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Exam 52: Wills and Trusts

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Question 21

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The Uniform Anatomical Gifts Act (UAGA) provides that any individual age 21 or older may give all or any part of his or her body to a donee on death so long as the closest surviving next-of-kin does not object.

A) True
B) False

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verified

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Question 22

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Usually, express trusts are written and are called trust instruments or agreements.

A) True
B) False

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Question 23

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Testators must go through the same procedures to make a(n) ________ as those followed in making the original will.

Which of the following is not one of the reasons suggested by the text as to why people create trusts?

What are the two usual components of trusts, and what are their functions?

Carson decides upon his death that he wants to donate his body to science and leaves this wish in his will. This is known as a(n) ________

Calvin's only daughter, Bianca, married Jeremy, a young man that Calvin intensely disliked. Calvin believes that Bianca and Jeremy will divorce, but perhaps not before Calvin's death. Calvin would like to prevent Jeremy from obtaining any stock in Calvin's company. What should Calvin consider?

When someone dies, a(n) ________ chosen by the testator collects the testator's property, pays debts and taxes, and makes sure the remainder of the estate is distributed.

Genue moved to the United States from Greece. He lived in the states for many years before finally passing away without a will in Michigan. How will his property be distributed?

Probate is the process of what?

Glenda is in the hospital and is about to pass away. She calls the nurse in and verbally tells her that she wants all of her property to go to her granddaughter Cecilla. This type of will is

As set forth in the text, for what two reasons are wills usually contested?

[Will Formalities] Mark decided he wanted a will. Mark contacted Anthony, a reputable attorney with an expertise in estate planning. In their initial meeting, Mark described the property he owned and how he wished it to be distributed upon his death. Mark also specified his funeral arrangements. Anthony drew up the will and provided Mark with a draft. Mark made some minor revisions, which Anthony incorporated. Mark and Anthony went over the will one last time, in the presence of Anthony's administrative assistants, Stacy and Jason. Mark was satisfied with the will and signed it. Two years later, Mark wanted to revise his will to add his new wife, Karen. The document named Karen as the primary beneficiary instead of Mark's brother, John. Mark handwrote these provisions on a thin cutting board and labeled it "codicil," signed it, and attached it to his will. Mark unexpectedly dies and Karen and John dispute who should receive the majority of Mark's assets. -What is the effect of Mark's codicil since it was written on a cutting board?

The amount a surviving spouse inherits when a spouse dies intestate is determined by state law, which varies from state to state.

A settlor is not allowed to revoke a trust unless he or she reserves a right to revoke the trust.

Who is the recipient of the interest or appreciation generated by a trust?

What is the term for a person who holds property and uses it for the benefit of a third person?

If Dawna leaves her niece a set of antique dishes in her will, this gift is known as a(n)

[Family Trust] Jasmine had made lots of money in the stock market. She was getting older and was concerned about the integrity of her children and grandchildren who seemed unwilling to work. She decided that she would place the majority of her money in a trust and instruct that it be distributed only to family members who were gainfully employed or attending school on a full-time basis throughout the next twenty years. The remainder of the trust at that time was to be given to a local animal shelter. She also told her lawyer, Bao, that although she was in good health and mind at the present time, she would like a document drawn up giving her daughter Erica the power to make decisions for her, including financial decisions, should her health deteriorate to the point that she could not handle her own affairs. -What was the document that Jasmine wanted, giving Erica the power to handle her affairs should she become unable to do so herself?

What are the four requirements needed for a valid will?