Question

Which of the following is an INCORRECT statement regarding the? testator's signature requirement for making a...

Which of the following is an INCORRECT statement regarding the? testator's signature requirement for making a valid? will?

A. Wills need not be signed.

B. Courts have held that an? "X" can constitute a valid signature on a will if it can be proven that the testator intended it to be his or her signature.

C. Courts have held that the? testator's nickname can constitute a valid signature on a will if it can be proven that the testator intended it to be his or her signature.

D. Most jurisdictions require the? testator's signature to appear at the end of the will.

E. Courts have held that the? testator's initials can constitute a valid signature on a will if it can be proven that the testator intended it to be his or her signature.

===========================================================================

Which of the following is NOT true about? probate?

A.

The distribution of the estate is called? probate, or settlement of the estate.

B.

When a person? dies, the remainder of the estate is distributed to the beneficiaries of the will or the heirs under the state intestacy statute.

C.

The process and procedures for settling an estate are governed by federal statute.

D.

A specialized state? court, called the probate? court, usually supervises the administration and settlement of estates.

E.

When a person? dies, his or her property must be collected and debts and taxes paid.

=================================================================

A gift of a ring is? a(n) _____ testamentary gift.

A.

general

B.

residual

C.

residuary

D.

specific

E.

intangible

====================

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

A.

residuary

B.

specific

C.

residual

D.

general

E.

intangible

==============================

Which of the following is an INCORRECT statement regarding a? trust?

A.

A trust can be created to become effective on the? trustor's death.

B.

A trust does not become effective during a? trustor's lifetime.

C.

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

D.

The property and assets held in trust are called the trust res.

E.

A trust is irrevocable unless the settlor reserves the right to revoke it.

======================================================================

Which of the following is an INCORRECT statement regarding an inter vivos? trust?

A.

An inter vivos trust can be for a stated period of time.

B.

An inter vivos trust is created and its assets are distributed to the trust when the settlor dies.

C.

An inter vivos trust sometime provides that an income beneficiary will receive income from the trust until the trust ends.

D.

An inter vivos trust is created and its assets are distributed to the trust while the settlor is alive.

E.

An inter vivos trust provides what will happen to the trust assets when the trust ends.

===========================================================

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.

=========================================

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.

========================================================

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.

=============================================================

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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