Author: Anonymous

Please discuss living trusts (revocable and irrevocable), testamentary trusts, constructive trusts, and resulting trusts. Be sure to include a discussion of the elements of a constructive trust.

A trust may exist without a beneficiary.

QTIP is an acronym for qualified terminable interest property.

A spendthrift trust is also known as spray trust.

Ademption can come about by satisfaction, which occurs when property is given to an heir that is intended to be deducted from the heir’s portion of the giver’s estate.

Please discuss four advantages of a well-developed estate plan. Also, discuss five common duties of a paralegal acting as part of an estate planning team.

Only a female is called an administratrix.

Larry was domiciled in South Carolina at the time of his death. However, he owned real property in North Carolina. The property in North Carolina will have to be recovered for Larry’s heirs and this will require ancillary administration in North Carolina.

Which of the following is not really a trust?

Totten trusts are subject to the claims of creditors of the person who opened the trust.