Question 1

Which document explains,adds,or deletes provisions in your existing will?

Accepted Answer

A)  codicil
B)  tracer
C)  addendum
D)  rider
E)  floaterF) All of the above
G) A) and C)

Question 2

Gary Ruhle has assets worth $2,400,000.Since he plans to travel and does not want to oversee these assets,he has created a legal arrangement so tee assets can be managed by an officer of his local bank.What type of legal arrangement has he most likely made?

Accepted Answer

A)  guardianship
B)  statutory will
C)  trust agreement
D)  living will
E)  letter of instructionF) A) and B)
G) C) and D)

Question 3

If you are married,your estate planning involves:

Accepted Answer

A)  the interest 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) All of the above
G) B) and D)

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

Millions of nontraditional households have unique estate planning problems.

Accepted Answer

A) True 
 B)False

Question 7

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)  Unmarried couples have less need for estate planning than married couples.
D)  Unmarried couples face formidable retirement and estate planning challenges.
E)  All of the other answers are true about unmarried couples.F) All of the above
G) A) and D)

Question 8

Hugh Bowersox 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) All of the above
G) A) and B)

Question 9

Estate planning is an integral part of financial planning.

Accepted Answer

A) True 
 B)False

Question 10

A power of attorney is a legal document authorizing someone to act on your behalf.

Accepted Answer

A) True 
 B)False

Question 11

Benjamin Wiley is married and has assets totaling $7 million.What type of will would most likely result in the lowest overall amount of federal estate taxes? Assume the exemption amount is $3 million.

Accepted Answer

A)  simple
B)  traditional marital share
C)  exemption trust
D)  stated dollar amount
E)  livingF) None of the above
G) C) and D)

Question 12

Joint ownership is a good substitute for a will.

Accepted Answer

A) True 
 B)False

Question 13

Kate Wilson has created a will that leaves one-half of her adjusted gross estate to her husband,Matthew.What type of will has she created?

Accepted Answer

A)  simple
B)  traditional marital share
C)  exemption trust
D)  stated dollar amount
E)  livingF) A) and D)
G) B) and E)

Question 14

Which of the following is a part of estate planning?

Accepted Answer

A)  making a will
B)  setting up a trust
C)  accumulating funds for your future
D)  providing for your family's financial security after you die
E)  all of the actions listed in the other answersF) A) and E)
G) C) and D)

Question 15

A legal arrangement through which your assets are held by a trustee for your benefit or that of your beneficiaries is called a:

Accepted Answer

A)  codicil.
B)  power of attorney.
C)  proxy.
D)  rider.
E)  trust.F) A) and E)
G) B) and E)

Question 16

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

Question 17

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

Accepted Answer

The answer of What is estate planning and how does...

Question 18

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 19

Most states do not recognize living wills.

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

A) True 
 B)False

Exam 19: Estate Planning

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which document explains,adds,or deletes provisions in your existing will?

Correct AnswerverifiedShow Answer

Kate Wilson has created a will that leaves one-half of her adjusted gross estate to her husband,Matthew.What type of will has she created?

Correct AnswerverifiedShow Answer

Estate planning is an integral part of financial planning.

Correct AnswerverifiedShow Answer

Most states do not recognize living wills.

Correct AnswerverifiedShow Answer

A legal arrangement through which your assets are held by a trustee for your benefit or that of your beneficiaries is called a:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Gary Ruhle has assets worth $2,400,000.Since he plans to travel and does not want to oversee these assets,he has created a legal arrangement so tee assets can be managed by an officer of his local bank.What type of legal arrangement has he most likely made?

Correct AnswerverifiedShow Answer

Which of the following is a part of estate planning?

Correct AnswerverifiedShow Answer

If you are married,your estate planning involves:

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

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

Joint ownership is a good substitute for a will.

Correct AnswerverifiedShow Answer

Millions of nontraditional households have unique estate planning problems.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Benjamin Wiley is married and has assets totaling $7 million.What type of will would most likely result in the lowest overall amount of federal estate taxes? Assume the exemption amount is $3 million.

Correct AnswerverifiedShow Answer

A power of attorney is a legal document authorizing someone to act on your behalf.

Correct AnswerverifiedShow Answer

Hugh Bowersox 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

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