Exam 48: Wills and Trusts

Once a will is admitted to probate, the decedent's family members can agree among themselves how to distribute the estate, and no court order is needed to clear title to the assets.

If a legatee dies before the testator or before a legacy is payable, an abatement results, which means that the legatee's heirs receive reduced benefits.

In most states, the testator's marriage after the execution of a will may affect the distribution of the estate.

In an irrevocable living trust , legal title to the trust property passes to the beneficiary.

In her will, Delia makes a gift of $10,000 to Esteban. This is

A trust is a popular estate-planning option because at the grantor's death, assets held in a living trust revert to the decedent's estate.

Marie is asked to serve as a witness to Nicki's will. To qualify, Marie must be

A testator can revoke a will by having someone else tear it up in the testator's presence and at his or her direction.

A trust can be created to take effect during a person's lifetime but not after a person's death because the grantor must remain in control of the trust assets.

Idina executes a deed conveying ownership of her home to a trust for the benefit of her son Jem. The trust designates Idina as the trustee. When she dies, the house will pass without going through probate to

On the death of the owner, property can be transferred through a will, a trust, or a state law prescribing its distribution. This indicates our laws require that, on death, title to property must be

Patty executes a will, leaving her estate to her spouse Quentin. They have a daughter Rita. Later, Patty and Quentin divorce. Patty does not execute a new will before she dies. With respect to Patty's estate, Quentin is entitled to

For a will to be valid, the testator's signature must appear on it, generally at the end.