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Exam 48: Wills and Trusts

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Question 21

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Joe establishes a trust for the benefit of his grandchildren. The trust will fail if

A) the trust fails to name a trustee.
B) none of the choices
C) the named trustee will not serve.
D) the named trustee can not serve.

E) C) and D)
F) All of the above

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Question 22

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Molly is not married and has no children. She executes a will, disposing of her estate to her sister Nina. Later, Molly marries Owen. They have no children. Molly does not execute a new will before she dies. With respect to Molly's estate, Owen is entitled to

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

E) B) and D)
F) A) and D)

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Question 23

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A party can be given the authority to write checks, collect insurance proceeds, and otherwise manage the affairs of a person who is incapacitated through

Under intestacy laws, if no heirs exist, then the state assumes ownership of the property of an estate.

A durable power of attorney authorizes an individual to act on behalf of another only if he or she is not incapacitated-which is why the power is called durable .

With a resulting trust , assets held in the trust can pass to the heirs after going through probate.

As a final declaration of how a person desires to have property disposed of after death, a will can serve no purpose other than distribution of the property.

Aron owns a certificate of deposit with Beth, his sister, and an apartment building with Carl, his brother, in both cases as a joint tenant. Aron, a partner with Debra in Aron & Debra Accountants, obtains a life insurance policy with Debra as the designated beneficiary. Aron writes a will that gives particular items of personal property, as well as specific amounts of cash, to his children and his friends. The will leaves the residue of the estate to Eve, Aaron's favorite cousin. Carl dies. Aron, on his deathbed, makes a gift to the United Way. Will the certificate of deposit, the apartment building, the proceeds from the life insurance policy, and the gift to the United Way become part of Aron's estate and be distributed under the will? If not, how will these items be distributed and to whom?

Leda executes a separate written instrument to revoke her prior will. This separate document is

The elements of a trust include actual delivery by the grantor to the beneficiary with the intent of passing title.

Under intestacy laws, if Darlene has no heirs, then the property of her estate

Because no state limits how property and obligations are transferred on death, a person can freely direct the passage by any means and many methods.

If a trustee fails to comply with the terms of the trust or the governing statute, he or she is personally liable for any loss.

A divorce occurring after a will has been written does not revoke dispositions of property made under the will to the former spouse.

The conduct of Edie and Floyd indicate an intention to create a trust. The circumstances raise an inference that Edie is holding legal title to property for Floyd's benefit. This is

According to the terms of Kim's will, specific gifts are made, and taxes and other estate debts are paid. The assets of the estate that remain are most likely to be distributed through

Emmett has two children, Franklin and Genevieve, both of whom predecease Emmett. Franklin is survived by his daughter Hermione. Genevieve is survived by her sons Ishmael and Joshua. On Emmett's death, if the distribution of his estate is per stirpes , Hermione will receive

Finn does not execute a will before he dies, with no surviving spouse or child. His survivors include his grandson Gage and his niece Hailey. In most states, his estate would pass to

A valid will is one that represents the maker's intent to transfer and distribute his or her property.

Under a certain state's law, the legal age for executing a will is eighteen. In that state, Mocha writes a will when she is diagnosed with a life-threatening illness at age sixteen. Mocha dies at age twenty-one. Her will is