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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
Failed trust
Trust that terminates because its objective cannot be accomplished
26
Fertile octogenarian
Doctrine stating a person is capable of bearing children until death
27
Fiduciary
Trustee, a person held to a standard of care higher than ordinary care
28
Fiduciary returns
Tax returns filed by trustees and executors
29
Generation skipping transfer
Trusts that benefit persons two or more generations removed from the trustor are subject to special tax rules
30
Grantor
Person who creates a trust with real estate
31
Implied trust
Trust created by operation of law
32
Indefinite class
Group identified by general characteristics, a charitable group
33
Injunction
Court order to stop performing a specified act
34
Inter vivos trust
Trust taking effect during the life of the trustor
35
Irrevocable trust
Trust that cannot be revoked by the creator
36
Legal list
Statutorily approved investments for fiduciaries
37
Legal title
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
38
Method of transferring realty to a trust
Trust formed if a surviving spouse declines to accept the estate's assets outright
39
Operation of law
Actions having certain legal consequences regardless of the wishes of the parties involved
40
Overendowed trust
Resulting trust with income greater than is needed to accomplish the trust purpose
41
Pour-over trust
Property being added to the corpus of a separate trust
42
Power of appointment
Legal right to select successor beneficiary
43
Premium payment rule
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
Principal
Trust property of cash
45
Private trust
Trust designed to fulfill a private purpose of the trustor
46
Public trust
Charitable trust
47
Purchase money resulting trust
Resulting trust in which person holds property for the benefit of the person who paid for the property
48
Qualified personal residence trust
Trust established only with the personal residence of the grantor
49
Qualified terminable interest property (QTIP)
Property left to a surviving spouse under a trust that qualifies for a marital deduction
50
Recapture Rule
Tax rule taxing the trustor of a short-term trust
51
Remainderman
Person in whom legal and equitable titles merge
52
Res
Trust property consisting of personaly
53
Resulting trust
Implied trust in which the trust property reverts to the trustor
54
Reversion
Legal and equitable title merging in the trustor
55
Reversionary interest
Remainder interests of a trustor
56
Revocable trust
Trust in which the trustor retains the power to revoke
57
Rule Against Perpetuities
All interests must vest, if at all, within 21 years after the death of a life in being plus the period of gestation
58
Salvage doctrines
State statutory rules used to save trusts from violating the rule against perpetuities
59
Self-dealing
Breach of fiduciary obligation in which trustee makes a benefit for himself instead of the trust
60
Settlor
Trustor who creates a trust with personal property
61
Sovereign immunity
Legal inability to sue the government
62
Specific performance
Court order to perform a specific act
63
Spendthrift trust
Trust designed to prevent the beneficiary from alienating his interest
64
Spousal lifetime access trust
Marital deduction trust that permits the spouse to invade the corpus
65
Spray trust
Discretionary trust
66
Sprinkling trust
Discretionary trust
67
Statute of Uses
Feudal law concerned with trusts
68
Statutory trust
Trust provided by specific state statute
69
Testamentary trust
Trust created by a will
70
Totten trust
Bank account "in trust for" a third party
71
Trustee
Person who holds legal title to trust property
72
Trust instrument
Document creating a trust
73
Trustor
Creator of a trust
74
Trust property
Property held in trust
75
Use
Feudal term for a trust
76
Vested
Moment at which a person has an enforceable right
77
Administrator
Personal representative of an intestate.
78
Affinity
Relationship by marriage
79
Ancestor
Relative of a previous generation.
80
Ascendent
Lineal ancestor
81
Collateral Relative
Nonlineal blood relations
82
Consanguinity
Relationship determined by blood ties
83
Class
Group of persons of the same degree
84
Degrees of separation
Number of generations a person is removed from the decedent
85
Distributee
Intestate inheritor of personal property
86
Escheat
Process by which the state inherits property of an intestate who has no heirs.
87
Heir
Intestate inheritor of real property.
88
Illegitimate
Born out of wedlock
89
Intestate succession
Persons who are entitled to inherit property of a person who dies without a will
90
Issue
Direct lineal descendents
91
Laws of descent and distribution
Statutes indicating a person’s intestate heirs.
92
Laws of succession
Statutes indicating a person’s intestate heirs
93
Letters of administration
Court orders authorizing the personal representative of an intestate to administer the estate
94
Lineal relation
Blood relatives directly ascending or descending
95
Next of kin
Closest intestate blood relation
96
Nonmarital children
Children born out of wedlock.
97
Per capita
Equally to each person in his or her own right.
98
Per stirpes
Taking property by right of representation
99
Testamentary capacity
Legal ability to execute a will

Wills, Trust, Estates (2 decks)

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