Deck 45: Wills, Inheritances, and Trusts

Question 1

A person receiving personal property by a will is known as a devisee.

Answer 1

False

Question 2

When a person dies intestate, the property is distributed in accordance with the state law of descent.

Answer 2

True

Question 3

A constructive trust is also known as a purchase money trust.

Answer 3

False

Question 4

Define express trust.

Question 5

A(n) _____ arises by operation of law when one acquires title to property to which he or she cannot in good conscience retain the beneficial interest.

A) express trust
B) resulting trust
C) constructive trust
D) implied trust

Question 6

Which of the following best describes a testatrix?

A) A male attorney executing a will
B) A man making a will
C) A female attorney executing a will
D) A woman making a will

Question 7

_____ wills are written entirely in longhand by the testator.

A) Holographic
B) Nuncupative
C) Codicil
D) Oral

Question 8

A woman appointed by a court to settle the affairs of an intestate is an administratrix.

Question 9

A(n) _____ occurs when a testator makes a bequest of specific property and the estate does not have the property at death.

A) redemption
B) ademption
C) abatement
D) probate

Question 10

A will may be revoked at any time during the life of the testatrix.

Question 11

If a testator deliberately destroys the will, this constitutes a revocation.

Question 12

Which of the following best describes a legatee?

A) An attorney executing a will
B) A person receiving a gift of real estate
C) A third-party who signs and witnesses a will
D) A person receiving a gift of personal property

Question 13

A codicil must be executed with all the formalities of the original will.

Question 14

Which of the following best describes a probate?

A) It is a witness based procedure used to terminate a will.
B) It is the legal transfer of real estate to a legatee.
C) It is a court procedure that determines the validity of a will.
D) It is a procedure used by a legatee to speed up the execution of a will.

Question 15

The person making a will is called a testator.

Question 16

An abatement occurs when a testator makes a bequest of specific property and the estate does not have the property at death.

Question 17

A(n) _____ is an instrument prepared in the form prescribed by law that provides for the disposition of a person's property and takes effect after death.

A) estate
B) testatrix
C) devise
D) will

Question 18

Holographic wills are oral wills declared by the testator in the presence of witnesses.

Question 19

When a testator dies leaving a will, the will must be probated.

Question 20

A(n) _____ is most commonly used when a grantor, for some reason, does not want to know exactly what is in the trust, but wants to retain the benefit of the property.

A) blind trust
B) purchase money trust
C) resulting trust
D) testamentary trust