Exam 15: Preserving Your Estate

Funeral expenses are examples of second-level death-related costs.

Typically,a will must be signed by two witnesses to be valid.

A valid will cannot be contested.

If you die without a will you are said to have died

Estate planning is closely related to

All property in a community property state is owned Tenants in Common.

Which of the following are reasons for making lifetime gifts

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. -Legal title to the property in a trust is held by the [grantor | trustee].

A joint tenancy with right of survivorship may consist of

When selecting a trustee,you should consider her

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. -If you have a small estate,you should [contact an attorney | write your will yourself].

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. -Walter left nothing to his wife in his will.His wife [is out of luck | can get the amount that the state intestacy laws would have given her].