Statement regarding irrevocable trust and regarding probate

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Reference no: EM132196310

1. Which of the following is an INCORRECT statement regarding probate?

A. The personal representative of a decedent's estate is usually a relative of the deceased or a bank.

B. If a testator's will does not designate a personal representative, the court appoints an administrator (male) or administratrix (female).

C. If a testator's will designates a female personal representative, that person is called an executrix.

D. A probate court is a specialized federal court that supervises the administration and settlement of estates.

E. An attorney is usually appointed to help administer the estate and to complete the probate.

2. Which of the following is an INCORRECT statement regarding intestate succession?

A. In-laws do not inherit under most intestacy statutes.

B. If a person's will or trust fails for some legal reason, the property is distributed to his or her relatives pursuant to a state's intestacy statute.

C. If a person dies without a will or trust, he or she dies testate.

D. If the deceased has no surviving relatives, then the deceased's property escheats to the state.

E. Relatives who receive property under intestacy statutes are called heirs

3. Which of the following is an INCORRECT statement regarding an irrevocable trust?

A. An express trust is voluntarily created by the settlor.

B. A trust can be created and becomes effective during a trustor's lifetime, or it can be created to become effective on the trustor's death.

C. A will is a legal arrangement under which the trustor delivers and transfers legal right to property to the trustee to be held and used for the benefit of the beneficiary.

D. Another term for trust corpus is trust res.

E. The property and assets held in trust are called the trust corpus.

4. Henry is the trustee of a trust for the benefit of his brother, Gregory, who has a gambling addiction. Their parents set up the trust so that Gregory's creditors can only go after the trust income that is distributed to Gregory, and not the principal. This is known as a(n) ________ trust. ________________.

A. spendthrift

B. Totten

C. resulting

D. inter vivos

E. constructive

5. Which of the following statements about a living trust is true?

A. It can be challenged for undue influence.

B. It reduces the grantor's income taxes.

C. It is usually less expensive to set up than a will.

D. It reduces estate taxes more than a will.

E. It is subject to property division on divorce.

6. A will or trust may be found to be _______________ if it was made because of undue influence on the testator. Undue influence is difficult to_______________, but it may be___________________________.

A. valid; prove by direct evidence; proved by circumstantial evidence

B. valid; prove by clear evidence; proved by cogent evidence

C. invalid; prove by direct evidence; proved by circumstantial evidence

D. invalid; prove by circumstantial evidence; proved by direct evidence

E. valid; show in a court of law; shown in a court of equity

7. In 1990, in Cruzan v.Director, Missouri Department of Health, the U.S. Supreme Court ruled that the right to ________________ is a personal liberty protected by the?__________________ of the U.S. Constitution. The Court stated that this interest must be expressed? _______________ that the patient did not want to be sustained by artificial means.

A. refuse to make a will; Due Process Clause; beyond a reasonable doubt

B. an attorney; police power clause; through clear and convincing proof

C. refuse medical treatment; supremacy clause; by a preponderance of the evidence

D. disinherit your children; Due Process Clause; through clear and convincing proof

E. refuse medical? treatment; Due Process Clause; through clear and convincing proof

Reference no: EM132196310

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