Exam 15: Wills, Trusts, and Probate

Mary Banks died without leaving a will. Surviving her were her parents Carl and Sheila, her husband Willie, and her minor children, Tabatha and Kaillie. Regarding the distribution of her estate,​

An effective estate plan should include​

In the textbook Case of Estate of Southworth v North Shore Animal League​

The person who creates an inter-vivo trust may not serve as the trustee of the trust.

Among the advantages of writing a will is​

The historical word for a mercy killing is​

A trust, the purpose of which is to stop creditors of the beneficiaries from reaching the income or principal while it is in the hands of the trustee, is called a​

Fred wishes to donate money to several charities through his will but in unsure how much each should receive. So Fred donates a fixed sum of money, identifies the charities and names and empowers his good friend Wilkins McCawber to determine the amount each charity is to receive. Wilkins has received a(n)

Joint tenancy is a form of joint property ownership allowing parties to avoid all taxes on such owned property.

If you create a will,​

Assisted suicide includes the acts of aiding and abetting another to commit suicide.​

If you create a will,​

A trust designed for the benefit of a segment of the public or of the public in general is a(n)

A living will is sometimes called a(n)

A ( n ) _ _ _ _ _ _ _ _ _ _ is the legal expression of a person's wishes for the distribution of his or her property after death.​

A ( n ) _ _ _ _ _ _ _ _ _ is the arrangement whereby property is transferred from one person, the _________________ to be administered by a(n) ____________________ for the benefit of a third party, the __________________ .​

What legal documents can a person use to address problems of health care and property in case the person was become incapacitated at a later time?

Most modest estates are exempt from any estate or death tax but once an estate qualifies for taxation the rate is high (i.e., 45% or above).

State laws, which regulate how property shall be distributed when a resident of the state dies without leaving a will, are called trust laws.​

Which of the following is not an objective of estate planning?​