GA Bar Multistate Essay 3

Question 1

Under the common-law Rule Against Perpetuities (RAP), a future interest is void if there is any possibility it will vest more than:

Accepted Answer

21 years after the death of a relevant life in being at the creation of the interest

Answer

10 years after the grantor's death

Answer

25 years from the date of conveyance

Answer

50 years from creation

Question 2

A testator's will leaves Blackacre 'to A for life, remainder to A's children who survive A.' Under the common law, this remainder is best characterized as:

Accepted Answer

Contingent remainder because the identities of surviving children are unknown until A's death

Answer

Vested remainder subject to complete divestment

Answer

Executory interest shifting to A's heirs

Answer

Fee simple determinable

Question 3

In family law, the Uniform Premarital Agreement Act (UPAA) renders a premarital agreement unenforceable if the challenging party shows:

Accepted Answer

The agreement was not executed voluntarily or the party was not provided fair disclosure of assets

Answer

The agreement was signed more than 30 days before the wedding

Answer

Any provision is more favorable to one spouse than the other

Answer

The agreement was not reviewed by independent counsel for both parties

Question 4

A testator executes a valid will, then later executes a second will with a clause expressly revoking all prior wills. If the testator destroys the second will, which doctrine may revive the first will?

Accepted Answer

Dependent relative revocation (DRR)

Answer

Anti-lapse statute

Answer

Exoneration of liens

Answer

Doctrine of ademption

Question 5

Under the Uniform Trust Code, a trustee's duty of loyalty is violated when the trustee:

Accepted Answer

Engages in self-dealing by purchasing trust property for personal account

Answer

Invests trust assets in index funds without consulting beneficiaries

Answer

Retains a professionally managed diversified portfolio

Answer

Distributes income to income beneficiaries annually

Question 6

Under Georgia equitable distribution principles, property acquired by one spouse through inheritance during the marriage is generally classified as:

Accepted Answer

Separate property not subject to division

Answer

Marital property subject to division

Answer

Commingled property divided 50/50

Answer

Presumptively marital unless traced to premarital funds

Question 7

Under the Restatement (Third) of Trusts prudent investor rule, a trustee's investment decisions are judged:

Accepted Answer

In the context of the overall portfolio and the trust's investment strategy

Answer

Security by security in isolation at the time of purchase

Answer

By the performance of comparable mutual funds

Answer

Based on whether the investment produced income for current beneficiaries