Business Law - Chapter 24

Those who die without a valid will are said to have died testate.

• True
• False

A will is a legal expression by which a person directs how his or her property is to be distributed after death.

• True
• False

Once made, a will cannot be changed or canceled.

• True
• False

Some statutory provisions allow certain relatives to override the will's terms and receive more of the estate than the will provided.

• True
• False

The property of the deceased escheats to the state if there are no inheritors.

• True
• False

Codicils can be made to accomplish any conceivable legal purpose.

• True
• False

A trust created for the fulfillment of an altruistic purpose is known as a spendthrift trust.

• True
• False

A resulting trust is formed when the entity intended to receive the benefit of an express trust cannot do so. 

• True
• False

The creator of a trust is known as the trustee.

• True
• False

Trusts are known by the timing and purpose of their creation.

• True
• False