Exam 52: Wills and Trusts

A personal representative of an estate makes sure that gifts of real and personal property go to the correct beneficiaries, persons who inherit under the will.

Which of the following is a will that the testator writes and signs in his or her own handwriting?

A person who creates a trust is knows as a _____.

When someone dies, a[n] ______ chosen by the testator collects the testator's property, pays debts and taxes, and makes sure the remainder of the will is distributed.

The requirement that a witness ______ to the will means that the witness must witness the signing of the will and then sign as a witness at the end of the document.

A[n] ______ trust is a trust created while the settlor is alive or by will.

A[n] ______ trust is created by a court when an express trust fails and the court can imply a trust from certain behavior.

As set forth in the text, under what two circumstances are wills usually contested?

A[n] ______ allows a person to transfer property to another person with the property to be used for the benefit of a third person.

"Fighter." Willy, a ninety-year-old wild bronco rider in the rodeo, had a will leaving all his possessions to a girlfriend, Linda, age twenty-two. During a rodeo, Willy was placed on a particularly wild bronco named "Fighter." During the ride, Grumpy the clown yelled out to Willy that Linda had suggested that particular horse. Willy was very grumpy about that because he was having trouble controlling Fighter. Nevertheless, Willy prevailed and collected the prize. Willy was so excited that he felt himself having a heart attack. Just before he died, he yelled out, "Linda, you had me put on that crazy horse, and I'm revoking my will. I'm dying, and I'm leaving everything to my other girlfriend, Candy." A number of witnesses heard his statement; and Grumpy, who had always liked Candy more than Linda, promptly wrote down Willy's statement. Linda knew nothing about Candy and was very upset. She told Candy that Candy could have nothing because Willy's written will was still in effect. She also told Candy that Willy was suffering from a mental illness and did not know what he was doing when he stated that Candy should take everything. Willy's daughter, Monique, age 65, also entered the discussion stating that Linda had unfairly coerced Willy into writing a will leaving her everything. -When a trust is terminated, which of the following is the appropriate term for a person or entity that receives a portion of the trust corpus?

Federal law is the primary law governing wills.

In the U.S., surgeons use a heart-lung standard rather than a brain-death standard in order to determine death.

Which of the following is false regarding the trust system in India?

List the two components that are usually components of trusts and discuss their function.

Which of the following is a uniform law proposed by the National Conference of Commissioners on Uniform State Laws that provides guidance in the area of estate planning?

Which of the following is true regarding a party that cannot be a witness to a will?

A document that outlines the principal-agent relationship that allows an agent to make medical decisions for a principal who is unable to participate in medical decisions is called a _____.

Which of the following is true regarding Monique's claim that Linda unfairly coerced Willy into naming her as a beneficiary in the written will and that the written will is ineffective?

State laws that outline how a person's property will be distributed if he or she dies without a will are called ______ statutes.

Usually, express trusts are written and are called trust instruments or agreements.