Chapter 51_SmithandRoberson14ed_tb

Chapter 51_SmithandRoberson14ed_tb - Chapter 51Trusts and...

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Chapter 51—Trusts and Decedents' Estates TRUE/FALSE 1. A trust can only be created by a written document, although no particular words are necessary. ANS: F PTS: 1 2. An express trust may be found if the intent of the grantor to create a trust is unmistakable. ANS: T PTS: 1 3. Creditors of any trust beneficiary can attach the fund or the income to pay the beneficiary’s individual debts. ANS: F PTS: 1 4. If a person dies without a valid will and has no heirs or next of kin, her property goes to the state. ANS: T PTS: 1 5. A totten trust is revocable by the creator. ANS: T PTS: 1 6. Constructive trusts are generally found where the creator clearly intended a trust to be formed. ANS: F PTS: 1 7. A trust divides legal and equitable title to property. ANS: T PTS: 1 8. A testator with capacity and intent can create an irrevocable will. ANS: F PTS: 1 9. Capacity to make a contract is necessary in order to create a trust. ANS: T PTS: 1 10. A devise is a gift by will of personal property. ANS: F PTS: 1 11. A beneficiary ordinarily has no right to sell his interest in trust assets before he is entitled to receive the corpus. ANS: F PTS: 1 12. The courts may not create implied trusts.
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ANS: F PTS: 1 13. A trust is presumed to be irrevocable unless the grantor reserves the power of revocation. ANS: T PTS: 1 14. Upon the death of a beneficiary who held more than a life estate, his interest in the trust reverts to the trustee. ANS: F PTS: 1 15. A will is presumed to be irrevocable unless the power to revoke is expressly stated. ANS: F PTS: 1 16. In most states, children under a certain age cannot make valid wills. ANS: T PTS: 1 17. A spouse of a beneficiary and the named executor of a will are considered qualified witnesses by all courts. ANS: F PTS: 1 18. Ordinarily, the attorney who drafts the will may not serve as a witness to the will. ANS: F PTS: 1 19. If a witness dies prior to the death of the testator, his signature is not counted as a witness unless proof of his handwriting is submitted. ANS: T PTS: 1 20. If a will was burned in an electrical fire that destroyed the testator's home, it will be presumed to be re- voked. ANS: F PTS: 1 21. A second will automatically revokes an earlier will if it is wholly inconsistent. ANS: T PTS: 1 22. Marriage generally revokes a will executed prior to the marriage. ANS: T PTS: 1 23. Renunciation is a statutory right of a surviving spouse to give up her statutory share in the estate. ANS: F PTS: 1 24. A completely handwritten will is valid only if witnessed. ANS: F PTS: 1
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25. Nuncupative wills are generally enforceable. ANS: F PTS: 1 26. Codicils will not be valid if executed and attested. ANS: F PTS: 1 27. Under most intestate succession laws, a stepchild will not inherit unless legally adopted.
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Chapter 51_SmithandRoberson14ed_tb - Chapter 51Trusts and...

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