Question 1

Divorce or marriage will result in a revocation of a will.

Accepted Answer

Divorce or marriage does not automatically revoke a will, but it can significantly alter the effects of the will. For example, in many jurisdictions, divorce may nullify provisions in favor of a former spouse, but the will itself remains valid. Marriage might also not revoke a will, but can have implications on the distribution of the estate, especially if there are no provisions for the new spouse. Laws vary by jurisdiction, so specific legal advice is necessary.

Question 2

A court will require witnesses' signatures to be proven before a formal decree will be issued allowing the will.

Accepted Answer

This is true as witnesses' signatures are required to validate a will in court.

Question 3

Of the following elements, which one is NOT required to create an enforceable trust?

Accepted Answer

Consideration is not required to create an enforceable trust. Trusts can be created without the exchange of value that consideration implies; instead, they require a settlor with the intent to create a trust, a trustee, a beneficiary, legal capacity, and specific property, but not consideration.

Question 4

A stepchild will not ordinarily inherit under intestacy statutes unless legally adopted.

Accepted Answer

Intestacy statutes typically do not provide for stepchildren unless they have been legally adopted by the stepparent.

Question 5

Renunciation is a statutory right of a surviving spouse to give up her statutory share in the estate.

Accepted Answer

The answer of Renunciation is a statutory right of a...

Question 6

An express trust is a trust:

Accepted Answer

An express trust is established by voluntary action, typically through a written document, although in some jurisdictions and under certain conditions, an oral statement might suffice. It is not created solely by oral statements (A) or by law through the courts (C), which describes a constructive trust.

Question 7

An attorney receives a check from the defendant in settlement of a lawsuit brought by his client, the plaintiff.Even if the check is made out in the name of the attorney, it will belong to the client as a:

Accepted Answer

The answer of An attorney receives a check from the...

Question 8

A totten trust involves a bank account opened by the settlor of the trust.

Accepted Answer

A totten trust, also known as a payable-on-death account, is a bank account opened by the settlor of the trust for the benefit of a named beneficiary. Upon the death of the settlor, the funds in the account are transferred directly to the beneficiary without the need for probate.

Question 9

A photocopy of a will or a will written in pencil would not be valid for probate.

Accepted Answer

The validity of a will, whether a photocopy or written in pencil, depends on the jurisdiction's laws. Some jurisdictions may accept these if certain criteria are met, such as proper witnessing and evidence of the testator's intentions.

Question 10

The executor or administrator does not occupy a fiduciary relationship with regard to the estate.

Accepted Answer

The executor or administrator does occupy a fiduciary relationship with regard to the estate since they are responsible for managing and distributing the assets of the estate for the benefit of the beneficiaries.

Question 11

A trust for the establishment and maintenance of a museum would be a charitable trust.

Accepted Answer

A trust for the establishment and maintenance of a museum would be considered a charitable trust as it would be for the public benefit and toward a charitable purpose.

Question 12

A will entirely in the handwriting of the testator is called what type of will?

Accepted Answer

A holographic will is a will and testament that has been entirely handwritten and signed by the testator.

Question 13

A completely handwritten will is valid only if witnessed.

Accepted Answer

A completely handwritten will, known as a holographic will, is considered valid in some jurisdictions without the need for witnesses, as long as it is written, dated, and signed entirely in the handwriting of the person making the will (testator).

Question 14

A totten trust may also be referred to as a savings account trust.

Accepted Answer

A totten trust is also known as a savings account trust as it is a type of revocable trust in which funds are held in a savings account and designated to a named beneficiary.

Question 15

Lathan served as a witness to Samuel's will, but died before Samuel.When Samuel's will is probated, proof of Lathan's handwriting is necessary unless there are enough other witnesses to meet the statutory requirements without Lathan .

Accepted Answer

This is true. If Lathan served as a witness to Samuel's will but died before Samuel, his testimony cannot be used in probating Samuel's will. However, if there are enough other witnesses to meet the statutory requirements without Lathan, his absence would not be an issue. Proof of Lathan's handwriting may still be required to validate his signature on the will.

Question 16

As long as a decedent's wishes are clear, the formalities of a will need not be strictly met in order for the will to be valid.

Accepted Answer

The formalities of a will, such as signatures and witnesses, are crucial to the validity of the will. Courts generally require strict adherence to these formalities in order to ensure that the document is truly the decedent's wishes and was not subject to fraud or undue influence.

Question 17

The owner of legal title to the property in a trust is the:

Accepted Answer

The trustee holds the legal title to the property in a trust, meaning they have the formal ownership and responsibility to manage the property according to the trust's terms for the benefit of the beneficiaries.

Question 18

Once a trust is validly created, it is revocable.

Accepted Answer

Once a trust is validly created, it may or may not be revocable depending on the terms of the trust instrument and the governing law. Some trusts are irrevocable, meaning they cannot be changed or terminated by the settlor once they are created. Others may be revocable, allowing the settlor to make changes to the trust or revoke it entirely.

Question 19

Taxes imposed at death include:

Accepted Answer

All of these choices are correct. Federal estate tax is levied on the transfer of the decedent's property, state inheritance tax is imposed on the heirs or beneficiaries for the privilege of receiving property, and the estate may also be subject to income tax on income it receives during the administration of the estate.

Question 20

If a person dies intestate, his property will be:

Accepted Answer

When a person dies intestate, meaning without a will, their property is distributed according to the intestacy laws of the state where they resided. These laws dictate how the property is to be divided among the surviving relatives.

Quiz 50: Trusts and Wills