Question 1

Trustees normally collect money for their services through brokerage fees earned from investment in securities for the trust.

Accepted Answer

A) True 
 B)False

Question 2

A serious objection to making a last will is its finality and irrevocability.

Accepted Answer

A) True 
 B)False

Question 3

A trust created to provide for the maintenance of a beneficiary by preventing his or her
improvidence with the bestowed funds is a(n).

Accepted Answer

The answer of A trust created to provide for the...

Question 4

Which of the following is to be eliminated in the year 2010?

Accepted Answer

A) probate 
B) federal estate taxes 
C) state inheritance taxes 
D) state income taxes

Question 5

What is the importance of residuary clause in a will?

Accepted Answer

The answer of What is the importance of residuary clause...

Question 6

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

Accepted Answer

A) to prolong the life of the planner through a medically approved regimen of proper diet,exercise,and rest 
B) to better provide for the economic needs of the planner while alive 
C) to avoid or minimize the costs,delays,and publicity of probate 
D) to avoid income and estate taxes in so far as practicable

Question 7

An inter-vivos trust may be made revocable,or revocable after a specified time,or irrevocable - each with different objectives and potentially different tax consequences.

Accepted Answer

A) True 
 B)False

Question 8

The typical joint marital trust

Accepted Answer

A) will eliminate or reduce estate or inheritance taxes. 
B) will eliminate or reduce probate fees. 
C) violates the rule against perpetuities. 
D) is also called a nuncupative trust.

Question 9

To celebrate their 25th wedding anniversary,Juan and Maria Fuentes created a trust transferring more than $250,000 worth of real property to Capitol Trust Company for the benefit of the River City University scholarship program.They did not retain any right to a return of the property.They created a(n)

Accepted Answer

A) irrevocable testamentary trust. 
B) revocable living trust. 
C) marital life estate trust. 
D) irrevocable inter-vivos trust.

Question 10

Did you read the textbook case of McConnell v.Beverly Enterprises-Connecticut Inc? if so then selecting which of the below is accurate is easy.

Accepted Answer

A) Ms.McConnell was determined by her doctors to be in a persistent vegetative state. 
B) The property in Ms.McConnell's will was distributed in accordance with her wishes. 
C) The circumstances relating to the creation of her will created a conclusive presumption of undue influence. 
D) The naming of the corporate trustee was determined to be appropriate over the wishes of her beneficiary,the University.

Question 11

A failure to provide for a child can partially revoke a will.The protected child who challenges the distribution is a(n).

Accepted Answer

The answer of A failure to provide for a child...

Question 12

Those legally entitled to your estate if you leave no will are called .

Accepted Answer

The answer of Those legally entitled to your estate if...

Question 13

Probate has some advantages over procedures that avoid probate.Which of the following is an advantage of probate?

Accepted Answer

A) Probate provides an effective method of settling outstanding claims against the deceased person's estate 
B) Probate is generally the fastest and cheapest way to transfer property to heirs. 
C) Probate allows an effective means of allowing the decedent's wishes for burial and donation of internal organs. 
D) Probate is an effective way to reduce fees and taxes.

Question 14

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

Accepted Answer

The answer of State laws that regulate how property shall...

Question 15

A will can be used to convey documents owned by the testator as a form of personal property but not documents filed with a court which become public property.

Accepted Answer

A) True 
 B)False

Question 16

A private contract among the beneficiaries,in which family members agree on a plan for
distribution of the decedent's assets among themselves,is called a(n).

Accepted Answer

The answer of A private contract among the beneficiaries,in which...

Question 17

A fidelity bond insures against losses caused by the dishonest performance of duties by a personal representative.

Accepted Answer

A) True 
 B)False

Question 18

Please answer the following questions about probate:
a.What is probate?
b.Discuss the positive and negative attributes of probate.
c.What are common probate costs?
d.Discuss two methods of avoiding probate.

Accepted Answer

The answer of Please answer the following questions about probate:
a.What...

Question 19

The person subject to a guardianship is called a(n).The person in charge of
the ward's personal and financial affairs is called the .

Accepted Answer

The answer of The person subject to a guardianship is...

Question 20

Please answer the following questions about trusts:
a.What are the different methods of creating trusts?
b.What parties are indispensable to a trust?
c.What is the purpose of the rule against perpetuities?
d.Identify three reasons why someone might wish to create a trust.How would they accomplish their purposes?

Accepted Answer

The answer of Please answer the following questions about trusts:
a.What...

Exam 14: Wills, Trusts, and Probate Laws Appendices Glossary Indexes

Trustees normally collect money for their services through brokerage fees earned from investment in securities for the trust.

A serious objection to making a last will is its finality and irrevocability.

A trust created to provide for the maintenance of a beneficiary by preventing his or her improvidence with the bestowed funds is a(n).

Which of the following is to be eliminated in the year 2010?

What is the importance of residuary clause in a will?

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

An inter-vivos trust may be made revocable,or revocable after a specified time,or irrevocable - each with different objectives and potentially different tax consequences.

The typical joint marital trust

Did you read the textbook case of McConnell v.Beverly Enterprises-Connecticut Inc? if so then selecting which of the below is accurate is easy.

A failure to provide for a child can partially revoke a will.The protected child who challenges the distribution is a(n).

Those legally entitled to your estate if you leave no will are called .

Probate has some advantages over procedures that avoid probate.Which of the following is an advantage of probate?

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

A will can be used to convey documents owned by the testator as a form of personal property but not documents filed with a court which become public property.

A private contract among the beneficiaries,in which family members agree on a plan for distribution of the decedent's assets among themselves,is called a(n).

A fidelity bond insures against losses caused by the dishonest performance of duties by a personal representative.

Please answer the following questions about probate: a.What is probate? b.Discuss the positive and negative attributes of probate. c.What are common probate costs? d.Discuss two methods of avoiding probate.

The person subject to a guardianship is called a(n).The person in charge of the ward's personal and financial affairs is called the .