Question 1

MATCHING:
-The authority on trust law in most states

Accepted Answer

A) legal title 
B) cestui que trust 
C) equitable title 
D) testamentary trust 
E) trust agreement
F)principal
G)income
H)Restatement of the American Law of Trusts
I)Uniform Trust Code
J)parol evidence 
A) legal title 
B) cestui que trust 
C) equitable title 
D) testamentary trust 
E) trust agreement
F)principal
G)income
H)Restatement of the American Law of Trusts
I)Uniform Trust Code
J)parol evidence

Question 2

The court may appoint or replace a trustee in all of the following circumstances EXCEPT:

Accepted Answer

A) The trustee is incompetent 
B) The named trustee declines the position. 
C) The trustee dies. 
D) The named trustee is also a co-beneficiary. 
A) The trustee is incompetent 
B) The named trustee declines the position. 
C) The trustee dies. 
D) The named trustee is also a co-beneficiary.

Question 3

To be a settlor, a person must meet all of the following requirements EXCEPT:

Accepted Answer

A) Own a transferable interest in property 
B) Have the right or power to dispose of a property interest 
C) Act as the beneficiary 
D) Have contractual capacity 
A) Own a transferable interest in property 
B) Have the right or power to dispose of a property interest 
C) Act as the beneficiary 
D) Have contractual capacity

Question 4

An infant may be a beneficiary of a trust.

Accepted Answer

A) True 
 B)False

Question 5

MATCHING:
-The person who has the enjoyment and benefit of trust property

Accepted Answer

A) legal title 
B) cestui que trust 
C) equitable title 
D) testamentary trust 
E) trust agreement
F)principal
G)income
H)Restatement of the American Law of Trusts
I)Uniform Trust Code
J)parol evidence 
A) legal title 
B) cestui que trust 
C) equitable title 
D) testamentary trust 
E) trust agreement
F)principal
G)income
H)Restatement of the American Law of Trusts
I)Uniform Trust Code
J)parol evidence

Question 6

Trustees must generally be paid.

Accepted Answer

A) True 
 B)False

Question 7

Which is NOT considered valid grounds for the removal of a trustee?

Accepted Answer

A) Lack of capacity 
B) Resignation of the trustee 
C) Commission of a crime 
D) Showing favoritism to one or more beneficiaries 
A) Lack of capacity 
B) Resignation of the trustee 
C) Commission of a crime 
D) Showing favoritism to one or more beneficiaries

Question 8

Which is an example of remainder beneficiary expenses?

Accepted Answer

A) Royalties 
B) Depreciation 
C) Stock splits 
D) Costs incurred in the sale or purchase of principal 
A) Royalties 
B) Depreciation 
C) Stock splits 
D) Costs incurred in the sale or purchase of principal

Question 9

MATCHING:
-The capital or property of a trust

Accepted Answer

A) legal title 
B) cestui que trust 
C) equitable title 
D) testamentary trust 
E) trust agreement
F)principal
G)income
H)Restatement of the American Law of Trusts
I)Uniform Trust Code
J)parol evidence 
A) legal title 
B) cestui que trust 
C) equitable title 
D) testamentary trust 
E) trust agreement
F)principal
G)income
H)Restatement of the American Law of Trusts
I)Uniform Trust Code
J)parol evidence

Question 10

The settlor's retention of control over the trust arrangement exposes the settlor to tax liability for the trust income.

Accepted Answer

A) True 
 B)False

MATCHING: -The authority on trust law in most states

The court may appoint or replace a trustee in all of the following circumstances EXCEPT:

To be a settlor, a person must meet all of the following requirements EXCEPT:

An infant may be a beneficiary of a trust.

MATCHING: -The person who has the enjoyment and benefit of trust property

Trustees must generally be paid.

Which is NOT considered valid grounds for the removal of a trustee?

Which is an example of remainder beneficiary expenses?

MATCHING: -The capital or property of a trust

The settlor's retention of control over the trust arrangement exposes the settlor to tax liability for the trust income.

The Concept of Property Related to Wills, Trusts, and Estate Administration

The Estate Plan and the Purpose and Need for a Will

The Law of Succession: Death Testate or Intestate

Wills: Validity Requirements, Modification, Revocation, and Contests

Preparation to Draft a Will: Checklists and the Conference With the Client

Final Draft and Execution of a Valid Will

The Participants and the Proper Court

Personal Representatives: Types, Pre-Probate Duties, and Appointment

Probate and Estate Administration

Informal Probate Administration

Tax Considerations in the Administration of Estates

Classification of Trusts, the Living Trust, and Other Special Trusts

Estate Planning

Long-Term Care

Filters

Exam 12: Introduction to Trusts

MATCHING: -The authority on trust law in most states

The court may appoint or replace a trustee in all of the following circumstances EXCEPT:

To be a settlor, a person must meet all of the following requirements EXCEPT:

An infant may be a beneficiary of a trust.

MATCHING: -The person who has the enjoyment and benefit of trust property

Trustees must generally be paid.

Which is NOT considered valid grounds for the removal of a trustee?

Which is an example of remainder beneficiary expenses?

MATCHING: -The capital or property of a trust

The settlor's retention of control over the trust arrangement exposes the settlor to tax liability for the trust income.

The Concept of Property Related to Wills, Trusts, and Estate Administration

The Estate Plan and the Purpose and Need for a Will

The Law of Succession: Death Testate or Intestate

Wills: Validity Requirements, Modification, Revocation, and Contests

Preparation to Draft a Will: Checklists and the Conference With the Client

Final Draft and Execution of a Valid Will

The Participants and the Proper Court

Personal Representatives: Types, Pre-Probate Duties, and Appointment

Probate and Estate Administration

Informal Probate Administration

Tax Considerations in the Administration of Estates

Classification of Trusts, the Living Trust, and Other Special Trusts

Estate Planning

Long-Term Care

Filters