Exam 15: Wills, Trusts, and Probate

A spendthrift trust is one that gives directions to the trustee to spend all money on the beneficiary as fast as possible.​

Those legally entitled to your estate if you leave no will are called ____________ .​

In 1900, there was no federal income tax or federal estate and gift tax.​

A ( n ) _ _ _ _ _ _ _ _ _ is created by will and which becomes effective upon the death of the testator. The document will separate legal and equitable title.​

Please answer the following questions about probate: a. What is probate? b. Discuss the positive and negative attributes of probate. c. What are common probate costs? d. Discuss two methods of avoiding probate.​

If a child is not specifically provided for in a will either by gift or expressed exclusion it is called an ademption.​

A(n) _____________ may be created to provide for a minor whose parents are dead.​

The person who creates a trust is called a(n)

To celebrate their 25th wedding anniversary, Juan and Maria Fuentes created a trust transferring more than $250,000 worth of real property to Capitol Trust Company for the benefit of the River City University scholarship program. They did not retain any right to a return of the property. They created a(n)

A(n) ________________ is a type of self-prepared will written, signed, and dated with a complete date, all entirely in the handwriting of the testator.​

Which of the following is a commonly used way to avoid probate?​

A serious objection to making a last will is its finality and irrevocability. ​

Usual costs of a testamentary trust include​

The person who creates a testamentary trust may not serve as the trustee of the trust.​

Respond to this statement, "If you wish to make a donation of your body parts for transplant surgery it is important to include this instruction in your will."​

A will is often called a conditional document because although valid at creation it does not become operational until the death of the testator.

A failure to provide for a child can partially revoke a will. The protected child who challenges the distribution is a(n) _________________ .​

Petrelli creates an ordinary power of attorney granting the power to Mohinder to make financial decisions on his behalf. Petrelli is injured in an accident and falls into a coma. The doctors are unsure if Petrelli will recover​

One way to change a will is through an amendment to the will. This ____________ changes part of the will, but not all of it.​

The court process of proving the validity of a will and complying with the directions of the testator  is called