Fl Trusts And Estates

Front 1

Unlike a Private Trust, an inter vivos Charitable Trust the Beneficiaries _________.

Back 1

must not be Specific.

Front 2

How does one create a Totten Trust?

Back 2

1) A Depositor places money in a account with instructions that, on the depositor's death, whatever is in that account will pass to a named beneficiary.
2) The Depositor remains the owner of the funds in the account
3) The Depositor may revoke at any time by withdrawing the funds.

Front 3

Under the New Florida Trust Code, a Trustee may be given the Power to Select a Beneficiary, as long as...

Back 3

it is exercised within a reasonable time.

Front 4

The Creation of a Valid Trust Includes:

Back 4

(1) a settlor,
(2) intent to create a trust,
(3) a trustee,
(4) a trust res and delivery of the res,
(5) ascertainable beneficiaries, and
(6) a valid purpose.
(7) Trusts of real property and testamentary trusts also require a writing

Front 5

To be a Valid Trust, there must be a Separation between...

Back 5

the legal and equitable interests of the trust.

Front 6

The Settlor may not be both the sole _____ and the Sole ______ of a Trust

Back 6

Trustee; Beneficiary

Front 7

Under the __________, a court may permit the probate of a will previously revoked by the testator, if the revocation was dependent on a new will.

Back 7

Doctrine of Dependent Relative Revocation (as long as they both contain similar schemes of distribution)

Front 8

Although a Testator can include his Intentions in his will, FL does not recognize a "Negative Will," which...

Back 8

attempts prevent a person from taking a share of a Decedent's intestate estate.

Front 9

To be a Valid Disclaimer of a Right to Inherit, it must:

Back 9

1) Be in Writing
2) And be Witnessed.

Front 10

The FL Anti-Lapse Statute only applies only when the deceased Beneficiary is a ....

Back 10

Grandparent or Lineal descendant of a Grandparent of the Testator.

Front 11

If a Will has been Revoked (or Invalid), it may be _______ and Made valid by its Re-execution or of a _____ (with the testamentary formalities).

Back 11

Republished; Codicil

Front 12

A Presumption of Undue Influence Arises if the Beneficiary:

Back 12

(1) Is a Substantial Beneficiary,
(2) Had a Confidential Relationship, and
(3) Was actively Involved in Procuring the Will.

Front 13

If a Presumption of Undue Influence Arises, a Beneficiary then has the Burden of...

Back 13

Producing a Reasonable Explanation for his Active Role in the Preparation of the Will.

Front 14

Florida does not recognize a Holographic Will, unless it was...

Back 14

executed with all the requisite testamentary formalities.

Front 15

A Pretermitted Child may Claim an Intestate Share of the Estate, Unless:

Back 15

(1) he has already received part of the estate by an advancement that is the "equivalent of a child's part" of the estate,
(2) it appears from the will that the omission was intentional, or (3) the testator had one or more children when the will was executed, and devised substantially all of his estate to the other parent of the pretermitted child, or
(4) He was already provided for

Front 16

A Spouses Elective 30% Share Includes:

Back 16

1) The decedent's probate estate,
2) revocable trusts,
3) payable-on-death accounts or transferable-on-death securities, 4) various other forms of property.

Front 17

A Mistake of Fact that results in an Omission from a Will...

Back 17

does not affect the enforcement of the will.

Front 18

Previously, FL had a _______, which invalidated Charitable Devises made less than _____ before the death of the decedent if the decedent was survived.

Back 18

Mortmain Statute; Six months

Front 19

Florida follows a Strict ______ scheme of Distribution.

Back 19

Per Stirpes

Front 20

A Transfer will be an Advancement if:

Back 20

(1) It is accompanied by a writing that states that the gift is to be counted against the recipient share; OR
(2) the heir acknowledges in writing that he is receiving an advancement, which is to be taken into account at the donor's death.

Front 21

A Pretermitted Spouse is entitled to take an Intestate share of the Testator's Estate unless:

Back 21

(1) provision has been made for, or waived by, the spouse by pre-nuptial or post-nuptial agreement;
(2) the spouse is provided for in the will; or
(3) the will discloses an intention not to make provision for the spouse

Front 22

A Will is Presumed Revoked if:

Back 22

1) It is not found among the Testator's Possessions at the time of his death, or
2) It is found in a mutilated condition after his death.

Front 23

Under the Modern approach, the Court may ____ an Incorrectly Signed Reciprocal Will.

Back 23

Reform

Front 24

FL Courts, in Interpreting a Will, follow the __________, in which Extrinsic evidence is not Admissible if the meaning is _______.

Back 24

Plain Meaning Rule; Clear on its Face (does not contain a Patent Ambiguity)

Front 25

Under Florida's Uniform Transfers to Minors Act, property may be left to a person as _____ for the benefit of a Minor; that person is a _______ and thus must exercise his statutory powers ________.

Back 25

Custodian; Fiduciary; Reasonably

Front 26

A Custodian has the Power to...

Back 26

collect, hold, manage, invest, sell, or reinvest the Minor's property.

Front 27

To Create a Pour-Over-Trust:

Back 27

1) The trust must be Established Before or at the same time as the Execution of the Will.
2) The Will must Identify the Trust, and
3) The Trust terms must be Spelled out in Writing.

Front 28

A Presumption of Present Intent to make a Will arises if it states that...

Back 28

It is the Testator's "Last Will and Testament."

Front 29

A Surviving Spouse Must assert his Elective Share by the Earlier of either:

Back 29

(1) 6 months after the date of service of notice of administration, or
(b) 2 years after the date of the decedent's death.

Front 30

Testamentary Gifts that are the result of Fraud in the Inducement are _____.

Back 30

Void.

Front 31

A Non-marital Child does not have the Right to Inherit from the Father unless:

Back 31

(1) The Natural Parents Marry, before or After the Birth
(2) Paternity is established by Adjudication before or after the Father's Death, or
(3) Father Acknowledges paternity in Writing.

Front 32

Undue Influence may be found even in the Absence of a Confidential Relationship, if:

Back 32

1) The will is the product of suspicious circumstances
2) It is an "Unnatural" Gift that prefers a Stranger over Blood.

Front 33

If a Will is Revoked by a Second Will it shall Remain Revoked (even if the second Will is revoked) until it...

Back 33

It is Republished with all Will Formalities.

Front 34

If a Testator Intended to give a Specific Devise of Certain Securities (rather than their Equivalent Value), then he will receive...

Back 34

only the Securities the Testator Owned at Death.

Front 35

A Testator may Revoke a Will by making a Subsequent Writing that Declares that intent, however, writing must...

Back 35

be executed with all the Formalities needed for the execution of a will.

Front 36

To have Testamentary Capacity, the Testator must Know:

Back 36

(1) the nature and extent of the testator's property;
(2) the people who are the natural objects of the testator's bounty;
(3) the disposition the testator is making; and
(4) how the above elements relate to form an orderly plan for the disposition of the testator's property.

Front 37

A Personal Representative is Not liable on a K Executed in her Fiduciary Capacity unless:

Back 37

1) She did Not Disclose her Representative Status, and
2) Did not identify the Estate in the K

Front 38

However, FL has not adopted the ___________ included in the revised Uniform Simultaneous Death Act.

Back 38

120-hour Survival Requirement

Front 39

The Test For Determining if someone's Will was Overborne depends on if...

Back 39

the undue influence overcame his free agency and free will and cause the testator to do what he would not otherwise have done but for that control.

Front 40

Summary Administration is available if:

Back 40

(1) The total value of the estate subject to administration is (less the value of property exempt from the claims of creditors) is $75,000 or less; or
(2) the decedent has been dead at least two years.
--> Unless will directs formal administration.

Front 41

If there is no notice of administration, all claims must be filed within_____ of the decedent's death.

Back 41

2 years

Front 42

If notice of administration is published, claims must be filed within the later of:

Back 42

(1) 3 months after the date of first publication of the notice of administration; or
(2) 30 days after the date of service of the notice.

Front 43

If a Will is Revoked by a Codicil, if the Codicil is later revoked...

Back 43

the testator is presumed to have intended to Reinstate the First will.

Front 44

The contents of a Lost will may be Proved by either:

Back 44

(1) The testimony of 2 Disinterested Witnesses who knew the Terms of the will; or
(2) Presentation of a Carbon or Photocopy and testimony of 1 Disinterested witness.

Front 45

FL mandates Satisfaction of Creditor claims before the Distribution of Gifts, except for ______________ of up to ______ are to be satisfied before first.

Back 45

Reasonable Funeral Expenses; $6,000

Front 46

Under Florida law, Devises are not Subject to Exoneration Unless...

Back 46

the Will Expressly Provides for Exoneration (not merely directing the payment of all debts).

Front 47

A General Legacy, gift that states the amount the beneficiary is to receive without stating the source, _______ before a Specific Devise does.

Back 47

Abates

Front 48

To Object to a claim, the Personal Representative must file a Written Objection within _____ of the notice of administration, or ______ from the Filing of a Timely Claim, whichever is later.

Back 48

4 months; 30 days.

Front 49

FL law specifically allows K to make wills, so long as they are:

Back 49

1) Executed by a Florida resident,
2) In writing, and
3) Signed in front of 2 subscribing witnesses.

Front 50

What are the Requirements for a Virtual Adoption?

Back 50

(1) An agreement must have been made between a Natural parent and the Adoptive parents; (2) The natural parents must give up the child;
(3) The Child must live with the adoptive parents;
(4) the Adoptive Parents must partially perform by taking the child in and treating the child as their own; and
(5) the Adoptive Parents must die intestate.

Front 51

A Gift _______ is a Gift of Personal Property made in Anticipation of Impending Death.

Back 51

Causa Mortis

Front 52

A Personal Representative may Continue the Decedent's Unincorporated business for up to________ from the date of his Appointment.

Back 52

4 months

Front 53

An _________ clause provides that a beneficiary will forfeit his gift if he challenges the will; they are not enforceable in FL.

Back 53

in Terrorem