(1) Define a trust.

(2) Describe the roles of: (a) thesettlor of a trust, (b) the trustee of a trust, and (c) the beneficiary of a trust.

(3) Define a fiduciary and who is afiduciaryof a trust?

(4) What is the difference between legal and equitable title?

(5) What is a sprinkling trust and what is an inter vivos trust?

(6) What is the difference between revocable and irrevocable trusts?

(7) How can a trust be terminated?

(1) Following appointment, what is the first thing a personal representative should do?

(2) What are five duties of the personal representative?

(3) What is the concept of surcharge and why is it used?

(1) What is probate?

(2) What steps might have to be undertaken to find the will of a decedent?

(3) What happens if a will cannot be found?

(4) What is the purpose of a self-proof affidavit?

(5) What are testamentary letters?

(6) What is an EIN and why is it needed?

(7) What is an inventory and what is an accounting?

(8) What is abatement and what is ademption?

(9)Do beneficiaries of a willalwaysget "their money"?

(10) How is an estate ultimately discharged?

(1) What kinds of gists are subject to federal gift tax?

(2) What is the purpose of a generation-skipping tax?

(3) What is the difference between an estate tax and an inheritance tax?

(4) Define decedent'sgross estate.

(5) Definefair market valueand what is the alternate valuation method?