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Exam 9: Estate Planning: Wills, Trusts, and Probate

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Question 21

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A trust is a document in which a person makes provisions for the disposition of all real property.

A) True
B) False

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Question 22

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What type of will is oral will be made by one on his or her deathbed?

A) Formal
B) Holographic
C) Nuncupative
D) Statutory will

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

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Question 23

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Explain the different types of trusts.

When a person dies without a will, the law of intestate succession is applied.

What type of will, usually prepared by an attorneys, is subscribed and acknowledged by the testator and witnessed by individuals who are not beneficiaries under the will?

An addition or change to a will that does not contain the entire will is called a(n) _________.

Compare and contrast the three broad categories of wills.

The settlor is the person who creates an express trust.

A common element of a will is the fiduciary clause.

A living trust becomes effective:

What type of trust, often called an involuntary trust, is created by law?

Wills need not be drafted by attorneys.

A nuncupative will, an oral will made by one on his or her deathbed, is sometimes referred to as a _____ will.

A person can change his or her will only once during their lifetime.

Which clause in a will comes just before the testator's signature and the date?

If a person acquires legal title to property as a result of fraud, the court may impose a(n) _______ trust on the individual holding the legal title.

A specific bequest is:

During probate, the person who is named by the court to pay debts and distribute property is called a(n) _______.

Technically a trust is a situation where the title to property is divided into two parts: legal title and equitable title.

What type of will is handwritten by the testator?