Question 1

Who will be the primary beneficiary of Mark's estate, Karen or John?

Accepted Answer

A)   John, because even though a codicil may be handwritten, it is invalid unless the first will is destroyed.
B)   John, because the judge couldn't read the writing on the cutting board.
C)   John, because a codicil must be on paper, it was ineffective to change the will.
D)   Karen, because the cutting board codicil meets all the requirements of a valid will.
E)   Karen, because he attached the cutting board codicil to the will, and that makes it controlling.F) B) and E)
G) A) and B)

Question 2

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?

Accepted Answer

A)   Probate
B)   Trust
C)   Command
D)   Executor
E)   AllocationF) None of the above
G) A) and E)

Question 3

Jolie is concerned about her health so she writes and signs a will and puts it in her drawer. This type of will is considered to be a(n)  ________ will.

Accepted Answer

A)   invalid
B)   holographic
C)   illegal
D)   improper
E)   presumptiveF) A) and B)
G) C) and D)

Question 4

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

Accepted Answer

A)   Life insurance with the named beneficiary as the estate
B)   Life insurance with named beneficiaries
C)   Pension plan distributions
D)   Property held in trust for the benefit of another
E)   Jointly held propertyF) B) and D)
G) A) and E)

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A)   The witness must see the testator sign the will.
B)   The witness must be of sound mind.
C)   The witness must ascertain whether the testator is of sound mind.
D)   The witness cannot be a beneficiary.
E)   The witness must sign the will.F) A) and E)
G) B) and E)

Question 7

Distribution per capita means distributing an estate ________.

Accepted Answer

A)   by class or representation
B)   by individual
C)   by will and not trust
D)   by trust not will
E)   by state statutory languageF) A) and B)
G) B) and D)

Question 8

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.

Accepted Answer

A)   The Convention on Uniform Wills
B)   The Convention Providing for a Uniform Law on the Form of an International Will
C)   The Convention on Uniform Wills and Trusts
D)   The Convention Approving Uniformity on the Form of International Wills and Trusts
E)   The Convention for Recognition of Foreign WillsF) A) and D)
G) C) and D)

Question 9

A(n)  ________ trust is a trust created by a court rather than a settlor.

Accepted Answer

A)   Implied
B)   Untrue
C)   Limited
D)   Reduced
E)   ProtectionF) A) and B)
G) A) and E)

Question 10

When it is said that a person dies ________, it means that he or she died without a will.

Accepted Answer

A)   Testate
B)   Testacy
C)   Intestate
D)   Unwilled
E)   UnprobatedF) A) and C)
G) B) and E)

Question 11

Wills are governed primarily by federal law.

Accepted Answer

A) True 
 B)False

Question 12

Which type of trust is designed to take effect on the completion of a specified behavior?

Accepted Answer

A)   Constructive
B)   Family incentive
C)   Implied
D)   Involuntary
E)   LivingF) A) and B)
G) C) and D)

Question 13

A trust created while the settlor is alive or by will is known as a(n)  ________.

Accepted Answer

A)   Actual
B)   Express
C)   Implied
D)   Resulting
E)   CongruentF) A) and E)
G) B) and D)

Question 14

Kiki, planning ahead, executed a ________ which allows Barthem to act as her agent for purposes of making medical decisions if she can no longer make those decisions herself.

Accepted Answer

A)   durable power of attorney
B)   medical care proxy
C)   medical decision contract
D)   agent proxy
E)   living health proxyF) A) and D)
G) None of the above

Question 15

[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?

Accepted Answer

A)   Terminator
B)   Ender
C)   Receiver
D)   Transferor
E)   RemaindermanF) A) and D)
G) C) and E)

Question 16

A ________ is a person who creates a trust.

Accepted Answer

A)   Benefactor
B)   Trustor
C)   Trustee
D)   Settlor
E)   SettleeF) A) and E)
G) A) and D)

Question 17

What is the rationale behind the principle that a witness does not have to sign or witness the testator sign a holographic will?

Accepted Answer

A)   When the entire will is in the testator's handwriting, it lessens the chance of fraud or forgery.
B)   It is unnecessary and inconvenient to involve other parties if the will is created by the testator.
C)   The testator had ample time to consider the consequences of creating the will.
D)   The writing is better evidence of the testator's state of mind.
E)   Witnesses are required to sign and witness the testator signing a holographic will.F) None of the above
G) A) and B)

Question 18

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

Accepted Answer

A)   Real
B)   Constructive
C)   Resulting
D)   Validating
E)   ActualF) C) and E)
G) None of the above

Question 19

[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.
-Which of the following statements is true regarding the will Anthony drafted?

Accepted Answer

A)   It fails to meet the requirements of a valid will because Anthony did not ask for a doctor's evaluation to determine if Mark was of sound mind.
B)   It fails to meet the requirement of attestation by witnesses.
C)   It meets all of the requirements for a valid will.
D)   It fails to meet the writing requirement.
E)   It fails to meet the signature requirement.F) A) and B)
G) A) and C)

Question 20

How many states, if any, have adopted the Uniform Anatomical Gifts Act?

Accepted Answer

A)   It has been adopted by every state in the U.S.
B)   It has been adopted by 40 states in the U.S.
C)   It has been adopted by half the states in the U.S.
D)   It has been adopted by 13 states in the U.S.
E)   At this point, it has not been adopted by any state in the U.S.F) B) and D)
G) B) and C)

Exam 52: Wills and Trusts

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

Correct Answer
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A(n) ________ trust is created by a court to hold property in trust for its rightful owner.

Correct Answer
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A ________ is a person who creates a trust.

Correct Answer
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Wills are governed primarily by federal law.

Correct Answer
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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.

Correct Answer
verified

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?

Correct Answer
verified

Jolie is concerned about her health so she writes and signs a will and puts it in her drawer. This type of will is considered to be a(n) ________ will.

Correct Answer
verified

A trust created while the settlor is alive or by will is known as a(n) ________.

Correct Answer
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How many states, if any, have adopted the Uniform Anatomical Gifts Act?

Correct Answer
verified

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

Correct Answer
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Correct Answer
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What is the rationale behind the principle that a witness does not have to sign or witness the testator sign a holographic will?

Correct Answer
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Distribution per capita means distributing an estate ________.

Correct Answer
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A(n) ________ trust is a trust created by a court rather than a settlor.

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

Correct Answer
verified

Kiki, planning ahead, executed a ________ which allows Barthem to act as her agent for purposes of making medical decisions if she can no longer make those decisions herself.

Correct Answer
verified

Which type of trust is designed to take effect on the completion of a specified behavior?

Correct Answer
verified

When it is said that a person dies ________, it means that he or she died without a will.

Correct Answer
verified

Who will be the primary beneficiary of Mark's estate, Karen or John?

Correct Answer
verified

Exam 52: Wills and Trusts

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A ________ is a person who creates a trust.

Correct AnswerverifiedShow Answer

Wills are governed primarily by federal law.

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

Jolie is concerned about her health so she writes and signs a will and puts it in her drawer. This type of will is considered to be a(n) ________ will.

Correct AnswerverifiedShow Answer

A trust created while the settlor is alive or by will is known as a(n) ________.

Correct AnswerverifiedShow Answer

How many states, if any, have adopted the Uniform Anatomical Gifts Act?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

What is the rationale behind the principle that a witness does not have to sign or witness the testator sign a holographic will?

Correct AnswerverifiedShow Answer

Distribution per capita means distributing an estate ________.

Correct AnswerverifiedShow Answer

A(n) ________ trust is a trust created by a court rather than a settlor.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Kiki, planning ahead, executed a ________ which allows Barthem to act as her agent for purposes of making medical decisions if she can no longer make those decisions herself.

Correct AnswerverifiedShow Answer

Which type of trust is designed to take effect on the completion of a specified behavior?

Correct AnswerverifiedShow Answer

When it is said that a person dies ________, it means that he or she died without a will.

Correct AnswerverifiedShow Answer

Who will be the primary beneficiary of Mark's estate, Karen or John?

Correct AnswerverifiedShow Answer

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