Exam 19: Estate Planning

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

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

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

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

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

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

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

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

Which is not true of wills?

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.

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

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

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

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

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

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

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?

Which type of will involves serious risks of invalidity that the form is out of date with respect to current law?

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?