Question 1

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.

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A)  a U.S. citizen.
B)  all of the choices.
C)  at least eighteen years old.
D)  mentally competent.E) A) and B)
F) A) and C)

Question 4

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.

Accepted Answer

A) True 
 B)False

Question 5

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.

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A)  Jem.
B)  Idina's estate.
C)  the trust.
D)  the state.E) A) and D)
F) A) and B)

Question 7

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

Accepted Answer

A)  dissociated from a decedent's estate.
B)  disposed of by a trustee.
C)  dissolved in favor of a beneficiary.
D)  delivered in full somewhere.E) None of the above
F) A) and D)

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A)  a bequest.
B)  a devise.
C)  a legacy.
D)  residuary.E) C) and D)
F) A) and D)

Question 10

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.

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A)  everything.
B)  nothing.
C)  one-half.
D)  one-third.E) B) and C)
F) A) and B)

Exam 48: Wills and Trusts

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

Correct Answer
verified

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.

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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.

Correct Answer
verified

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.

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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.

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

Exam 48: Wills and Trusts

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

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

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verified

Correct Answer
verified