Deck 9: Wills, Trusts, and Probate

Question 1

Which of the following may a person not distribute in a will?

A) real property
B) personal property
C) money
D) property owned by another
E) car

Answer 1

D

Question 2

A trust is a document in which a person makes provisions for the disposition of all real property.

Answer 2

False

Question 3

All guardianship documents are drafted by the court..
Multiple Choice

Answer 3

False

Question 4

Which of the following is a reason to change a will?

A) the testator changes his or her mind
B) circumstances change
C) assets are acquired
D) heirs are born and die
E) all of the above

Question 5

Probate is the court-supervised process that takes places after a person dies.

Question 6

Which of the following is not an element of a trust?

A) a trustee
B) a beneficiary
C) a settlor
D) a gift
E) trust property

Question 7

Changes to a will may be published in:

A) an addendum
B) a codicil
C) an attestation clause
D) a testimonium clause
E) the closing clause

Question 8

A common element of a will is the fiduciary clause.

Question 9

A fiduciary owes a duty of trust to:

A) the estate
B) the guardian
C) the trustee
D) the executor
E) the heirs

Question 10

Wills fall into two broad categories: holographic and formal.

Question 11

A specific bequest is:

A) money
B) real property
C) a specific devise
D) a gift of specific property
E) demonstrative legacy

Question 12

A gift by will of specific real property is known as a

A) bequest
B) devise
C) general legacy
D) demonstrative legacy
E) testimonium clause

Question 13

A living trust becomes effective

A) during the life of the settlor
B) upon death of the settlor
C) upon death of the beneficiary
D) when an express trust is created
E) during the probate process

Question 14

The attestation clause is used to open the will.

Question 15

A will may not be changed.

Question 16

Wills need not be drafted by attorneys.

Question 17

A will is a document in which an individual provides for the distribution of his or her property upon his or her death.

Question 18

A person who has the duty of taking care of a person and that person's property is known as

A) executor
B) guardian
C) trustee
D) trustor
E) none of the above

Question 19

Technically a trust is a situation where the title to property is divided into two parts: legal title and equitable title.

Question 20

Which of the following is not common to most wills?

A) the opening clauses
B) promises not to leave anything to a disfavored child
C) the fiduciary clause
D) the closing clause
E) the body of the will