Wills, Trusts And Estates Final Exam Review Actual Questions and CORRECT Answers
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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
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