Wills, Trusts, and Estates Questions with Complete Solutions (Latest 2025) probate property - Correct Answers ✅property that passes through probate under the decedent's will or by intestacy non probate property - Correct Answers ✅is property that passes outside of probate by way of a will substitute inter vivos trust - Correct Answers ✅created by a writing (declaration of trust) which commences at that time, while the creator (settlor or trustor) is alive. Avoids probate administration. may be revocable or irrevocable testamentary trust - Correct Answers ✅trust which arises upon the death of the testator, and which is specified in his or her will. A will may contain more than one, and may address all or any portion of the estate. Passes through probate. Is necessarily revocable. Settlor in this case is a testator.POD/TOD - Correct Answers ✅Bank, brokerage, pension, and retirement accounts commonly allow for a beneficiary designation under which the account custodian distributes property held under the arrangement, all the beneficiary need do is file a death certificate with the custodian.personal representative - Correct Answers ✅When probate is necessary, the first step is to appoint one of these. They are a fiduciary who collects and inventories the property of the decent; manages and protects the property during the 1 / 4
Wills, Trusts, and Estates Questions with Complete Solutions (Latest 2025) administration of the estate; processes the claims of creditors and files federal and state tax returns; and distributes the property to those entitled. if named in a will they are an executor.executor - Correct Answers ✅named in the will. personal respresentative of the estate, issued letters testamentary.administrator - Correct Answers ✅court appointed personal representative when none are named, issued letters of administration.fiduciary - Correct Answers ✅a person who holds a legal or ethical relationship of trust with one or more parties. Has a duty above and beyond themselves to the beneficiaries and estate.by representation - Correct Answers ✅when one of several children has died before the decedent, leaving descendants, all states provide that the child's descendants shall inherit by this.per capita - Correct Answers ✅a decedent's intestate estate or a part thereof passes "by representation" to the decedent's descendants, the estate or party thereof is divided into as many equal shares as they are (i) surviving descendants in the generation nearest to the decedent which 2 / 4
Wills, Trusts, and Estates Questions with Complete Solutions (Latest 2025) contains one of more surviving descendants and (ii) deceased descendants in the same generation who left surviving descendants, if any. Each surviving descendant in the nearest generation is allocated one share. The remaining shares, if any, are combined and then divided in the same manner among the surviving descendants of the deceased descendants as if the surviving descendants who were allocated a share and their surviving descendants had predeceased the decedent.used by about ½ of the states, the estate is divided by the number of people in the highest tier where there is a live taker. The live takers take their portion, and the portion allotted to the dead members of the tier are shared by their issue, just as under the per stirpes distribution.collaterals - Correct Answers ✅If no spouse or parent, the decedent's heirs will be more remote ancestors called or this.They are comprised of all persons blood related to the decedent but who are not descendants or ancestors are called this. The first line are descendants of the decedent's parents. Second line are the decedent's grandparents, other than the decedent's parents, and their descendants. Table of Consanguinity can clear it up.half-bloods - Correct Answers ✅A person who is not a whole-blood relation. IN a large majority of states, a relative who is this is treated the same as whole-blood. IN a few other 3 / 4
Wills, Trusts, and Estates Questions with Complete Solutions (Latest 2025) states they only take when there are no whole-blood relatives.escheat - Correct Answers ✅If an intestate decedent leaves no survivors entitled to take under the intestacy statute, her probate property will go through this (revert to the gov't).negative will - Correct Answers ✅Disinheriting someone by declaration. This is typically not allowed, under the UPC you can bar heirs, but under common law if there is a partial intestacy, the disinherited heir will take a share of the intestate property as an heir of the decedent notwithstanding the provision in the will disinheriting him.power of appointment - Correct Answers ✅enables the holder of the power to designate who will take the property subject to the power. It is common in trusts today to give the life tenant this over the remainder at the death of the life tenant.legally adopted children - Correct Answers ✅three basic
patterns: inherit only from adopted family; inherit from both
genetic parents and adopted parents; can inherit from adoptive relatives and genetic relatives.
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