Question 1

Your executor can be the trust department of a bank.

Accepted Answer

A) True 
 B)False

Question 2

Which statement is not true about a letter of last instruction?

Accepted Answer

A)  It is also known as after-death wishes.
B)  It should contain details about your funeral arrangements.
C)  It should contain names of people to be notified of your death.
D)  It is legally enforceable in all states.
E)  It should contain information about the location of your bank accounts.F) A) and B)
G) A) and C)

Question 3

Millions of nontraditional households have unique estate planning problems.

Accepted Answer

A) True 
 B)False

Question 4

Lucy Kelson has been selected to manage the trust assets of Rodney Peterson until he reaches the age of 30.Rodney is currently 21.In what capacity would Lucy be acting?

Accepted Answer

A)  Executrix
B)  Trustee
C)  Guardian
D)  Beneficiary
E)  AdministratorF) D) and E)
G) A) and B)

Question 5

Estate planning is not an essential part of retirement planning.

Accepted Answer

A) True 
 B)False

Question 6

Estate planning is a definite plan for the administration and disposition of one's property during one's lifetime and at one's death.

Accepted Answer

A) True 
 B)False

Question 7

Generally,the cost of writing a will is more than that for writing a living trust.

Accepted Answer

A) True 
 B)False

Question 8

According to a recent American Association of Retired Persons survey,over 50 percent of Americans age 45 or older have not drawn up a will.

Accepted Answer

A) True 
 B)False

Question 9

How do wills and trusts help in planning your estate?

Accepted Answer

Wills and trusts are tools of estate pla...

Question 10

Hugh Bowersox has been selected by Sandra Tyler to assume the responsibility of raising her children and managing her estate for those children if she were to die.In what capacity would Hugh be acting?

Accepted Answer

A)  Executor
B)  Trustee
C)  Guardian
D)  Beneficiary
E)  AgentF) D) and E)
G) A) and E)

Question 11

Which one of the following statements is correct regarding wills?

Accepted Answer

A)  Only married people need a will.
B)  Only married people with dependents need a will.
C)  Only the rich with considerable estates need a will.
D)  Every adult should have a will.
E)  Only senior citizens need a will.F) A) and D)
G) A) and C)

Question 12

A simple document stating that anything you may have neglected to place in your trust during your lifetime should be placed in it at your death is called a:

Accepted Answer

A)  letter of last instruction.
B)  ethical will.
C)  prenuptial agreement.
D)  codicil.
E)  pourover will.F) A) and D)
G) C) and E)

Question 13

Inheritance taxes are imposed only by the state governments.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is true if you are an unmarried couple?

Accepted Answer

A)  A partner has the same legal rights as a spouse.
B)  Unmarried couples can use the marital deduction.
C)  Estate planning is less important for unmarried couples.
D)  If your partner is not named as the beneficiary, your pension plan proceeds will go to your closest blood relative.
E)  All of these are true about unmarried couples.F) None of the above
G) B) and E)

Question 15

To be valid,a will must:

Accepted Answer

A)  be notarized.
B)  be recorded in a court of law.
C)  be signed in the presence of two witnesses.
D)  be orally stated in front of two witnesses.
E)  not name an executor as the court will appoint one.F) C) and D)
G) B) and E)

Question 16

If you are married,your estate planning involves:

Accepted Answer

A)  the interests of at least two people.
B)  fewer legal requirements.
C)  fewer financial responsibilities.
D)  seeking the services of a securities broker.
E)  only yourself.F) A) and E)
G) B) and D)

Question 17

If only a few changes are needed in your will,adding a codicil may be the best choice.

Accepted Answer

A) True 
 B)False

Question 18

A person or institution that holds or generally manages property for the benefit of someone else under a trust agreement is called a:

Accepted Answer

A)  beneficiary.
B)  executor.
C)  trustee.
D)  guardian.
E)  executrix.F) A) and C)
G) A) and E)

Question 19

Estate planning includes a subject most people would rather avoid: death-your own or that of your spouse.

Accepted Answer

A) True 
 B)False

Question 20

George Wade has been selected to receive the assets of his brother Kyle in the event of Kyle's death.What is George?

Accepted Answer

A)  Executor
B)  Trustee
C)  Guardian
D)  Beneficiary
E)  AgentF) B) and E)
G) A) and D)

Exam 19: Estate Planning

If only a few changes are needed in your will,adding a codicil may be the best choice.

Correct AnswerverifiedShow Answer

A person or institution that holds or generally manages property for the benefit of someone else under a trust agreement is called a:

Correct AnswerverifiedShow Answer

George Wade has been selected to receive the assets of his brother Kyle in the event of Kyle's death.What is George?

Correct AnswerverifiedShow Answer

Inheritance taxes are imposed only by the state governments.

Correct AnswerverifiedShow Answer

Hugh Bowersox has been selected by Sandra Tyler to assume the responsibility of raising her children and managing her estate for those children if she were to die.In what capacity would Hugh be acting?

Correct AnswerverifiedShow Answer

Millions of nontraditional households have unique estate planning problems.

Correct AnswerverifiedShow Answer

To be valid,a will must:

Correct AnswerverifiedShow Answer

Lucy Kelson has been selected to manage the trust assets of Rodney Peterson until he reaches the age of 30.Rodney is currently 21.In what capacity would Lucy be acting?

Correct AnswerverifiedShow Answer

A simple document stating that anything you may have neglected to place in your trust during your lifetime should be placed in it at your death is called a:

Correct AnswerverifiedShow Answer

Estate planning is a definite plan for the administration and disposition of one's property during one's lifetime and at one's death.

Correct AnswerverifiedShow Answer

If you are married,your estate planning involves:

Correct AnswerverifiedShow Answer

Estate planning is not an essential part of retirement planning.

Correct AnswerverifiedShow Answer

According to a recent American Association of Retired Persons survey,over 50 percent of Americans age 45 or older have not drawn up a will.

Correct AnswerverifiedShow Answer

Which one of the following statements is correct regarding wills?

Correct AnswerverifiedShow Answer

Estate planning includes a subject most people would rather avoid: death-your own or that of your spouse.

Correct AnswerverifiedShow Answer

Which statement is not true about a letter of last instruction?

Correct AnswerverifiedShow Answer

Which of the following is true if you are an unmarried couple?

Correct AnswerverifiedShow Answer

Generally,the cost of writing a will is more than that for writing a living trust.

Correct AnswerverifiedShow Answer

Your executor can be the trust department of a bank.

Correct AnswerverifiedShow Answer

How do wills and trusts help in planning your estate?

Correct AnswerverifiedWills and trusts are tools of estate pla...View AnswerShow Answer

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Wills and trusts are tools of estate pla...
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