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Ch 11 Wills, Trusts and Estates

Total questions: 20

Worksheet time: 3600secs

Name
Class
Date
1.

A living trust is also called a(n):

a)

Totten trust

b)

pay-on-death trust

c)

A-B trust.

d)

inter vivos trust

2.

An attestation clause always begins a will.

a)

True

b)

False

3.

A trustee appointed by the court is a:

a)

legator

b)

trust officer

c)

trustee ad litem

d)

testator

4.

The attestation clause is:

a)

a gift of real property by will

b)

usually at the end of a will, it provides evidence that execution of a will was observed by witnesses

c)

beneficiary of a devise

d)

pre-death arrangement of a person’s property and estate

5.

A nuncupative will could be a will declared orally by a Roman Catholic nun during her last rites of the church in the presence of priests as long as her wishes are later reduced to writing by those present.

a)

True

b)

False

6.

All that a person owns at death is considered:

a)

real property

b)

community property

c)

personal property

d)

decedent’s estate

7.

The judicial act where a will is adjudicated to be valid

a)

execute

b)

codicil

c)

probate

d)

surety

8.

The person who holds the legal title to trust property is a:

a. a trustee.

b. a guardian.

c. a fiduciary.

d. all of the above

a)

a fiduciary

b)

a guardian

c)

all of the above

d)

a trustee

9.

A power of attorney that remains effective even though the grantor is incapacitated is a ___________

a)

legator

b)

codicil

c)

administrator

d)

durable power of attorney

10.

The publication clause of a will always announces the obituary information (funeral, place of burial, etc.) that the testator wishes printed in the newspaper.

a)

True

b)

False

11.

To sign a document, (i.e., a will)

a)

holographic will

b)

estate

c)

execute

d)

devise

12.

ESTATE TAX can also be called

a)

transfer tax

b)

use tax

c)

receipt tax

d)

income tax

13.

LEGATEE can also be called

a)

void

b)

estate

c)

optional

d)

beneficiary

14.

PROBATE can also be called

a)

indemnification

b)

ratification

c)

will adjudication

d)

estate tax

15.

TRUST RES can also be called

a)

property

b)

interest

c)

principle

d)

trustworthy

16.

Since both Heather and Harold wrote their wills in their own handwriting, the wills are both (which is not allowed in their state).

a)

estates

b)

intestate

c)

holographic

d)

administrator

17.

The attorney could have discussed the benefits of drafting a(n) in addition to a will, so that their children won’t inherit all their money in one lump sum.

a)

bequest

b)

estate planning documents

c)

intestacy

d)

trust instrument

18.

Testamentary capacity is a term referring to the mind of a person who is sane and competent to understand her acts.

a)

True

b)

False

19.

1. A(n) is a person who is appointed by the court to manage the estate of a person who died without a will.

a)

power of attorney

b)

administrator

c)

beneficiary

d)

codicil

20.

A is an attempt to defeat the probate of a will

a)

attestation

b)

execution

c)

testator

d)

will contest