Legal Trusts, Wills & Probate 1

Question 1

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

Accepted Answer

Grantor

Answer

The grantor (also called settlor or trustor) is the person who creates a trust and transfers assets into it for the benefit of the beneficiaries.

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

A holographic will is entirely in the testator's own handwriting and signed by them; many states recognize such wills without requiring witness signatures.

Question 3

What is 'intestate succession'?

Accepted Answer

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

Answer

Intestate succession refers to the state statutory rules that govern how a decedent's estate is distributed when they die without a valid 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

An executor (personal representative) is appointed to administer the estate: marshaling assets, satisfying debts and taxes, and distributing the remainder to beneficiaries.

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

A testamentary trust is established by the terms of a will and comes into existence only at the testator's death, then passing through probate before funding.

Legal - Attorneys Practice Test

Legal - Attorneys Practice Test

Legal Trusts, Wills & Probate 1