ACP Trust Administration & Probate Filing 2

Question 1

When a trustee distributes trust assets to a beneficiary with a spendthrift provision, which third party claim is MOST likely to be barred?

Accepted Answer

A creditor of the beneficiary seeking to attach the interest

Answer

Spendthrift provisions protect beneficiaries' interests from voluntary assignment or creditor attachment before distribution.

Question 2

In a pour-over will, the residue of the probate estate is transferred to:

Accepted Answer

A previously established inter vivos trust

Answer

A pour-over will directs that probate assets flow into a revocable living trust created before or simultaneously with the will.

Question 3

A successor trustee's first duty upon assuming administration is typically to:

Accepted Answer

Take inventory and secure trust assets

Answer

A successor trustee must first locate, inventory, and safeguard trust assets to fulfill the duty of prudent administration.

Question 4

Under the Uniform Trust Code, a non-charitable irrevocable trust without ascertainable beneficiaries is generally valid for a maximum of:

Accepted Answer

90 years

Answer

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.

Question 5

Which probate document formally identifies heirs and their respective shares when a decedent dies intestate?

Accepted Answer

Affidavit of Heirship

Answer

An Affidavit of Heirship is used to establish who the legal heirs are and their fractional interests when no will exists.

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