Wills and Trusts

Question 1

occurs at the point that someone dies following the instructions given in their will

Answer 1

• Testamentary transfer

Question 2

document that sets out real and personal property

Answer 2

Will

Question 3

4 functions of wills

Answer 3

evidentiary, cautionary, channeling, protective

Question 4

function that proves if case or controversy arises in will

Answer 4

evidentiary function

Question 5

Will function: original seal or wax acts as a check

Answer 5

cautionary

Question 6

Will function: seal signals enforceable promises

Answer 6

channeling function

Question 7

Will function: protects testator against imposition at time of execution

Answer 7

protective function

Question 8

What do courts ask of wills?

Answer 8

If they are valid and can be admitted into probate

Question 9

3 will requirements

Answer 9

in writing, signed by testator, attested by 2 witnesses

Question 10

Handwritten and signed will

Answer 10

holographic will

Question 11

Person who creates a trust

Answer 11

settlor

Question 12

holds legal title to the trust property and is responsible for following the settlor’s instructions. Manages on behalf of beneficiaries with a fiduciary duty; administers the trust

Answer 12

Trustee

Question 13

entitled to receive distributions from the trust in accordance with the settlor’s instructions but does not control it

Answer 13

beneficiary

Question 14

the thing in the trust

Answer 14

property/corpus/res

Question 15

What is the ownership split of things in trusts

Answer 15

Trustee with legal title and beneficiary with equal title

Question 16

Do trusts go to probate court

Answer 16

No, not owned by anyone (same as T by E and JTWROS)

Question 17

term for courts trying to reasonably serve settlor’s purposes

Answer 17

dead hand control

Question 18

as close as possible

Answer 18

cy pres

Question 19

To establish a trust, corpus must be transferred to?

Answer 19

the trustee