Define the following terms.
- Fiduciary
- Pourover will
- Equitable title
- Irrevocable
Fiduciary: A person or institution having the affirmative duty to act in the best interest of his principal, trustor and beneficiaries, and not for his or her or its personal interests.
Pourover will: A provision in a will that leaves all of the residuary of the will to an inter vivos trust, hence the property “pours over” into the trust and is thereafter managed by the trustee.
Equitable title: Having the right of enjoyment of property if not the legal title as well. Beneficiaries have equitable title to trust property although the trustee holds the legal title.
Irrevocable: terms are not subject to amendment or modification at any time.
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A closing agent is also known as:
A. a settlement agent B. an escrow agent C. both a and b
The Seventh Amendment of the U.S. Constitution guarantees the right to?
A. ?bear arms. B. ?free speech. C. ?a jury trial in federal courts in all "suits at common law" when the amount in controversy exceeds $20. D. ?bear arms and the right to a jury trial in federal courts in all "suits at common law" when the amount in controversy exceeds $20.
Which portion of a will is signed by the witnesses rather than the testator?
a. Exordium clause b. Testimonium clause c. Residuary clause d. Attestation clause
isalso referred to as acomplaint.
Fill in the blank(s) with the appropriate word(s).