Question

A gift of? $100,000 to a named beneficiary is? a(n) _____ testamentary gift.

A. residuary

B. specific

C. residual

D. general

E. intangible

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Which of the following are NOT true about a living? trust?

A. All the income earned by the trust is attributed to the? grantor, who must pay income taxes on the earnings just as if the trust did not exist.

B. It is not subject to property division on divorce.

C. It does not reduce estate taxes any more than a will.

D. It does not avoid creditors.

E. It does not reduce the? grantor's income taxes.

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Which of the following is NOT true about the beneficiaries of a living? trust?

A. Usually the grantor is the remainder? beneficiary, who receives the income from the trust during his or her lifetime.

B. Usually the grantor is the income? beneficiary, who receives the income from the trust during his or her lifetime.

C. A living trust names a beneficiary or beneficiaries who are entitled to receive income from the living trust while it is in existence and to receive the property of the trust when the grantor dies.

D. On the death of the? grantor, assets of the trust are distributed to the remainder beneficiary or beneficiaries named in the trust.

E. The designated trustee has the fiduciary duties of identifying? assets, paying? creditors, paying income and estate? taxes, transferring assets to named?beneficiaries, and rendering an accounting.

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Which of the following is NOT true about undue? influence?

A. Undue influence is difficult to prove by direct? evidence, but it may be proved by circumstantial evidence.

B. The court will look to see if the benefactor and beneficiary are involved in a relationship of confidence and trust as an element of undue influence.

C. A will or trust may be found to be invalid if it was made because of undue influence on the testator.

D. Undue influence can be inferred from the facts and circumstances surrounding the making of a will or trust.

E. If an? 85-year-old woman leaves all her property to the lawyer who drafted her will and ignores her blood? relatives, the court is unlikely to presume undue influence.

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Which of the following is NOT an element the court will consider to determine if there has been undue? influence?

A. The will or trust contains substantial benefit to the beneficiary.

B. The bequests are the same as in a former will or trust.

C. The beneficiary caused or assisted in effecting execution of the will or trust.

D. There was an opportunity to exert influence.

E. The benefactor and beneficiary are involved in a relationship of confidence and trust.

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I need to get this 100%! Could you guys give me a reason for your answers? Thank you!

Answer 1

A gift of? $100,000 to a named beneficiary is? a(n) _____ testamentary gift.

D. general

A general testamentary gift is defined as a gift which is paid out of the general assets of an estate.

Which of the following are NOT true about a living? trust?

B. It is not subject to property division on divorce.

Depending on the status of the spouse or beneficiaries, the trust might be kept entirely separate from divorce proceedings and property division. Trusts are deemed as separate property altogether and therefore is not affected by any property division or divorce.

Which of the following is NOT true about the beneficiaries of a living trust?

C. A living trust names a beneficiary or beneficiaries who are entitled to receive income from the living trust while it is in existence and to receive the property of the trust when the grantor dies.

A living trust is named beneficiary of certain assets which would go to named beneficiary regardless of what is stated in the will. The income through living trust goes to the grantor in their lifetime and after his death to the named beneficiaries.

Which of the following is NOT true about undue influence?

E. If an 85-year-old woman leaves all her property to the lawyer who drafted her will and ignores her blood relatives, the court is unlikely to presume undue influence.

Under Undue influence, the court considers that: -

• Will leaves the property in a way that is not expected like cutting close family members out of the will without any explanation
• The will maker was dependent on the trusted person and this person has exerted the influence on the old person.
• Illness or frailty made the will maker vulnerable
• The influencer took undue advantage of the will maker and benefitted from the will by substituting himself with family members

Which of the following is NOT an element the court will consider to determine if there has been undue influence?

B. The bequests are the same as in a former will or trust.

The court will take into consideration if the bequests have changed from the former will.