Will Substitutes

Question 1

Under the traditional rule, a Totten Trust may be revoked by a testator’s ____________.

Answer 1

will

Question 2

Under the UPC, can a Totten Trust be revoked by will?

Answer 2

No

Question 3

When the beneficiary to a Totten Trust pre-deceases the testator, what happens?

Answer 3

automatic revocation

Question 4

Revocable Trust —

Answer 4

a trust made by a settlor where the settlor transfers the interest in property to a B, but retains control of the property until their death, at which point the B takes possession. It is revocable because the property can be revoked at any time during the creator’s life. Most states assume an inter vivos trust is revocable unless expressly stated to be irrevocable.

Question 5

Are inter vivos life insurance trusts valid?

Answer 5

Yes

Question 6

Totten Bank Account Trust —

Answer 6

a bank account in which a depositor declares himself trustee of the account for a person who is to receive the money in the account at the time of the depositor’s death.

Question 7

May creditors get to funds in a Totten Bank Account Trust?

Answer 7

Yes

Question 8

Gift Causa Mortis —

Answer 8

a gift of personal property made in contemplation of immediately approaching death. The sufferer must be suffering from a condition that realistically confronts her with a fear of death.

Question 9

Is a gift causa mortis revocable?

Answer 9

Yes, but an affirmative act evincing intent to revoke, when the person recovers from the condition, or when the donee predeceases the donor.

Question 10

Is a gift causa mortis subject to creditors?

Answer 10

Yes