Business Law - Final Review #5

Those who die WITH a valid will are said to have died testate.

• True

• False

A will is a legal expression directing how ones property will be distributed after death.

• True

• False

Once made, a will cannot be changed or canceled.

• True

• False

A codicil is an amendment to a will.

• True

• False

The creator of a trust is known as the trustee.

• True

• False

All wills MUST be witnessed.

• True

• False

A will only takes effect:

• upon the death of the maker

• upon the witnessed signing of the will

• upon the official recording of the will

• upon the 1-year anniversary of the death of the maker

A trust created during the lifetime of the settlor/grantor is:

• a charitable trust

• a spendthrift trust

• an inter vivos trust

• a testamentary trust

A trust created after the death of the settlor in accordance with directions in his/her will is

• an express trust

• an implied trust

• a testamentary trust

• an inter vivos trust

Another name for an oral will:

• nuncupative will

• holographic will

• codicil

• trust