Question
Question 1 Unless prohibited by statute or the trust agreement, beneficiaries may transfer their interest in a trust by: Question 1 options: a) an assignment.
Question 1
Unless prohibited by statute or the trust agreement, beneficiaries may transfer their interest in a trust by:
Question 1 options:
a)
an assignment.
b)
a declaration of trust.
c)
a revocation.
d)
a disclaimer.
Question 2(1 point)
Which of the following is a nontransferable property interest that is not permitted to be the subject matter of a trust?
Question 2 options:
a)
a co-owner's interest in real estate
b)
a copyright
c)
a government pension
d)
a life estate in land
Question 3(1 point)
The purpose of the doctrine of survivorship is to apply to a trust when the co-beneficiaries:
Question 3 options:
a)
fulfill a condition subsequent.
b)
are joint tenants.
c)
are tenants in common.
d)
fulfill a condition precedent.
Question 4(1 point)
Generally, the administration of a living trust following the death of the settlor includes all of the following except:
Question 4 options:
a)
filing for a Federal Employer Identification Number.
b)
opening a checking account for the trust.
c)
preparing a schedule of property held outside the trust.
d)
denying creditors' claims.
Question 5(1 point)
The settlor isnottaxed on the income and capital gains of the property of a living trust if:
Question 5 options:
a)
the settlor or the settlor's spouse currently or at any time in the future receives or may receive the trust income.
b)
the settlor retains the right to revoke the trust.
c)
the settlor retains certain dispositions or administrative powers.
d)
the settlor makes the trust irrevocable before he/she dies.
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