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Exam 52: Wills and Trusts

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Question 21

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Regarding a trust,which of the following is a false statement?

A) A trust may be created to protect a pet.
B) Interest may be generated by a trust.
C) Income may be paid to a person identified as an income beneficiary.
D) A person entitled to income must be the person entitled to the trust corpus.
E) A trust may be created for tax reasons.

F) All of the above
G) A) and D)

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Question 22

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An) ________ trust is created by a court to hold property in trust for its rightful owner.

A) Actual
B) Validating
C) Resulting
D) Real
E) Constructive

F) A) and B)
G) B) and C)

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Question 23

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A will is a legal document that outlines how a person wants his or her property distributed upon death.

In the case text In re Estate of Duke,Irving prepared a holographic will in which he left all of his property to his wife,Beatrice.The will provided that,should Irving and Beatrice die at the same time,the estate was to be divided between two named charities.Beatrice died in July 2002 and Irving died in November 2007.The two charities and Irving's nephews disputed the distribution of the estate.What was the result?

Signatories to agree to accept wills of other signatories for probate,as to matters of form,if such wills are executed with the provisions of the convention.

What are the four requirements needed for a valid will?

Which of the following is not a valid basis to challenge a will?

Which of the following allows a person to transfer property to another person with the property to be used for the benefit of a third person?

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

Which of the following is not a requirement of a witness to a will?

The term covers a variety of legal instruments a person can use to express his or her wishes about efforts to prolong life.

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

A[n] ________ trust is created by a court when an express trust fails and the court can imply a trust from certain behavior.

[Bruiser] Samuel,a ninety-year-old wild bronco rider in the rodeo,had a will leaving all his possessions to a girlfriend,Winona,age twenty-two.During a rodeo,Samuel was placed on a particularly wild bronco named "Bruiser." During the ride,Crabby the clown yelled out to Samuel that Winona had suggested that particular horse.Samuel was annoyed about that because he was having trouble controlling Bruiser.Nevertheless,Samuel prevailed and collected the prize.Samuel was so excited that he had a heart attack.Just before he died,he yelled out,"Winona,you had me put on that crazy horse,and I'm revoking my will.I'm dying,and I'm leaving everything to my other girlfriend,Keisha." A number of witnesses heard his statement;and Crabby,who had always liked Keisha more than Winona,promptly wrote down Samuel's statement.Winona knew nothing about Keisha and was very upset.She told Keisha that Keisha could have nothing because Samuel's written will was still in effect.She also told Keisha that Samuel was suffering from a mental illness and did not know what he was doing when he stated that Keisha should take everything.Samuel's daughter,Laura,age 65,also entered the discussion stating that Winona had unfairly coerced Samuel into writing a will leaving her everything. -Which of the following is a true statement regarding Laura's claim that Winona unfairly coerced Samuel into naming her as a beneficiary in the written will and that the written will is ineffective?

Which of the following statements is true regarding the codicil Mark drafted?

[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 is the appropriate term for a person or entity that receives a portion of the trust corpus when a trust is terminated?

Which of the following is a true statement regarding Winona's claim that Keisha was entitled to nothing because Samuel was suffering from a mental illness and did not know what he was doing when he stated that Keisha should take everything?

A person with an interest in a will,such as that of a potential beneficiary,is said to have ________.

An) ________ document outlines the principal-agent relationship that allows an agent to make medical decisions for a principal who is unable to participate in medical decisions.

Which of the following is not an example of nonprobate property?