An inter vivos trust - Study guides, Class notes & Summaries

is charged with the responsibility to marshal assets, pay debts and make distributions per terms of the will. - As executor of an estate, a Bank Trust Department typically: should petition a court of proper jurisdiction for instruction as to the proper course of action. - When the terms of an irrevocable living trust become illegal, imprudent or impossible with which to comply, the trustee: all real and personal property owned by the testator at death - As executor of an estate, a bank mus...

NCCP Exam-Real Estate Law Questions & Answers 2024 NCGS § 10B Notaries - ANSWER- NCGS § 31A Acts Barring Property Rights - ANSWER-Rights of spouse (absolute divorce or divorce from bed and board, spouse who voluntarily separates and lives in adultery, spouse who abandons with no cause, etc.) NCGS § 31B Renunciation of Property and Renunciation of Fiduciary Powers Act - ANSWER-A person who succeeds to a property interest as: (1) Heir; (2) Next of kin; (3) Devisee; (4) Repealed b...

"As an executor of an estate, a Bank Trust Department typically: a. Does not have a fiduciary duty. b. Is charged with the responsibility to marshal assets, pay debts, and make distributions per terms of the will. c. Can only serve if granted special permission by the regulatory authorities in addition to the bank's general fiduciary powers. d. Must have capital in excess of the normal capital required to exercise general trust powers. " : B "When the terms of an irrevocable liv...

PA Life and Health Questions and Answers Already Passed Damon purchased a 10-pay life policy at age 35. He can expect it to be paid up by age 45 With respect to life policies, all of the following are subject to federal income tax EXCEPT policy proceeds paid in lump sum Which of the following types of health insurers provide the majority of their benefits on a service basis, meaning the insurer pays the health services provider directly rather than reimbursing the subscriber? In...

NALA Certified Paralegal Exam Terms And Concepts Questions And Answers Rated A+. Estate administration - correct answer.The process in which a decedent's personal representative settles the affairs of the decedent's estate (collects assets, pays debts and taxes, and distributes the remaining assets to heirs); the process is usually overseen by a probate court. inter vivos trust - correct answer.A trust created by the grantor (settlor) and effective during the grantor's lifetim...

NALA Certified Paralegal Exam Terms and ConceptsEstate administration - correct answer The process in which a decedent's personal representative settles the affairs of the decedent's estate (collects assets, pays debts and taxes, and distributes the remaining assets to heirs); the process is usually overseen by a probate court. inter vivos trust - correct answer A trust created by the grantor (settlor) and effective during the grantor's lifetime—that is, a trust not established by a will...

Activity instructions to candidates • This is an open book assessment activity. • You may use a financial calculator or computer application to help calculate values • You are required to read this assessment and answer all questions that follow. • Please type your answers in the spaces provided. • Please ensure you have read “Important assessment information” at the front of this assessment • Estimated time for completion of this assessment activity: approximately 3 hour...

ATT Exam #1 Questions with 100% Correct Answers Personal Residence Grantor Retained Interest Trust - Answer-Gift and estate planning. Inter vivos trust when grantor retains the right to occupy trust property as a personal residence for a term of years. Remainder goes to family members. The grantor cannot be the holder of an interest in more than two such trusts at the same time. Tax consequences to grantor include the normal deductions relative to ownership of a personal residence such as ...

Crummey Trust - Answer-Gift tax planning. Beneficiary is given a Crummy withdrawal power, a limited non-cumulative power to withdraw principal or income. This power enable the transfer to be eligible for the annual gift tax exclusion. The beneficiary is considered the owner of the amount he has the right to withdraw and is taxed on a pro-rata share. If the beneficiary leaves the assets in the trust, it will accumulate for future distribution for him. The benny will be taxed on a prorata sh...

Any rate of interest above the maximum rate allowable by law is: a. fiduciary b. usury c. undue influence d. duress - correct answer b. usury The party who makes an offer is called the: a. offeree b. offered c. offeror d. optional - correct answer c. offeror The party who is sued in a civil suit is known as the: a. defendant b. plaintiff c. offeror d. administrator - correct answer ...