True False (part 2)

Question 1

You do not need a will if you create a trust.

Answer 1

False

Question 2

Conway v. Conway stands for the presumption that due execution will prevail unless clear and affirmative proof shows the contrary.

Answer 2

True

Question 3

A beneficiary has an interest in a revocable trust.

Answer 3

False

Question 4

A revocable trust becomes irrevocable upon the death of the settlor.

Answer 4

True

Question 5

A holographic will is not valid in Illinois.

Answer 5

True

Question 6

A 16 year old can create a will.

Answer 6

False

Question 7

Even if there is a named beneficiary on a life insurance policy, the proceeds will go to the named beneficiary in the will if it differs with the name of the beneficiary on the policy.

Answer 7

False

Question 8

A testamentary trust does not have to pass through probate.

Answer 8

False

Question 9

Only an attorney general has standing against a charitable trust.

Answer 9

(False – persons with a special interest can also have standing)

Question 10

A creditor of a donee of a nongeneral power of appointment cannot reach the appointive property.

Answer 10

True

Question 11

When a trust is established the creator of the trust is called the grantor.

Answer 11

True

Question 12

With the laws of intestacy the stepchildren of the decedent are considered direct descendants.

Answer 12

False, stepchildren are not direct descendants and cannot take my intestacy under statute law.

Question 13

A life insurance policy can be changed by the will.

Answer 13

False

Question 14

When a testator decides to write a codicil to his will he needs to have two witnesses who will witness and sign the codicil.

Answer 14

True

Question 15

A holographic will is valid in IL if it is written less than 48 hours prior to death of the testator since it is exactly what the testator wanted when they hand wrote their will.

Answer 15

False

Question 16

For a will to be valid it has to be signed by two witnesses, the testator has to be 21 years or older, of sound mind, signed by the testator.

Answer 16

False, testator only needs to be 18 years old.

Question 17

Trustee duties include safeguard assets, fiduciary duty to the beneficiary of the trust, obligation to protect the trust, act in a manner to benefit the beneficiaries, duty to give an annual accounting, and give reports on the value of the trust.

Answer 17

True

Question 18

A spendthrift provision can be placed into a trust by the testator to ensure the money in the trust is spent quickly to avoid all tax consequences of keeping a trust active for more than five years after death of testator.

Answer 18

False

Question 19

When the beneficiaries of a trust come before the court will a plan on how the principle of the trust should be used and all the beneficiaries consent, the court will most always agree to the plan and allow the trust to be opened up.

Answer 19

False

Question 20

A class gift is a method that allows beneficiaries to change the will be everyone consenting after the grantor dies to make sure the money or property left in the will goes to the people who need it most.

Answer 20

False

Question 21

An incentive trust focuses on ensuring that a beneficiary does not adopt a slothful or frivolous lifestyle.

Answer 21

True

Question 22

Probate court in the county where decedent died has primary jurisdiction over the decedent’s probate estate.

Answer 22

False

Question 23

A living person has heirs.

Answer 23

False

Question 24

Adopted children can gain rights through intestacy from biological parents.

Answer 24

False

Question 25

For a will to be admitted to probate it must be in strict compliance with the formal requirements of the applicable Wills Act.

Answer 25

False

Question 26

Antilapse statutes do not prevent a lapse rather substitute other beneficiaries if certain requirements are met.

Answer 26

True

Question 27

A spouse can disinherit their former spouse.

Answer 27

True

Question 28

A trust can always be modified if all the beneficiaries agree.

Answer 28

False

Question 29

A charitable trust, no matter if the purpose of the trust was specific or general, may always be modified under the cy pres doctrine.

Answer 29

False

Question 30

Almost every state enacted legislation that permits a trust for the benefit of a pet.

Answer 30

True

Question 31

The execution of reciprocal wills automatically create a binding contract between the spouses which prohibits the surviving spouse from changing the estate plan.

Answer 31

False

Question 32

Even if a holographic has been written in a state that recognizes such will, it is still not admissible to probate in Illinois.

Answer 32

False

Question 33

In Illinois, the signature must be at the bottom of the last page of a will.

Answer 33

False

Question 34

Living persons do not have heirs.

Answer 34

True

Question 35

A witness to a will must be aware of its contents.

Answer 35

False

Question 36

The only way Illinois allows individuals to revoke wills in part is by codicil.

Answer 36

True

Question 37

If a spouse takes a forced share, he or she can still also take pension or insurance policies.

Answer 37

False

Question 38

If the stated purpose of the trust can no longer be accomplished, or the designated charity goes out of existence, the court may use Cy Pres doctrine to make the trust be as near as possible to what the settlor wanted.

Answer 38

True

Question 39

The capacity required to create a testamentary trust is the same as the capacity to execute a will.

Answer 39

True

Question 40

If all beneficiaries consent, most court will allow them to terminate the trust even if any material purpose remains.

Answer 40

False

Question 41

Most charities today are structured as charitable trusts

Answer 41

False

Question 42

A charitable trust is exempt from the rule against perpetuities and modifiable under cy pres –

Answer 42

True

Question 43

If the settlor and all the beneficiaries consent, an irrevocable trust may not be modified/terminated if there is a spendthrift clause

Answer 43

False

Question 44

Trustee is liable to beneficiary for breach of trust if facts of breach are disclosed in an accounting

Answer 44

False

Question 45

A creditor of a beneficiary of a pure discretionary trust has no recourse against the beneficiary’s interest

Answer 45

True

Question 46

If a persons’ creditors attach to an interest in a protective trust, the interest is automatically changed to a discretionary interest

Answer 46

True

Question 47

In the case of co-trustee’s only one must participate in the trust’s administration

Answer 47

False

Question 48

A corporate trustee is likely to remain solvent as compared to an individual

Answer 48

True

Question 49

Under the doctrine of cy pres, the trust will not fail if the settlor indicated a general intention to devote the property to charitable purposes

Answer 49

True

Question 50

The four functions of trusteeship are custodial, administrative, investment and distribution

Answer 50

True

Question 51

One may set up a trust for strictly charitable purposes.

Answer 51

True

Question 52

One may modify the testator’s intent under the Cy Pres Doctrine.

Answer 52

True

Question 53

There is no way to hold a trustee accountable if their assets are protected in an offshore account.

Answer 53

False

Question 54

No witnesses are required to execute a trust.

Answer 54

True

Question 55

No witnesses are required to execute a codicil to a will.

Answer 55

false

Question 56

The Conway case has never been restricted or overruled in Illinois

Answer 56

True

Question 57

You must show cause in order to remove a trustee.

Answer 57

False

Question 58

If all beneficiaries are in agreement, they may remove a trustee.

Answer 58

True