Question 1

An amendment to a will is called a(n):

Accepted Answer

A)  statutory adjustment. 
B)  codicil. 
C)  stipulated addition. 
D)  attestation. 
A)  statutory adjustment. 
B)  codicil. 
C)  stipulated addition. 
D)  attestation. B

Question 2

An express trust is a trust:

Accepted Answer

A)  created only by an oral statement. 
B)  established by voluntary action. 
C)  established by law through the courts when the parties' conduct seems to warrant the creation of a trust. 
D)  All of these. 
A)  created only by an oral statement. 
B)  established by voluntary action. 
C)  established by law through the courts when the parties' conduct seems to warrant the creation of a trust. 
D)  All of these. B

Question 3

Dan, a widower, dies intestate.He leaves two surviving children, Joe and Carrie, and two grandchildren who are children of his deceased daughter, Debra.If Joe and Carrie each take one-third of his estate and the grandchildren each take one-sixth of the estate, this is described legally by the statement that:

Accepted Answer

A)  collateral heirs take the property per stirpes . 
B)  lineal descendants and collateral heirs take the property per capita . 
C)  lineal descendants take the property per capita . 
D)  lineal descendants of predeceased children take property per stirpes . 
A)  collateral heirs take the property per stirpes . 
B)  lineal descendants and collateral heirs take the property per capita . 
C)  lineal descendants take the property per capita . 
D)  lineal descendants of predeceased children take property per stirpes . D

Question 4

A trust for the establishment and maintenance of a museum would be a charitable trust.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is untrue regarding the revocation of a will?

Accepted Answer

A)  There can be a partial revocation. 
B)  The execution of a second will does not of itself constitute a revocation of an earlier will. 
C)  Divorce does not ordinarily revoke a will. 
D)  An inadvertent destruction of a will acts as a revocation. 
A)  There can be a partial revocation. 
B)  The execution of a second will does not of itself constitute a revocation of an earlier will. 
C)  Divorce does not ordinarily revoke a will. 
D)  An inadvertent destruction of a will acts as a revocation.

Question 6

There is no such thing as an irrevocable will.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following will be acceptable as a witness to a will?

Accepted Answer

A)  The testator's spouse. 
B)  The spouse of a beneficiary. 
C)  The beneficiary of a testamentary trust. 
D)  The administrator of the estate. 
A)  The testator's spouse. 
B)  The spouse of a beneficiary. 
C)  The beneficiary of a testamentary trust. 
D)  The administrator of the estate.

Question 8

Once a trust is validly created, it is revocable.

Accepted Answer

A) True 
 B)False

Question 9

A totten trust involves a bank account opened by the settlor of the trust.

Accepted Answer

A) True 
 B)False

Question 10

An express trust may be found if the intent of the grantor to create a trust is unmistakable.

Accepted Answer

A) True 
 B)False

Question 11

A totten trust is revocable by the creator.

Accepted Answer

A) True 
 B)False

Question 12

A witness to a will who is "interested" will be disinherited or disqualified.

Accepted Answer

A) True 
 B)False

Question 13

Lathan served as a witness to Samuel's will, but died before Samuel.When Samuel's will is probated, proof of Lathan's handwriting is necessary unless there are enough other witnesses to meet the statutory requirements without Lathan .

Accepted Answer

A) True 
 B)False

Question 14

The powers of a trustee are determined solely by the trust instrument.

Accepted Answer

A) True 
 B)False

Question 15

Rules for the distribution of property in a situation involving intestate succession:

Accepted Answer

A)  apply where the testator has failed to name an administrator. 
B)  have no application to real estate owned by the decedent. 
C)  do not apply to property held in joint tenancy. 
D)  prevent disposition of property by a valid will. 
A)  apply where the testator has failed to name an administrator. 
B)  have no application to real estate owned by the decedent. 
C)  do not apply to property held in joint tenancy. 
D)  prevent disposition of property by a valid will.

Question 16

Under what conditions do courts impose a constructive trust?

Accepted Answer

Constructive trusts are impose

Question 17

In most states, there is no lower age limit for testators as long as they understand the extent of their property.

Accepted Answer

A) True 
 B)False

Question 18

As long as a decedent's wishes are clear, the formalities of a will need not be strictly met in order for the will to be valid.

Accepted Answer

A) True 
 B)False

Question 19

A codicil to the will must be executed with all the formal requirements of a will.

Accepted Answer

A) True 
 B)False

Question 20

Renunciation is a statutory right of a surviving spouse to give up her statutory share in the estate.

Accepted Answer

A) True 
 B)False

Exam 50: Trusts and Wills

An amendment to a will is called a(n):

An express trust is a trust:

A trust for the establishment and maintenance of a museum would be a charitable trust.

Which of the following is untrue regarding the revocation of a will?

There is no such thing as an irrevocable will.

Which of the following will be acceptable as a witness to a will?

Once a trust is validly created, it is revocable.

A totten trust involves a bank account opened by the settlor of the trust.

An express trust may be found if the intent of the grantor to create a trust is unmistakable.

A totten trust is revocable by the creator.

A witness to a will who is "interested" will be disinherited or disqualified.

Lathan served as a witness to Samuel's will, but died before Samuel.When Samuel's will is probated, proof of Lathan's handwriting is necessary unless there are enough other witnesses to meet the statutory requirements without Lathan .

The powers of a trustee are determined solely by the trust instrument.

Rules for the distribution of property in a situation involving intestate succession:

Under what conditions do courts impose a constructive trust?

In most states, there is no lower age limit for testators as long as they understand the extent of their property.

As long as a decedent's wishes are clear, the formalities of a will need not be strictly met in order for the will to be valid.

A codicil to the will must be executed with all the formal requirements of a will.

Renunciation is a statutory right of a surviving spouse to give up her statutory share in the estate.

Introduction to Law

Business Ethicspart Ii: the Legal Environment of Business

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Negligence and Strict Liabilitypart Iii: Contracts

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance, Breach, and Discharge

Contract Remediespart Iv: Sales

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Product Liability: Warranties and Strict Liability

Sales Remediespart V: Negotiable Instruments

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transferspart Vi: Agency

Relationship of Principal and Agent

Relationship With Third Partiespart Vii: Business Associations

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature and Formation of Corporations

Financial Structure of Corporations

Management Structure of Corporations

Fundamental Changes of Corporationspart Viii: Debtor and Creditor Relations

Secured Transactions and Suretyship

Bankruptcypart Ix: Regulation of Business

Securities Regulation

Intellectual Property

Employment Law

Antitrust

Accountants Legal Liability

Consumer Protection

International Business Lawpart X: Property

Introduction to Property, Property Insurance, Bailments, and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

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