Question 1

A letter of last instruction might provide directions for

Accepted Answer

A)  location of the will 
B)  legal and accounting services 
C)  explanation of the actions taken in the will 
D)  location of jewelry and family affects 
E)  all of the above 
A)  location of the will 
B)  legal and accounting services 
C)  explanation of the actions taken in the will 
D)  location of jewelry and family affects 
E)  all of the above E

Question 2

An executor plays an important function during the probate process.

Accepted Answer

A) True 
 B)False  True

Question 3

A codicil is a(n)

Accepted Answer

A)  means to revoke a will. 
B)  court-named guardian. 
C)  survivors' response to a will. 
D)  revision to a will. 
E)  executor's revision of a will. 
A)  means to revoke a will. 
B)  court-named guardian. 
C)  survivors' response to a will. 
D)  revision to a will. 
E)  executor's revision of a will. D

Question 4

People planning means providing sustenance and resources for family members.

Accepted Answer

A) True 
 B)False

Question 5

The most favorable tax treatment results when you transfer your estate (after death)to your

Accepted Answer

A)  children. 
B)  spouse. 
C)  parent. 
D)  employer. 
E)  siblings. 
A)  children. 
B)  spouse. 
C)  parent. 
D)  employer. 
E)  siblings.

Question 6

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for a spouse and offspring?

Accepted Answer

50% to surviving spo

Question 7

Custodial accounts are used to protect the property of minor children.

Accepted Answer

A) True 
 B)False

Question 8

Inflation is a common reason for estates to break up.

Accepted Answer

A) True 
 B)False

Question 9

Writing a valid will does not require

Accepted Answer

A)  full knowledge of the act. 
B)  clear mental capacity. 
C)  no undue influence on the testator. 
D)  mentally competent heirs. 
E)  proper execution. 
A)  full knowledge of the act. 
B)  clear mental capacity. 
C)  no undue influence on the testator. 
D)  mentally competent heirs. 
E)  proper execution.

Question 10

A letter of last instruction is a legal document.

Accepted Answer

A) True 
 B)False

Question 11

Tenancy of the entirety consist of

Accepted Answer

A)  Husband and wife only 
B)  Immediate family 
C)  Immediate and extended family 
D)  all of the above 
E)  none of the above 
A)  Husband and wife only 
B)  Immediate family 
C)  Immediate and extended family 
D)  all of the above 
E)  none of the above

Question 12

Gathering data on all aspects of the family is an important estate planning function.

Accepted Answer

A) True 
 B)False

Question 13

Insufficient capital can cause problems paying estate taxes.

Accepted Answer

A) True 
 B)False

Question 14

The taxable estate is less than the adjusted gross estate.

Accepted Answer

A) True 
 B)False

Question 15

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement.
-You would create a [living | testamentary] trust to be used after you die.

Accepted Answer

The answer of INSTRUCTIONS: Choose the word or phrase in...

Question 16

If you die intestate,federal law dictates the disposition of your estate.

Accepted Answer

A) True 
 B)False

Question 17

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement.
-Funds from the [Minor's Section 2503(c)| Crummy] trust must be distributed by the time the beneficiary turns 21.

Accepted Answer

The answer of INSTRUCTIONS: Choose the word or phrase in...

Question 18

The federal estate tax is similar from state to state.

Accepted Answer

A) True 
 B)False

Question 19

More damage is done to estates by doing nothing than by doing the wrong thing.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following forms of ownership do not have rights of survivorship?

Accepted Answer

A)  community property 
B)  joint tenancy 
C)  tenants by the entirety 
D)  tenancy in common 
E)  a and d 
A)  community property 
B)  joint tenancy 
C)  tenants by the entirety 
D)  tenancy in common 
E)  a and d

A letter of last instruction might provide directions for

An executor plays an important function during the probate process.

A codicil is a(n)

People planning means providing sustenance and resources for family members.

The most favorable tax treatment results when you transfer your estate (after death)to your

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for a spouse and offspring?

Custodial accounts are used to protect the property of minor children.

Inflation is a common reason for estates to break up.

Writing a valid will does not require

A letter of last instruction is a legal document.

Tenancy of the entirety consist of

Gathering data on all aspects of the family is an important estate planning function.

Insufficient capital can cause problems paying estate taxes.

The taxable estate is less than the adjusted gross estate.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement. -You would create a [living | testamentary] trust to be used after you die.

If you die intestate,federal law dictates the disposition of your estate.

The federal estate tax is similar from state to state.

More damage is done to estates by doing nothing than by doing the wrong thing.

Which of the following forms of ownership do not have rights of survivorship?

Understanding the Financial Planning Process

Your Financial Statements and Plans

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Filters

Exam 15: Preserving Your Estate

A letter of last instruction might provide directions for

An executor plays an important function during the probate process.

A codicil is a(n)

People planning means providing sustenance and resources for family members.

The most favorable tax treatment results when you transfer your estate (after death)to your

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for a spouse and offspring?

Custodial accounts are used to protect the property of minor children.

Inflation is a common reason for estates to break up.

Writing a valid will does not require

A letter of last instruction is a legal document.

Tenancy of the entirety consist of

Gathering data on all aspects of the family is an important estate planning function.

Insufficient capital can cause problems paying estate taxes.

The taxable estate is less than the adjusted gross estate.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement. -You would create a [living | testamentary] trust to be used after you die.

If you die intestate,federal law dictates the disposition of your estate.

The federal estate tax is similar from state to state.

More damage is done to estates by doing nothing than by doing the wrong thing.

Which of the following forms of ownership do not have rights of survivorship?

Understanding the Financial Planning Process

Your Financial Statements and Plans

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Filters