FL Bar Wills, Trusts & Estates 2 — Questions and Answers
Question 1: Under Florida's Uniform Trust Code (§736.0402), which elements are required to create a valid express trust?
- Intent to create a trust, ascertainable beneficiaries, and identifiable trust property (Correct answer)
- A written document, notarization, and court approval
- A trustee, a settlor signature, and registration with the state
- Funding with real property and a recorded declaration
Correct answer: Intent to create a trust, ascertainable beneficiaries, and identifiable trust property
Florida Statutes §736.0402 requires the settlor's intent, ascertainable beneficiaries, and identifiable trust property (res) to create a valid express trust.
Question 2: Under Florida law, a revocable trust generally becomes irrevocable:
- Upon the death of the settlor (Correct answer)
- When the trust is funded with real property
- After three years from the date of creation
- When the trustee formally accepts the trust
Correct answer: Upon the death of the settlor
A revocable trust remains subject to amendment or revocation during the settlor's lifetime and becomes irrevocable upon the settlor's death.
Question 3: Florida Statutes §736.0802 imposes a duty of loyalty on a trustee, requiring the trustee to:
- Administer the trust solely in the interest of the beneficiaries (Correct answer)
- Maximize investment returns regardless of risk to principal
- Follow the settlor's instructions even when contrary to beneficiary interests
- Distribute trust assets equally among all named beneficiaries
Correct answer: Administer the trust solely in the interest of the beneficiaries
The duty of loyalty under §736.0802 requires the trustee to administer the trust solely in the interest of the beneficiaries, avoiding conflicts of interest.
Question 4: Under Florida's anti-lapse statute (§732.603), if a predeceased will beneficiary was a grandparent or a descendant of a grandparent of the testator, the gift:
- Passes to the beneficiary's descendants by representation (Correct answer)
- Falls into the residuary estate
- Passes to the testator's surviving spouse
- Lapses entirely as if the beneficiary never existed
Correct answer: Passes to the beneficiary's descendants by representation
§732.603 provides that if the predeceased beneficiary is a grandparent or descendant of a grandparent of the testator, the gift passes to the beneficiary's descendants rather than lapsing.
Question 5: Under Florida's Slayer Statute (§732.802), a person who feloniously and intentionally kills the decedent is:
- Barred from inheriting any property or benefit from the decedent's estate (Correct answer)
- Barred only from named bequests in the will but not from intestate shares
- Permitted to inherit if acquitted in criminal proceedings
- Barred only from receiving life insurance proceeds
Correct answer: Barred from inheriting any property or benefit from the decedent's estate
§732.802 bars a killer from acquiring any interest in or benefit from the estate, trust, or other property of the person killed.
Question 6: Under Florida Statutes §733.702, a known creditor who is served with written notice of administration must file a claim within:
- 30 days after service of the written notice (Correct answer)
- 3 months after first publication of notice to creditors
- 6 months after the decedent's date of death
- 1 year from issuance of letters of administration
Correct answer: 30 days after service of the written notice
§733.702(1)(b) requires a known or reasonably ascertainable creditor served with written notice to file a claim within 30 days after service of that notice.
Question 7: Under Florida Statutes §733.710, what is the absolute deadline for filing claims against a decedent's estate, regardless of notice or publication?
- 2 years from the date of death (Correct answer)
- 3 years from the date of death
- 1 year from the date of death
- 5 years from the date of death
Correct answer: 2 years from the date of death
§733.710 provides that all claims are barred if not filed within 2 years from the decedent's date of death, regardless of whether notice was published or served.
FL Bar Wills, Trusts & Estates 2
Under Florida's Uniform Trust Code (§736.0402), which elements are required to create a valid express trust?