Exam 15: Preserving Your Estate

Knowing where parents keep important documents is essential to the estate planning process.

A will is a legal document outlining the plan for

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

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

A form of joint ownership that may exist only between husband and wife is

The living will states;

The gross estate includes all the property subject to federal estate tax at a person's death.

A joint tenancy with right of survivorship may consist of

A trust that provides continuity and management of asset management and allows assets to bypass probate,but which provides no income or estate tax advantages is a(n)____ trust.

A letter of last instruction might provide directions for

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 need to make major revisions in your will.You should write a [codicil | new will].

Probate property includes only real property.

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. -Assets held in a trust created during a person's lifetime [will | will not] go through the probate process after the death of the creator.

The best choice for a trustee is a family member.

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. -[Most | Very few] people need to do estate planning.

Life insurance comprises a large portion of most individuals probate estates.

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 need to make a minor revision in your will.You should write a [codicil | new will].

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].