Legal Trusts, Wills & Probate

Question 1

What is the legal term for the person who creates a trust and transfers property into it?

Accepted Answer

Grantor

Answer

Beneficiary

Answer

Trustee

Answer

Executor

Question 2

Which type of will is entirely handwritten and signed by the testator, typically requiring no witnesses in jurisdictions that recognize it?

Accepted Answer

Holographic will

Answer

Attested will

Answer

Nuncupative will

Answer

Codicil

Question 3

What is 'intestate succession'?

Accepted Answer

The statutory distribution of assets when a person dies without a valid will

Answer

A succession plan for business continuity

Answer

A tax imposed on inherited estates

Answer

The court process for challenging a will

Question 4

What is the primary function of an executor named in a will?

Accepted Answer

To gather assets, pay debts, and distribute the estate according to the will's terms

Answer

To inherit the largest share of the estate

Answer

To preside over probate court proceedings

Answer

To draft any amendments to the will after the testator's death

Question 5

Which type of trust is created within a will and only becomes operative upon the testator's death?

Accepted Answer

Testamentary trust

Answer

Inter vivos trust

Answer

Charitable remainder trust

Answer

Spendthrift trust

Question 6

What is a 'pour-over will'?

Accepted Answer

A will that directs all remaining probate assets into a pre-existing trust at the testator's death

Answer

A will that splits assets proportionally among multiple named beneficiaries

Answer

A will executed in a foreign jurisdiction for property located abroad

Answer

A will that designates funds exclusively for charitable organizations

Question 7

What is 'ademption' in the law of wills?

Accepted Answer

The failure of a specific bequest because the testator no longer owns the designated property at death

Answer

The formal witnessing and signing ceremony for a will

Answer

The addition of a supplementary provision (codicil) to an existing will

Answer

The legal process of revoking a previously executed will