answer
verified

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

Correct Answer
verified

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.

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified
To fund a living trust, the grantor tran...
View Answer

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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) ________.

Correct Answer
verified

Correct Answer
verified

Exam 52: Wills, Trusts, and Estates

What is a trust corpus?

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedThe court considers elements such as the...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following statements is true of reciprocal wills?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedTo fund a living trust, the grantor tran...View AnswerShow Answer

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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) ________.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The court considers elements such as the...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
To fund a living trust, the grantor tran...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified