Exam 19: Estate Planning

A unique feature of a self-declaration trust is that the creator of the trust is also the trustee.

Wills have existed for thousands of years; the oldest known will was written by an Egyptian pharaoh in 2448 BC.

Which of the following would be a benefit of establishing a trust?

Inheritance taxes are imposed only by the state governments.

A living will that is valid in 42 states can be downloaded from the Aging with Dignity organization and is called:

Will Jones has created a will that leaves everything to his wife except an exemption amount of $3 million.This exemption amount passes into a trust.What type of will has Will created?

Estate planning includes a subject most people would rather avoid: death-your own or that of your spouse.

Which document identifies the will being amended,confirms the unchanged sections of the will,and changes a provision(s)in your existing will?

A statutory will is one type of formal will.

A handwritten will is called a(n):

Which statement is not true about an ethical will?

Estate planning has two parts.The first part consists of:

Which one of the following wills is called an "I love you" will?

Probate is less expensive,quicker,and more private than a living trust.

An inter vivos trust is a property management arrangement that you establish while you are alive.

An ethical will is a way to pass on your values and beliefs to your heirs.

In what type of joint ownership may neither spouse sell the property without the consent of the other?

Community property is any property that has been acquired by only one of the spouses before the marriage,but not by gift,devise,bequest or inheritance,or by the income therefrom.

Advance directives are legal documents that allow you to state what kind of health care you want if you were too ill to speak for yourself.Advance directives most often do not include which of the following?

A simple will creates lower overall taxation for all individuals.