blaw ch 51

Of the following elements, which is required to create an enforceable trust? Particular words that indicate the settlor's intent to establish a trust. Consideration. A beneficiary. All of the above.

A beneficiary.

The characteristics of a spendthrift trust include which of the following? Spendthrift provisions are not valid in most states. Trust creditors can never seize the income from a spendthrift trust. A settlor may provide, in a spendthrift trust, that the beneficiary cannot, by assignment or otherwise, impair their rights to receive principal or income. All of the above.

A settlor may provide, in a spendthrift trust, that the beneficiary cannot, by assignment or otherwise, impair their rights to receive principal or income.

Each trust has which of the following? Creator or settlor. "Corpus" or trust property. Trustee. Beneficiary. All of the above.

All of the above.

Soldiers' and sailors' wills: are those wills made by soldiers on active duty and sailors at sea. relax formal requirements. in most jurisdictions, the courts do not allow these wills to transfer real estate. All of the above.

All of the above.

The characteristics of a totten trust include: It is a joint bank account opened by the settlor of the trust. It is tentative. Transfer of ownership is complete only on the depositor's death. All of the above.

All of the above.

Which of the following is considered to be conduct to invalidate a will? Duress. Undue influence. Fraud. All of the above.

All of the above.

Which of the following is untrue regarding the revocation of a will? There cannot be a partial revocation. An inadvertent destruction of a will acts as a revocation. The execution of a second will does not of itself constitute a revocation of an earlier will. Divorce does not ordinarily revoke a provision in a will of one spouse for the benefit of the other.

An inadvertent destruction of a will acts as a revocation.

An express trust is a trust: established by law through the courts when the parties' conduct seems to warrant the creation of a trust. established by voluntary action. that may be manifested by a written document, oral statements, or the conduct of the settlor. All of the above. Both (b) and (c).

Both (b) and (c).

A trustee fraudulently purchases property with trust funds and puts title in his own name. What type of trust is created? Constructive trust. Implied trust. Express trust. Resulting trust.

Constructive trust.

Which of the following would be charged to the life tenant's interest in the course of administering a trust? Expenses of selling a trust investment. The costs of establishing the trust. Ordinary repairs. Permanent improvements to the trust property.

Ordinary repairs.

In order to be valid, a will must generally include all but which one of the following? Signature of the executor. A written document. Signatures of witnesses. Signature of the testator.

Signature of the executor.

A valid will must be witnessed. Which of the following statements about witnesses is correct? Most states require only one witness to a will. The witnesses must see the testator write the will. The witnesses must sign the will. The witnesses may have an interest under the will.

The witnesses must sign the will.

An amendment to a will is called a(n): stipulated addition. statutory adjustment. codicil. attestation.

codicil.

A living will is a will that: is videotaped. contains the maker's wishes regarding extraordinary medical treatment. is capable of being changed from time to time, unlike other wills. cannot be revoked.

contains the maker's wishes regarding extraordinary medical treatment.

Rules for the distribution of property in a situation involving intestate succession: do not apply to property held in joint tenancy. apply where the testator has failed to name an administrator. prevent disposition of property by a valid will. have no application to real estate owned by the decedent.

do not apply to property held in joint tenancy.

Almost all jurisdictions require that: express trusts of real property be in writing. trusts have at least four witnesses. an inter vivos trust have at least a charitable trust have at least two trustees.

express trusts of real property be in writing.

A will entirely in the handwriting of the testator is called a:. nuncupative will. holographic will. conditional will. codicil.

holographic will.

Dan, a widower, dies intestate, leaving two surviving children, Joe and Carrie, and two grandchildren who are children of his deceased daughter, Debra. If Joe and Carrie each take one-third of the estate and the grandchildren each take one-sixth of the estate, this is described legally by the statement that: lineal descendants of predeceased children take the property per stirpes. lineal descendants of the decedent take the property per capita. collateral heirs take the property per stirpes. lineal descendants and collateral heirs take the property per capita.

lineal descendants of predeceased children take the property per stirpes.

Testamentary capacity refers to: the age of the testator. the same capacity as required to contract. the ability to understand the nature and extent of one's property, to appreciate the natural objects of one's bounty, and the ability to formulate an orderly plan of disposition. the influence of others over the testator.

the ability to understand the nature and extent of one's property, to appreciate the natural objects of one's bounty, and the ability to formulate an orderly plan of disposition.

The owner of legal title to the property in a trust is the: grantor. trustee. beneficiary. settlor.

trustee.