Legal Systems Ch 9 Reading/Review Quizes
True
A common element of a will is the fiduciary clause.
legacy
A general ______ is a gift of a specific amount of money. This gift of money is taken from the assets of the general estate.
devise
A gift by will of specific real property is known as a
during the life of the settlor
A living trust becomes effective
soldier's
A nuncupative will, an oral will made by one on his or her deathbed, is sometimes referred to as a ______ will.
False
A person can change his or her will only once during their lifetime.
guardian
A person who has the duty of taking care of a person and that person's property is known as
a gift of specific property
A specific bequest is
False
A trust is a document in which a person makes provisions for the disposition of all real property.
death
A will can be changed or revoked any time after the will is property created and before ______.
True
A will is a document in which an individual provides for the distribution of his or her property upon his or her death.
False
A will may not be changed.
False
All guardianship documents are drafted by the court.
codicil
An addition or change to a will that does not contain the entire will is called a _______.
True
An implied trust is often called an involuntary trust.
a codicil
Changes to a will may be published in
administrator
During probate, the person who is named by the court to pay debts and distribute property is called an __________.
constructive
If a person acquires legal title to property as a result of fraud, the court may impose a _______ trust on the individual holding the legal title.
True
Probate is the court-supervised process that takes place after a person dies.
True
Technically a trust is a situation where the title to property is divided into two parts: legal title and equitable title.
False
The attestation clause is used to open the will.
exordium
The first opening clause in a will that usually identifies the testator and includes the testator's residence, the intent to create a last will and testament, and the intent to revoke any prior wills and codicils is called the _____ clause.
False
The first opening clause that usually identifies the testator in a will is called the testimonium clause.
testamentary
The most common types of express trusts are living trusts and _________ trusts.
settlor
The person who creates a trust is called a _______ while the person who makes a will is called a testator/testatrix.
True
The settlor is the person who creates an express trust.
probate
What is the judicial procedure by which a will is proved valid or invalid and the court-supervised process that takes place after a person dies?
implied trust
What type of trust, often called an involuntary trust, is created by law?
express trust
What type of trust, where the settlor must clearly intend to create a trust, has the following four elements: 1. a settlor, 2. a trustee, 3. trust property, and 4. at least one beneficiary?
Holographic
What type of will is handwritten by the testator?
nuncupative
What type of will is oral will be made by one on his or her deathbed?
formal
What type of will, usually prepared by an attorney, is subscribed and acknowledged by the testator and witnessed by individuals who are not beneficiaries under the will?
True
When a person dies without a will, the law of interstate succession is applied.
Testimonium clause
Which clause in a will comes just before the testator's signature and the date?
residuary clause
Which clause in a will distributes all property not disposed of in the other clauses of the main body of the will?
disinheritance clause
Which clause in a will is a clause used to deprive an heir of the right to inherit?
All of the above
Which of the following is a reason to change a will?
A gift
Which of the following is not an element of a trust?
Promises not to leave anything to a disfavored child
Which of the following is not common to most wills?
Property owned by another
Which of the following may a person not distribute in a will?
holographic
Wills fall into three broad categories: formal, ________, and nuncupative.
False
Wills fall into two broad categories: holographic and formal
True
Wills need not be drafted by attorneys.
the estate
a fiduciary owes a duty of trust to
executor
who is the person named in a will who pays all debts and taxes and distributes the property in accordance with the will?
