Deck 27: Wills, Intestacy, and Trusts

Question 1

Much of early English law and tradition concerning wills and estates were intended to maintain a feudal system in which all land belonged to the:

A) king.
B) feudal lords.
C) businessmen.
D) priest.

Answer 1

A

Question 2

Undue influence describes the unreasonable pressure that might be applied to testators to change their true wishes for the disposition of property.

Answer 2

True

Question 3

The trustee may not purchase securities that are of very low risk and that appear on a document referred to as a legal list.

Answer 3

False

Question 4

A will must comply with legal requirements that are intended to ensure that the wishes of the testator are met and that there are no obstacles to the smooth transfer of the property.

Question 5

The intention of a decedent as expressed in a will is known as:

A) supplementary intent.
B) testamentary intent.
C) complimentary intent.
D) adversarial intent.

Question 6

When a person dies,arrangements will first be made to pay his or her final expenses,such as the cost of an appropriate burial,medical expenses,taxes,and legitimate debts.

Question 7

A tape-recorded will is just as valid as a written will.

Question 8

If a person dies intestate leaving a spouse but no children,the surviving spouse usually receives the entire estate.

Question 9

The trustee can delegate his nondelegable powers granted by law or by the trust instrument itself.

Question 10

A testamentary trust is created by injunctions issued by courts.

Question 11

A legacy or bequest can be residuary,when a will provides for the disposition of the balance of the estate.

Question 12

If the personal representative has been named in the will,he or she is known as the:

A) executor.
B) administrator.
C) testator.
D) legacy.

Question 13

Any alterations to a will,such as erasures,words crossed out,or handwritten insertions,usually invalidate the document.

Question 14

Many wills include a statement that the testator is revoking all previous wills.Even without such a statement,the most recent will,if valid,automatically revokes all prior wills made by the testator.

Question 15

The decedent's property cannot be converted into cash and applied to payment of burial,medical,taxes and legitimate debts.

Question 16

A gift of personal property left to someone is known as a bequest.

Question 17

A person who makes a will is known as a(n):

A) testator.
B) administrator.
C) executor.
D) trustee.

Question 18

A formal,printed will needs to be signed only by the testator.Witnesses are not required for this purpose.

Question 19

A person's declaration of how he or she wishes property to be distributed upon his or her death is known as a:

A) gift.
B) will.
C) sale.
D) lease.

Question 20

A beneficiary does not receive gifts of personal or real property by will.

Question 21

Appointment as a trustee should not be accepted unless one has the temperament,knowledge,and skills necessary to minimize the risks inherent in the position of:

A) lessor.
B) warrantor.
C) trustee.
D) mortgagor.

Question 22

If a person dies without a will,generally the surviving spouse and children will receive:

A) 1/4^th share of the property.
B) half of the property.
C) 3/4^th share of the property.
D) entire estate of the deceased.

Question 23

A living trust is also known as a(n):

A) testamentary trust.
B) contemporary trust.
C) inter vivos trust.
D) constructive trust.

Question 24

The requirement that a testator must be of sound mind and legal age is known as:

A) testamentary intent.
B) restrictive covenant.
C) living will.
D) testamentary capacity.

Question 25

Changes in a will can be made in a separate document known as a:

A) revocation.
B) revision.
C) codicil.
D) trust.

Question 26

A gift of real property is known as a:

A) devise.
B) living trust.
C) codicil.
D) living will.

Question 27

One of the benefits of a trust is that it allows the legal title of property to be separated from the benefits of:

A) partnership.
B) ownership.
C) perpetuity.
D) common seal.

Question 28

When a person dies without a will,or had a will that failed to meet the requirements of the law,he or she is said to have died:

A) serving tenure.
B) trustee.
C) insolvent.
D) intestate.

Question 29

Revocations by _____________ can include those that result from marriage or remarriage of the testator,divorce or annulment of a marriage,and the birth or adoption of children after the will was made,all of which can change the disposition of gifts.

A) operation of law
B) amendment of a will
C) restrictive covenant
D) arbitration agreement

Question 30

The trustee may purchase securities that are of very low risk and that appear on a document referred to as a(n):

A) bargaining agreement.
B) legal list.
C) constructive covenant.
D) arbitration clause.

Question 31

A trust is a device or mechanism that permits personal or real property to be held by one party,the trustee,for the benefit of another,the:

A) administrator.
B) executor.
C) testator.
D) beneficiary.

Question 32

The responsibility of the trustee is that of a(n):

A) fiduciary.
B) probationary.
C) stationary.
D) exemplary.

Question 33

A will that is completely handwritten is:

A) testamentary.
B) holographic.
C) scripted.
D) residuary.

Question 34

A codicil is prepared to:

A) execute a lease deed.
B) execute a sale deed.
C) revoke, alter, or revise a will.
D) revoke, alter, or revise a gift deed.

Question 35

People who establish a trust while they are still alive are known as:

A) testators.
B) executors.
C) settlors.
D) trustees.

Question 36

A formal printed will must be signed by the testator and:

A) executed.
B) scripted.
C) witnessed.
D) supplemented.

Question 37

A living will is also known as a(n):

A) holographic will.
B) testamentary trust.
C) living trust.
D) advanced health care directive.

Question 38

If no surviving heirs or ancestors of the deceased can be located,the decedent's property passes to the:

A) charitable trust.
B) siblings of the deceased.
C) friend of the deceased.
D) state.

Question 39

A trust made while a person is still alive is a(n):

A) living trust.
B) testamentary trust.
C) duty of care trust.
D) holographic trust.

Question 40

If it can be established that the testator lacked testamentary capacity,the will is:

A) viodable.
B) void.
C) valid.
D) enforceable.

Question 41

What are the primary requirements for testamentary capacity?

Question 42

What are the four legal requirements of a valid will?

Question 43

Distinguish between a testamentary trust and a living trust.