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Exam 19: Estate Planning

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Question 31

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Which is not true of wills?

A) The ideal will may depend on the size of your estate.
B) The ideal will may depend on the future appreciation of your estate.
C) The ideal will may depend on inflation.
D) Attorneys today believe that only the simple will is ideal.
E) The ideal will may depend on your age and your spouse's age.

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

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Question 32

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You can assign a durable power of attorney to anyone you choose.

A) True
B) False

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Question 33

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

A(n) ________ trust is a property management arrangement that you establish while you are alive.

A trust established by your will that becomes effective upon your death is called a(n) ________ trust.

Estate planning requires an inventory of everything you own,including interests in trusts and powers of appointment.

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

Explain what a will is and what occurs at your death if you do not have one.

Which of the following is a trust that shelters valuable assets that you can pass on to your heirs with minimal taxes and lets you receive an annuity for as long as the trust lasts?

If you establish a(n) ________ trust,you cannot change its terms or end it.

Describe the four types of wills and which one is best for you.

Perhaps the most popular form of marital trust is the Q-TIP trust.

Which of the following is an important document needed for estate planning?

A person who will follow your instructions specified in your will is called a:

Probate is the legal procedure of proving a valid or invalid will.

If you die intestate,the state's law of descent and distribution becomes your will.

Which of the following is the most practical first step in estate planning?

Which type of will involves serious risks of invalidity that the form is out of date with respect to current law?

Under what type of will is half of your estate taxed at your death and half at your spouse's death?

Under what type of ownership is the property considered owned 50-50 for estate tax purposes and passed automatically to your spouse at your death?