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quiz-2-rev

Page history last edited by PBworks 12 years, 10 months ago

Quiz #2 - Wills and Trusts

 

Quiz #A and Quiz #B are taken from (formerly Chp. 53 - 7th edition - West Bus Law)

click here for the materials to read - http://lamission.edu/law/26w/law13/materials.htm

 

The below questions will be uploaded to the Moodle quiz format soon. In the meanwhile, below are the questions you can work on. Once uploaded, the questions will remain the same, however the order of the questions is randomized each time you click on the quiz, so be careful when you post your answers to the quiz.

 

1.  Intestacy laws are:

 

    (a) laws that establish the requirements of a valid will.

 

    (b) laws that protect insured parties from duress.

 

    (c) laws that specify how property will be distributed if someone dies without a will.

 

    (d) laws that govern the formation of Totten trusts.

 

 

  2   Kate has her lawyer draft a will for her. Kate signs the will and has it witnessed. In this case, who is the testator of the will?

 

    (a) Kate's lawyer.

 

    (b) Each of the witnesses.

 

    (c) Kate.

 

    (d) Any person who benefits under her will.

 

 

  3.   Frank dies intestate (without a valid will). He leaves an estate worth close to $2 million. Who will settle Frank�s affairs and oversee the distribution of his estate?

 

    (a) His executor.

 

    (b) The trustee.

 

    (c) The county clerk.

 

    (d) The administrator

 

 

  4. To devise something means to:

 

    (a) make an inter vivos gift of personal property.

 

    (b) make a gift of real estate by will

 

    (c) make a gift of intangible property.

 

    (d) make a gift of personal property by will.

 

 

  5.  In her will, Lourdes gives Marie her Steinway grand piano. This is known as:

 

    (a) a devise.

 

    (b) a general legacy.

 

    (c) a specific bequest.

 

    (d) an annulment.

 

 

  6.  In her will, Lourdes gives Marie her Steinway grand piano. Who is the legatee?

 

    (a) Lourdes.

 

    (b) Lourdes's lawyer.

 

    (c) The administrator.

 

    (d) Marie.

 

 

  7. In order to make a valid will, which of the following IS NOT necessary?

 

    (a) The testator must have legal capacity.

 

    (b) The testator must sign the will.

 

    (c) The testator must acknowledge the provisions of the will on his or her deathbed.

 

    (d) The testator must understand what he or she is doing when he or she makes the will.

 

 

  8. The issue involved in the case of Estate of Klauzer was:

 

    (a) the signature of "X" on a will.

 

    (b) the capacity of a testator.

 

    (c) a nuncupative will.

 

    (d) the number of shares into which a testator wanted his estate divided.

 

 

  9.  A nuncupative will may be defined as:

 

    (a) a will written under duress.

 

    (b) a will that is written but not signed.

 

    (c) an oral will made before witnesses.

 

    (d) a will that includes later additions.

 

 

  10  Arlen, in his will, leaves $5,000 to his friend Pete. Later, he and Pete have a falling out, so Arlen decides to change his will to give the $5,000 to his friend John instead. Arlen tells John of his intention, but before he has a chance to change his will, Arlen dies. Is Pete entitled to anything under Arlen's will?

 

    (a) No. Pete will get nothing because Arlen told John that he wanted to change the will.

 

    (b) Pete will take the $5,000 because Arlen never changed his will.

 

    (c) Pete will take the $5,000 but only if John agrees.

 

    (d) Pete will take the $5,000 but only if the relevant intestacy statute permits such gifts.

 

 

  11.  Which of the following IS NOT a way to transfer assets outside the probate process?

 

    (a) By gift.

 

    (b) By devise.

 

    (c) By joint tenancy.

 

    (d) By living trust

 

 

  12. Under intestacy laws, what percentage of an estate will stepchildren be likely to take?

 

    (a) 33%.

 

    (b) 50%.

 

    (c) A percentage based on the number of children that are left living.

 

    (d) 0%

 

 

  13. Bob states in his will that his assets should be divided in the following manner: "to my children Scott, Eric, and Jean equally OR in the event that anyone of them predecease me, their one-third portion to their heirs, if they have any." This kind of distribution is known as:

 

    (a) a per capita distribution.

 

    (b) a per stirpes distribution.

 

    (c) a per annum distribution.

 

    (d) an equitable distribution.

 

 

  14. Which of the following IS NOT an essential element of a trust?

 

    (a) It must have a fund sufficiently identified to enable title to pass to the trustee.

 

    (b) It must have a designated administrator.

 

    (c) It must have a designated beneficiary.

 

    (d) The settlor or grantor must actually deliver the trust to the trustee with the intention

 

 

  15.  An inter vivos trust is:

 

    (a) created by a beneficiary for a trustee

 

    (b) created through the provisions of a will.

 

    (c) executed by a grantor during his or her lifetime.

 

    (d) always irrevocable.

 

 

  16.  In his last will and testament, Lydios provides for a trust to be created on his death. This kind of trust is:

 

    (a) A Totten trust.

 

    (b) A living trust.

 

    (c) A testamentary trust.

 

    (d) An implied trust.

 

 

  17. Now assume instead that Lydios deposits money into an account at his bank in his own name, as the trustee for his mother Carmella. What is this kind of arrangement called?

 

    (a) A causa mortis trust.

 

    (b) A constructive trust.

 

    (c) A Totten trust.

 

    (d) A reformed trust.

 

 

  18. Which of the following IS NOT a legal duty of a trustee?

 

    (a) To furnish complete and accurate information to beneficiaries.

 

    (b) To provide sound investment advice to beneficiaries.

 

    (c) To keep clear and accurate accounts of the trust's administration.

 

    (d) To act with honesty, good faith, and prudence while administering the trust.

 

 

  19. Roland, who has become ill, signs and gives to his daughter, Julie, a document authorizing Julie to manage all of his affairs and make all decisions for him should he become incapacitated. This document is called:

 

    (a) a temporal power of attorney.

 

    (b) a durable power of attorney.

 

    (c) a health-care power of attorney.

 

    (d) a living power of attorney.

 

 

  20.  Assume that before he became ill, Roland had an attorney draft a document stating that in the event of a future accident resulting in a situation where Roland would continue to live only through the use of life-support equipment, Roland preferred not to be connected to such equipment. What is this kind of document called?

 

    (a) A living trust.

 

    (b) Medicare.

 

    (c) A Medicaid codicil.

 

    (d) A living will.

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