Haseena grants a life estate to John. John owns the estate until he dies. Haseena designated that after John's death, the estate would pass to Hila (a third party). What can Hila be described as? the reversionary interest the remainderman the conditional heir the determinable grantor
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- Mrs. Peal is the caregiver for Mrs. Hasham, a wealthy widow aged 92. Mrs. Hasham suffered from dimensia, and does not usually remembers what she does. Upon Mrs. Hasham’s death, it was discovered that Mrs. Pearl was the beneficiary of all Mrs. Hasham’s estate. Mrs. Hasham’s children wants to contest the Will that gives everything to Mrs. Pearl. They cannot as Mrs. Hasham was a mature woman. They cannot as Mrs. Hasham could will to whomever she chose. Yes, they can contest, as Mrs. Hasham might not have known what she was doing. Yes, the children are in need. There can be no actionArnold, age 75, established an irrevocable trust to benefit his grandson, Randolph. Randolph will receive trust income annually until he reaches the age of 30. The trust will then terminate and all the principal of the trust will be distributed to Ashley, Arnold's 30 year old wife. Which of the following statement(s) is/are correct regarding Generation Skipping Transfer Tax (GSTT)? 1. If Randolph's father (Arnold's son) is deceased at the time the irrevocable trust is established, then Randolph is a nonskip person. II. If Ashley is not the spouse of Arnold when the trust terminates, then she is a skip person. A. I only. B. Il only. C. Both I and II. D. None of the above.18. Don Romantico died leaving behind his widow, Donya Romantica, his legitimate children Roman and Ramon and illegitimate child Anna, as heirs. The spouses had the following properties: Exclusive properties of Don Romantico Exclusive properties of Donya Romantica Net common properties How will the estate of Don Romantico be partitioned assuming he died intestate? P20,000,000 15,000,000 40,000,000
- 1.In which of the following circumstances is an individual’s Will not automatically revoked? Destruction of the Will with the intention of revoking the Will Divorce Making another Will Marriage 2. John eight months ago served on the trustees of his complying superannuation fund a binding death benefit nomination in which he named his then spouse. John would like to make a change, but isn’t sure whether he can make a replacement nomination, and if so, whether he can make it now or whether he has to wait until two years after that nomination. Can John make replacement binding death benefit nomination: Now Never At the end of two yearsA mutual will cannot be unilaterally revoked after one of the parties has died. true or falsewhat does it means to be a “remainderman” of a life estate interest. Can this interest be sold?
- In Suzanne’s will, she left her home and five acres to her niece, Abrhianna. However, before her death, Suzanne sold the property to Clark, providing a deed in fee simple. At the moment of Suzanne’s death, who owns the property? Select the right answer. a) neither Clark nor Abrhianna own the property. b) Clark and Abrhianna become co-owners of the property. c) Clark owns the property.Finn does not execute a will before he dies, with no surviving spouse or child. His survivors include his grandson Gage and his niece Hailey. In most states, his estate would pass toCurtis, who was blind, signed a will with an X in the presence of two witnesses. Is the will valid? Farber made a will leaving his estate to his wife and three children. After making the will, he and his wife adopted two children. Are they entitled to a portion of the estate under the will upon Farber’s death? Seward, age 15, made a will leaving all her property to her brother. She died ten years later. Will the will be upheld?
- Please explain why a settlor would choose to create a Discretionary Trust over an Absolute Trust. Adam and Liz are married and they have two children: Robert, age 32, and Clare, age 28, that are financially independent. Robert is married and has one child and Clare is going to get married. Both Robert and Clare are planning to have more children. Adam's and Liz's total estate compromises of: Joint owned property: Adams's ISA: Liz's ISA: Adam's pension: Liz's pension: Cash savings (joint account): Adam's VCTS: Joined owned Buy to Let property: £1,500,000 £350,000 £200,000 £870,000 £650,000 £230,000 £150,000 £350,000 They also have the two following mortgages: Mortgage on residential property: £130,000 Buy To Let mortgage: £80,0001.Subject to the terms of the Deed of Trust, the Appointor of a trust can ordinarily nominate a replacement "Appointor " in their Will? True False 2.Which of the following structures would you recommend as a tool by which an individual after their death can ensure the continued care of a disabled family member, whilst ensuring it does not consequentially risk the continued entitled to pensions or other government entitlements? Testamentary trust Life interest Deed of Family Arrangement Family trust Superannuation fund 3. Subject to the terms of the Deed of Trust, an individual Trustee of a trust can ordinarily nominate a replacement "Trustee" in their Will? True or False?If a will does not provide how an estate will be distributed to grandchildren, under the per capita method of distribution, an heir takes the share that his or her deceased parent would have been entitled to inherit. True or False?
