Question 1

Which of the following should prompt you to review your will?

Accepted Answer

A) You move to a different state. 
B) You have sold property mentioned in the will. 
C) The size and composition of your estate has changed. 
D) You have married,divorced,or remarried. 
E) All of these 
A) You move to a different state. 
B) You have sold property mentioned in the will. 
C) The size and composition of your estate has changed. 
D) You have married,divorced,or remarried. 
E) All of these

Question 2

The cost of preparing a will varies from place to place.

Accepted Answer

A) True 
 B)False

Question 3

If only a few changes are needed in your will,adding a codicil may be the best choice.

Accepted Answer

A) True 
 B)False

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

A standard will costs:

Accepted Answer

A) $100. 
B) between $100 and $200. 
C) $250. 
D) between $300 and $600. 
E) $700. 
A) $100. 
B) between $100 and $200. 
C) $250. 
D) between $300 and $600. 
E) $700.

Question 6

A simple document stating that anything you may have neglected to place in your trust during your lifetime should be placed in it at your death is called a(n):

Accepted Answer

A) letter of last instruction. 
B) ethical will. 
C) prenuptial agreement. 
D) codicil. 
E) pourover will. 
A) letter of last instruction. 
B) ethical will. 
C) prenuptial agreement. 
D) codicil. 
E) pourover will.

Question 7

When death occurs,proof of claims must be produced or the claims will not be processed.

Accepted Answer

A) True 
 B)False

Question 8

A letter of last instruction can provide your heirs with important information,such as the details of your funeral arrangements.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following is the creator of a trust?

Accepted Answer

A) Estate 
B) Trustee 
C) Grantor 
D) Beneficiary 
E) Survivor 
A) Estate 
B) Trustee 
C) Grantor 
D) Beneficiary 
E) Survivor

Question 10

Which of the following is not a true statement about a holographic will?

Accepted Answer

A) It is handwritten. 
B) It should be dated in your own handwriting. 
C) It is always prepared by an attorney. 
D) It should be signed in your own handwriting. 
E) Some states may not recognize it. 
A) It is handwritten. 
B) It should be dated in your own handwriting. 
C) It is always prepared by an attorney. 
D) It should be signed in your own handwriting. 
E) Some states may not recognize it.

Question 11

Which of the following states the seller must give you a written statement of your right to cancel a deal within three business days if you buy a living trust in your home or somewhere other than the seller's permanent place of business (say,a hotel seminar)?

Accepted Answer

A) Better Business Bureau 
B) AARP 
C) American Bar Association 
D) Cooling Off Rule 
E) National Consumer Law Center 
A) Better Business Bureau 
B) AARP 
C) American Bar Association 
D) Cooling Off Rule 
E) National Consumer Law Center

Question 12

If you never married,you don't need to organize your financial affairs.

Accepted Answer

A) True 
 B)False

Question 13

Lucy Kelson has been selected to manage the property under a trust agreement for Rodney Peterson until he reaches the age of 30.Rodney is currently 21.In what capacity would Lucy be acting?

Accepted Answer

A) Executrix 
B) Trustee 
C) Guardian 
D) Beneficiary 
E) Administrator 
A) Executrix 
B) Trustee 
C) Guardian 
D) Beneficiary 
E) Administrator

Question 14

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

Question 15

The main advantage of the exemption trust will is that it eliminates future taxation of the exemption amount and any growth in it.

Accepted Answer

A) True 
 B)False

Question 16

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) Estate planning is less important for unmarried couples. 
D) If your partner is not named as the beneficiary,your pension plan proceeds will go to your closest blood relative. 
E) Your partner will always receive your pension even if not named as the beneficiary. 
A) A partner has the same legal rights as a spouse. 
B) Unmarried couples can use the marital deduction. 
C) Estate planning is less important for unmarried couples. 
D) If your partner is not named as the beneficiary,your pension plan proceeds will go to your closest blood relative. 
E) Your partner will always receive your pension even if not named as the beneficiary.

Question 17

According to a recent American Association of Retired Persons survey,over 50 percent of Americans age 45 or older have not drawn up a will.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following would keep you from being an executor of a will?

Accepted Answer

A) Being in the military 
B) Being 16 years of age 
C) Being unmarried 
D) Being over 65 years of age 
E) Being a family member of the deceased 
A) Being in the military 
B) Being 16 years of age 
C) Being unmarried 
D) Being over 65 years of age 
E) Being a family member of the deceased

Question 19

A generation-skipping trust allows people to directly leave a substantial amount of money to their grandchildren or great-grandchildren.

Accepted Answer

A) True 
 B)False

Question 20

A disclaimer trust is designed for the couple who do not yet have enough assets to need a credit-shelter trust but may need one in the future.

Accepted Answer

A) True 
 B)False

Which of the following should prompt you to review your will?

The cost of preparing a will varies from place to place.

If only a few changes are needed in your will,adding a codicil may be the best choice.

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

A standard will costs:

A simple document stating that anything you may have neglected to place in your trust during your lifetime should be placed in it at your death is called a(n):

When death occurs,proof of claims must be produced or the claims will not be processed.

A letter of last instruction can provide your heirs with important information,such as the details of your funeral arrangements.

Which of the following is the creator of a trust?

Which of the following is not a true statement about a holographic will?

Which of the following states the seller must give you a written statement of your right to cancel a deal within three business days if you buy a living trust in your home or somewhere other than the seller's permanent place of business (say,a hotel seminar)?

If you never married,you don't need to organize your financial affairs.

Lucy Kelson has been selected to manage the property under a trust agreement for Rodney Peterson until he reaches the age of 30.Rodney is currently 21.In what capacity would Lucy be acting?

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

The main advantage of the exemption trust will is that it eliminates future taxation of the exemption amount and any growth in it.

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

According to a recent American Association of Retired Persons survey,over 50 percent of Americans age 45 or older have not drawn up a will.

Which of the following would keep you from being an executor of a will?

A generation-skipping trust allows people to directly leave a substantial amount of money to their grandchildren or great-grandchildren.

A disclaimer trust is designed for the couple who do not yet have enough assets to need a credit-shelter trust but may need one in the future.

Personal Finance Basics and the Time Value of Money

Financial Aspects of Career Planning

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Financial Services: Savings Plans and Payment Accounts

Introduction to Consumer Credit

Choosing a Source of Credit: the Costs of Credit Alternatives

Consumer Purchasing Strategies and Legal Protection

The Housing Decision: Factors and Finances

Property and Motor Vehicle Insurance

Health,disability,and Long-Term Care Insurance

Life Insurance

Investing Fundamentals

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Starting Early: Retirement Planning

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Exam 19: Estate Planning

Which of the following should prompt you to review your will?

The cost of preparing a will varies from place to place.

If only a few changes are needed in your will,adding a codicil may be the best choice.

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

A standard will costs:

A simple document stating that anything you may have neglected to place in your trust during your lifetime should be placed in it at your death is called a(n):

When death occurs,proof of claims must be produced or the claims will not be processed.

A letter of last instruction can provide your heirs with important information,such as the details of your funeral arrangements.

Which of the following is the creator of a trust?

Which of the following is not a true statement about a holographic will?

Which of the following states the seller must give you a written statement of your right to cancel a deal within three business days if you buy a living trust in your home or somewhere other than the seller's permanent place of business (say,a hotel seminar)?

If you never married,you don't need to organize your financial affairs.

Lucy Kelson has been selected to manage the property under a trust agreement for Rodney Peterson until he reaches the age of 30.Rodney is currently 21.In what capacity would Lucy be acting?

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

The main advantage of the exemption trust will is that it eliminates future taxation of the exemption amount and any growth in it.

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

According to a recent American Association of Retired Persons survey,over 50 percent of Americans age 45 or older have not drawn up a will.

Which of the following would keep you from being an executor of a will?

A generation-skipping trust allows people to directly leave a substantial amount of money to their grandchildren or great-grandchildren.

A disclaimer trust is designed for the couple who do not yet have enough assets to need a credit-shelter trust but may need one in the future.

Personal Finance Basics and the Time Value of Money

Financial Aspects of Career Planning

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Financial Services: Savings Plans and Payment Accounts

Introduction to Consumer Credit

Choosing a Source of Credit: the Costs of Credit Alternatives

Consumer Purchasing Strategies and Legal Protection

The Housing Decision: Factors and Finances

Property and Motor Vehicle Insurance

Health,disability,and Long-Term Care Insurance

Life Insurance

Investing Fundamentals

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Starting Early: Retirement Planning

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