1. A person who creates a trust in which some or all of his or her property is entrusted to other people of his or her choice is
a A. beneficiary.
B. remainderman.
C. Settler.
D. trustee.
2. In community property states, a person’s property _____ upon his or her death without a will.
A. Belongs to his or her spouse
B. goes to his or her eldest child
C. is sold to pay his or her depts
D. is turned over to the government
3. Who or what grants another party the right to make financial decisions on behalf of a dying person?
A. an executer
B. a beneficiary
C. an heir
D. a power of authority
4. Which type of trust takes effect only upon the death of the grantor?
A. implied
B. living
C. settled
D. testamentary
5. If someone dies without a will, the person is said to have died
A. escheat.
B. intestate.
C. nonprobate
D. nuncupative
6. The _____ asks a court to be appointed in order to collect assets.
A. executor
B. intestate
C. testator
D. administer
7. A trust would not be terminated for which reason?
A. The trust terminates with the passing of the grantor.
B. Limited funds make it economically unfeasible to continue the trust.
C. All beneficiaries consent to the trust’s termination.
D. The trust terminates upon the happening of an event.
8. The _____ are parties who receive assets listed in the will.
A. administrators
B. beneficiaries
C. executors
D. testators
9. Which is a hand-written document that is created by a lawyer describing the distribution of a person’s property after his or her death?
A. formal will
B. holographic will
C. nuncupative will
D. statutory will
10. People can create a document called a _____ that stipulates their wishes for prolonged medical care in the event that they are unable to express themselves due to accident or illness.
A. healthcare proxy
B. living trust
C. living will
D. nuncupative will
