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Exam 19: Estate Planning

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Question 61

Multiple Choice

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Which one of the following statements is correct?

A) Estate planning usually involves a will and trust agreements.
B) Most people do extensive estate planning.
C) Most people think they will live forever.
D) People should not worry about estate planning until they are age 65.
E) Estate planning is really only necessary if you are wealthy.

F) B) and D)
G) C) and D)

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Question 62

Multiple Choice

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Which statement is not true about a formal will?

A) It is usually prepared without an attorney's assistance.
B) It may be typed.
C) It may be on a preprinted form.
D) You must sign it in the presence of two witnesses.
E) It must also be signed by the witnesses in your presence.

F) B) and C)
G) D) and E)

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Question 63

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With a marital-deduction trust,you can leave your spouse any money that doesn't go into a credit-shelter trust.

Estate planning has two parts.The first part consists of:

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

Advance directives are legal documents that allow you to state what kind of health care you want if you were too ill to speak for yourself.Advance directives most often include which of the following?

Which one of the following statements is true about estate planning?

When death occurs,proof of claims must be produced or the claims will not be processed.

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?

A legal document authorizing someone to act on your behalf is called a:

A tax levied on the right of an heir to receive all or part of the estate and life insurance proceeds of a deceased person is called a ____________ tax.

Benjamin Barry has been named by Andie Anderson to follow her instructions and distribute her assets as she has designated in her will,pay any bills,and collect any money owed to her.To which position has Benjamin been named?

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

Which of the following would be a benefit of establishing a trust?

An ethical will is a way to pass on your values and beliefs to your heirs.

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

Grady Perdue has assets worth $1,500,000 and has written a legal document that specifies that all of his money go to his children.After he dies,there is a legal process to determine whether his document specifying how his assets be divided is valid.This is also the legal process by which his executor manages and distributes his property.What is this legal process called?

A will is a legal declaration of a person's mind as to the disposition of his or her property after death.

If you marry after you have made a will,the will is revoked automatically unless certain conditions are met.

A letter of last instruction can provide your heirs with important information.