Wills, Trusts And Estates Final Exam Review Actual Questions and CORRECT Answers
0 view 0 purchase
Course
Wills, Trusts And Estates
Institution
Wills, Trusts And Estates
Wills, Trusts And Estates Final Exam
Review Actual Questions and CORRECT
Answers
separates the legal and equitable title - CORRECT ANSWER- what does it mean that
"trusts split the legal title to property"
equitable title - CORRECT ANSWER- the rights a person or an individual enjoys and the ...
Wills, Trusts And Estates Final Exam
Review Actual Questions and CORRECT
Answers
separates the legal and equitable title - CORRECT ANSWER✔✔- what does it mean that
"trusts split the legal title to property"
equitable title - CORRECT ANSWER✔✔- the rights a person or an individual enjoys and the
benefits that come with property ownership despite not being the legal titleholders
legal title - CORRECT ANSWER✔✔- the actual ownership of a property exactly as it
appears on the deed
orally or in writing (testamentary trusts and real property need trusts to be in writing) -
CORRECT ANSWER✔✔- how can a trust be created
Intent, a trustee, a beneficiary, and identified corpus - CORRECT ANSWER✔✔- what are
the essential elements of a valid trust
corpus - CORRECT ANSWER✔✔- a collection or body of knowledge or evidence
you need to have property that you own and can transfer and have mental capacity -
CORRECT ANSWER✔✔- what are the requirements to make a trust
control - CORRECT ANSWER✔✔- why would a settlor create a revocable trust
you give up ownership to the government so you don't get taxed more - CORRECT
ANSWER✔✔- irrevocable trust advantage
good faith, asset preservation, and loyalty - CORRECT ANSWER✔✔- what are the standard
powers and duties of trustee who like a personal representative is a fiduciary
, true - CORRECT ANSWER✔✔- if the trustee fails to have loyalty you can bring action
against them
injunction - CORRECT ANSWER✔✔- the beneficiary can stop the disloyal trustee by going
to the court and filing an
no - CORRECT ANSWER✔✔- must a person have contractual capacity to be a beneficiary
yes - CORRECT ANSWER✔✔- must a person have contractual capacity to be a trustee
no, you can't be sole trustee and beneficiary because it wouldn't be split title - CORRECT
ANSWER✔✔- may a settlor be both the sole beneficiary and sole trustee of a trust
no, it can be oral for personal and if the subject of the trust is not within the statute of frauds -
CORRECT ANSWER✔✔- does a trust always need to be in writing
no - CORRECT ANSWER✔✔- are there any limits as to what kind of property can be in a
trust
end date on trust, or if the animal dies and they put money in the trust for animal care -
CORRECT ANSWER✔✔- how is a trust terminated
the trust is terminated because the title is then merged - CORRECT ANSWER✔✔- A > B+C
... If C is alive but then B dies
between people - CORRECT ANSWER✔✔- private trust
charitable trust - CORRECT ANSWER✔✔- public trust
as near as possible - CORRECT ANSWER✔✔- cy pres doctrine
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.99. You're not tied to anything after your purchase.
