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Exam 19: Estate Planning

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Question 31

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A formal will may be either typed or on a preprinted form.

A) True
B) False

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Question 32

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A will is:

A) the legal declaration of a person's mind as to the disposition of his or her property after his or her death.
B) a synonym for a prenuptial agreement.
C) a legal document authorizing someone to act on your behalf.
D) a synonym for a letter of last instruction.
E) a legal arrangement through which your assets are held by someone elsE.

F) B) and E)
G) A) and D)

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Question 33

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If you die without a valid will,you die intestate.

A trust is a legal arrangement through which a trustee holds your assets for your benefit or that of your beneficiaries.

Estate planning is useful only to rich and elderly people.

A living trust does not avoid probate but it is less expensive,quicker,and private.

A prenuptial agreement is a documentary agreement between spouses after marriage.

Gerald Wilkins owns a home worth $250,000,a car worth $15,000,various investments worth $600,000 and other personal assets worth $25,000.What are these things to Gerald?

The state law sets the fees for executors,whether professionals or friends.

An estate tax is a federal tax levied on the right of a deceased person to transmit his or her property and life insurance at death.

Which one of the following provides for the disposition of your assets and is usually prepared with an attorney's assistance?

In what type of ownership is each individual considered to own a proportionate share for tax purposes with only your share being included in your estate?

A large percentage of people do little or nothing to provide for those who will survive them.

A generation-skipping trust allows people to directly leave a substantial amount of money to their grandchildren.

Matthew Miller has created a will and left everything to his wife Kate.What type of will has he created?

A documentary agreement between spouses before marriage in which one or both parties often waive a right to receive property under the other's will or under state law is called a:

A person who assumes the responsibilities of providing the children with personal care and managing the estate for them is called a(n) :

As of 2010,what is the maximum yearly amount that an individual can give as a gift without incurring gift tax liability or having to report the gift to the IRS?

In a revocable trust,you forfeit the right to end the trust or change its terms during your lifetime.

A person who will follow your carry out the instructions specified in your will is called a(n) :