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Wills, Trust, Estates > Quiz 2 > Flashcards

Quiz 2 Flashcards

1
Q

A-B trusts

A

Credit shelter and marital deduction trusts.

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2
Q

Administrative Control Rule

A

Tax rule for short-term trust making the trustor tax liable if he retains administrative control over the trust

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3
Q

Asset protection trust

A

Trust established offshore to protect the grantor’s assets

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4
Q

Beneficiary

A

Person who has equitable title to a trust

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5
Q

Cestui que trust

A

Beneficiary

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6
Q

Charitable lead trusts

A

Charitable remainder unitrusts and charitable remainder annuity trusts

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7
Q

Charitable remainder annuity trust

A

Trust in which the income goes to a private person and the remainder goes to charity

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8
Q

Charitable remainder unitrust

A

Trust in which a private person receives a percentage of the income, the rest and the remainder going to charity

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9
Q

Charitable trust

A

Trust created for a public, charitable purpose

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10
Q

Clifford trust

A

Short-term trust

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11
Q

Constructive trust

A

Implied trust used to right a wrong

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12
Q

Conveyance of trust

A

Method of transferring realty to a trust

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13
Q

Corpus

A

Trust property

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14
Q

Creator

A

Trustor

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15
Q

Cy pres

A

Doctrine permitting changes in the operation of a public trust

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16
Q

Declaration of trust

A

Instrument creating an inter vivos trust.

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17
Q

Deed of trust

A

Method of transferring realty to a trust

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18
Q

Discretionary trust

A

Trust in which trustee is given broad powers of discretion with respect to investments and distribution of income

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19
Q

Divested

A

Losing a legal right

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20
Q

Duration Rule

A

Tax rule stating trusts that exist for less than ten years and a day, or the life of the beneficiary, make the grantor tax liable

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21
Q

Dynasty trust

A

Trust used to avoid violating the Rule against Perpetuities

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22
Q

Enjoyment Control Rule

A

Tax rule for short-term trusts making the trustor tax liable if he may enjoy the income from the trust

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23
Q

Equitable title

A

Title giving the beneficiary the right to enjoy the trust property subject to limitations imposed by the trustor

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24
Q

Express trust

A

Trust created by the voluntary and deliberate act of the trustor

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25
Q

Failed trust

A

Trust that terminates because its objective cannot be accomplished

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26
Q

Fertile octogenarian

A

Doctrine stating a person is capable of bearing children until death

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27
Q

Fiduciary

A

Trustee, a person held to a standard of care higher than ordinary care

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28
Q

Fiduciary returns

A

Tax returns filed by trustees and executors

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29
Q

Generation skipping transfer

A

Trusts that benefit persons two or more generations removed from the trustor are subject to special tax rules

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30
Q

Grantor

A

Person who creates a trust with real estate

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31
Q

Implied trust

A

Trust created by operation of law

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32
Q

Indefinite class

A

Group identified by general characteristics, a charitable group

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33
Q

Injunction

A

Court order to stop performing a specified act

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34
Q

Inter vivos trust

A

Trust taking effect during the life of the trustor

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35
Q

Irrevocable trust

A

Trust that cannot be revoked by the creator

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36
Q

Legal list

A

Statutorily approved investments for fiduciaries

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37
Q

Legal title

A

Title held by the trustee giving the holder the right to preserve, protect, and defend the trust property, subject to duties imposed by the trustor

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38
Q

Method of transferring realty to a trust

A

Trust formed if a surviving spouse declines to accept the estate’s assets outright

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39
Q

Operation of law

A

Actions having certain legal consequences regardless of the wishes of the parties involved

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40
Q

Overendowed trust

A

Resulting trust with income greater than is needed to accomplish the trust purpose

41
Q

Pour-over trust

A

Property being added to the corpus of a separate trust

42
Q

Power of appointment

A

Legal right to select successor beneficiary

43
Q

Premium payment rule

A

Tax rule for short-term trust making the trustor tax liable if the trust can be used to pay the trustor’s insurance premiums

44
Q

Principal

A

Trust property of cash

45
Q

Private trust

A

Trust designed to fulfill a private purpose of the trustor

46
Q

Public trust

A

Charitable trust

47
Q

Purchase money resulting trust

A

Resulting trust in which person holds property for the benefit of the person who paid for the property

48
Q

Qualified personal residence trust

A

Trust established only with the personal residence of the grantor

49
Q

Qualified terminable interest property (QTIP)

A

Property left to a surviving spouse under a trust that qualifies for a marital deduction

50
Q

Recapture Rule

A

Tax rule taxing the trustor of a short-term trust

51
Q

Remainderman

A

Person in whom legal and equitable titles merge

52
Q

Res

A

Trust property consisting of personaly

53
Q

Resulting trust

A

Implied trust in which the trust property reverts to the trustor

54
Q

Reversion

A

Legal and equitable title merging in the trustor

55
Q

Reversionary interest

A

Remainder interests of a trustor

56
Q

Revocable trust

A

Trust in which the trustor retains the power to revoke

57
Q

Rule Against Perpetuities

A

All interests must vest, if at all, within 21 years after the death of a life in being plus the period of gestation

58
Q

Salvage doctrines

A

State statutory rules used to save trusts from violating the rule against perpetuities

59
Q

Self-dealing

A

Breach of fiduciary obligation in which trustee makes a benefit for himself instead of the trust

60
Q

Settlor

A

Trustor who creates a trust with personal property

61
Q

Sovereign immunity

A

Legal inability to sue the government

62
Q

Specific performance

A

Court order to perform a specific act

63
Q

Spendthrift trust

A

Trust designed to prevent the beneficiary from alienating his interest

64
Q

Spousal lifetime access trust

A

Marital deduction trust that permits the spouse to invade the corpus

65
Q

Spray trust

A

Discretionary trust

66
Q

Sprinkling trust

A

Discretionary trust

67
Q

Statute of Uses

A

Feudal law concerned with trusts

68
Q

Statutory trust

A

Trust provided by specific state statute

69
Q

Testamentary trust

A

Trust created by a will

70
Q

Totten trust

A

Bank account “in trust for” a third party

71
Q

Trustee

A

Person who holds legal title to trust property

72
Q

Trust instrument

A

Document creating a trust

73
Q

Trustor

A

Creator of a trust

74
Q

Trust property

A

Property held in trust

75
Q

Use

A

Feudal term for a trust

76
Q

Vested

A

Moment at which a person has an enforceable right

77
Q

Administrator

A

Personal representative of an intestate.

78
Q

Affinity

A

Relationship by marriage

79
Q

Ancestor

A

Relative of a previous generation.

80
Q

Ascendent

A

Lineal ancestor

81
Q

Collateral Relative

A

Nonlineal blood relations

82
Q

Consanguinity

A

Relationship determined by blood ties

83
Q

Class

A

Group of persons of the same degree

84
Q

Degrees of separation

A

Number of generations a person is removed from the decedent

85
Q

Distributee

A

Intestate inheritor of personal property

86
Q

Escheat

A

Process by which the state inherits property of an intestate who has no heirs.

87
Q

Heir

A

Intestate inheritor of real property.

88
Q

Illegitimate

A

Born out of wedlock

89
Q

Intestate succession

A

Persons who are entitled to inherit property of a person who dies without a will

90
Q

Issue

A

Direct lineal descendents

91
Q

Laws of descent and distribution

A

Statutes indicating a person’s intestate heirs.

92
Q

Laws of succession

A

Statutes indicating a person’s intestate heirs

93
Q

Letters of administration

A

Court orders authorizing the personal representative of an intestate to administer
the estate

94
Q

Lineal relation

A

Blood relatives directly ascending or descending

95
Q

Next of kin

A

Closest intestate blood relation

96
Q

Nonmarital children

A

Children born out of wedlock.

97
Q

Per capita

A

Equally to each person in his or her own right.

98
Q

Per stirpes

A

Taking property by right of representation

99
Q

Testamentary capacity

A

Legal ability to execute a will

Wills, Trust, Estates (2 decks)

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