FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 19: Estate Planning

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 81

Multiple Choice

Review LaterAdd Note

Review Later

A handwritten will is called a:

A) holographic.
B) formal.
C) statutory.
D) exemption trust.
E) informal.

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

Correct Answer

verified

Show Answer

Question 82

Multiple Choice

Review LaterAdd Note

Review Later

Brenda Johnson has used a preprinted form that she got from the internet to create her will.However,she was unhappy with one section of the will and crossed out the parts she didn't like and hand wrote the changes she wanted.The changes that she made most likely made her will:

A) invalid.
B) an A/B trust.
C) a letter of last instruction.
D) a marital trust.
E) an exemption trust.

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

Correct Answer

verified

Show Answer

Question 83

Multiple Choice

Review LaterAdd Note

Which type of will involves serious risks of invalidity and may be out of date with respect to current law?

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

Joseph Vu has assets worth $1,200,000.He has written a legal document that specifies that these assets be divided equally between his wife and his two sons upon his death.What is this legal document?

Probate is less expensive,quicker,and private than a living trust.

A qualified personal residence trust,or QPRT,lets you get your home or vacation home out of your estate.

If you establish a ____________ trust,you cannot change its terms or end it.

You should avoid probate because it is expensive,lengthy,and public.

Which is true of estate planning?

What is estate planning and how does your personal situation affect that planning?

Last-minute "death-bed" estate planning may fail to carry out your wishes.

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.He still owes $125,000 on his mortgage and $5,000 on a car loan.The probate and administration costs of his estate are estimated at $5,000.What is his estimated net taxable estate?

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

Estate planning is useful only to rich and elderly people.