Trust Administration & Probate Filing Flashcards
7 cards from real ACP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Trust Administration & Probate Filing flashcards as text
When a trustee distributes trust assets to a beneficiary with a spendthrift provision, which third party claim is MOST likely to be barred?
Answer: A creditor of the beneficiary seeking to attach the interest
Spendthrift provisions protect beneficiaries' interests from voluntary assignment or creditor attachment before distribution.
In a pour-over will, the residue of the probate estate is transferred to:
Answer: A previously established inter vivos trust
A pour-over will directs that probate assets flow into a revocable living trust created before or simultaneously with the will.
A successor trustee's first duty upon assuming administration is typically to:
Answer: Take inventory and secure trust assets
A successor trustee must first locate, inventory, and safeguard trust assets to fulfill the duty of prudent administration.
Under the Uniform Trust Code, a non-charitable irrevocable trust without ascertainable beneficiaries is generally valid for a maximum of:
Answer: 90 years
The UTC allows honorary or purpose trusts to last up to 21 years, but the Rule Against Perpetuities period under many modern statutes is 90 years.
Which probate document formally identifies heirs and their respective shares when a decedent dies intestate?
Answer: Affidavit of Heirship
An Affidavit of Heirship is used to establish who the legal heirs are and their fractional interests when no will exists.
A trustee who self-deals by purchasing trust property at fair market value without beneficiary consent has:
Answer: Breached the duty of loyalty regardless of the price
The duty of loyalty prohibits self-dealing transactions even at fair market value unless all beneficiaries consent or a court authorizes the transaction.
When calculating the elective share under the Uniform Probate Code, the augmented estate generally includes:
Answer: Probate assets plus the decedent's non-probate transfers to others
The UPC augmented estate captures probate assets plus certain non-probate transfers made during the marriage to prevent disinheritance of a surviving spouse.