Question 1

A legal document specifying distribution of your assets upon death is a

Accepted Answer

A)  tax return. 
B)  letter of last instruction. 
C)  will. 
D)  trust. 
A)  tax return. 
B)  letter of last instruction. 
C)  will. 
D)  trust.

Question 2

Use the following two columns of items to answer the matching questions below:
-intestate
A)persons specified in a will to receive part of an estate
B)dying without a will
C)a document that specifies changes in an existing will
D)the legal process that declares a will valid and ensures orderly distribution of assets
E)a legal request for how your estate should be distributed upon your death
F)a will suitable for a smaller estate distributed to the spouse
G)the person designated in a will to execute instructions regarding the distribution of your assets

Accepted Answer

The answer of Use the following two columns of items...

Question 3

A will could be written to distribute assets in terms of the following, except

Accepted Answer

A)  percentages. 
B)  a specific dollar amounts. 
C)  percentages and a remainder portion. 
D)  the discretion of the probate judge. 
A)  percentages. 
B)  a specific dollar amounts. 
C)  percentages and a remainder portion. 
D)  the discretion of the probate judge.

Question 4

In choosing a guardian for your children, you should

Accepted Answer

A)  always pick the family member closest to your age. 
B)  be sure to leave money for the guardian to care for your children. 
C)  ensure that the person you select is willing to serve in this capacity. 
D)  Both B and C are correct. 
A)  always pick the family member closest to your age. 
B)  be sure to leave money for the guardian to care for your children. 
C)  ensure that the person you select is willing to serve in this capacity. 
D)  Both B and C are correct.

Question 5

A person who dies without preparing a will is said to have died ________.

Accepted Answer

The answer of A person who dies without preparing a...

Question 6

If a person dies without a valid will, the court will appoint an administrator, which results in additional costs being imposed on the estate.

Accepted Answer

A) True 
 B)False

Question 7

A(n) ________ trust is one that cannot be changed.

Accepted Answer

A)  revocable living 
B)  spendthrift 
C)  irrevocable living 
D)  retirement 
A)  revocable living 
B)  spendthrift 
C)  irrevocable living 
D)  retirement

Question 8

The only reason for having a valid will is to have your estate distributed according to your plans.

Accepted Answer

A) True 
 B)False

Question 9

A legal way to move assets from the parents to the children in order to avoid estate taxes upon the parents' death is to

Accepted Answer

A)  gift up to $5,000 per year to one child per year. 
B)  gift up to $15,000 per year to each child from each parent. 
C)  give $20,000 in cash to each child every year. 
D)  give each child a share of the family home by putting them on the title to the home. 
A)  gift up to $5,000 per year to one child per year. 
B)  gift up to $15,000 per year to each child from each parent. 
C)  give $20,000 in cash to each child every year. 
D)  give each child a share of the family home by putting them on the title to the home.

Question 10

In order to be valid, a will must be dated, signed, and witnessed.

Accepted Answer

A) True 
 B)False

Question 11

Use the following two columns of items to answer the matching questions below:
-will
A)persons specified in a will to receive part of an estate
B)dying without a will
C)a document that specifies changes in an existing will
D)the legal process that declares a will valid and ensures orderly distribution of assets
E)a legal request for how your estate should be distributed upon your death
F)a will suitable for a smaller estate distributed to the spouse
G)the person designated in a will to execute instructions regarding the distribution of your assets

Accepted Answer

The answer of Use the following two columns of items...

Question 12

Which of the following is not a reason to have a will?

Accepted Answer

A)  To distribute your assets as you wish 
B)  To insure your debts are passed on to your heirs 
C)  To reduce the costs being imposed on the estate 
D)  To appoint a legal guardian for children 
A)  To distribute your assets as you wish 
B)  To insure your debts are passed on to your heirs 
C)  To reduce the costs being imposed on the estate 
D)  To appoint a legal guardian for children

Question 13

Name three types of trusts.

Accepted Answer

Living trust, revocable living

Question 14

Which of the following is commonly chosen as an executor?

Accepted Answer

A)  An attorney 
B)  A family member 
C)  A bank trust company employee 
D)  All of the above 
A)  An attorney 
B)  A family member 
C)  A bank trust company employee 
D)  All of the above

Question 15

The tax-free portion of an estate is quite high-$11.2 million in 2018.

Accepted Answer

A) True 
 B)False

Question 16

The document that describes funeral preferences and indicates where key financial records are kept is called the letter of last rites.

Accepted Answer

A) True 
 B)False

Question 17

An estate represents a deceased person's assets after all debts are paid.

Accepted Answer

A) True 
 B)False

Question 18

You are recently divorced and have relocated to another state. In order to make substantial changes to your will you should

Accepted Answer

A)  prepare a new letter of last instruction. 
B)  prepare a codicil. 
C)  prepare a new will. 
D)  have your existing will notarized in the new state. 
A)  prepare a new letter of last instruction. 
B)  prepare a codicil. 
C)  prepare a new will. 
D)  have your existing will notarized in the new state.

Question 19

A married couple with four children may give tax-free gifts up to ________ each year to their children, effective 2018.

Accepted Answer

A)  $44,000 
B)  $66,000 
C)  $88,000 
D)  $120,000 
A)  $44,000 
B)  $66,000 
C)  $88,000 
D)  $120,000

Question 20

If you die without a will, the court will appoint ________ to handle your estate.

Accepted Answer

A)  a grantor 
B)  an attorney 
C)  an administrator 
D)  a good friend 
A)  a grantor 
B)  an attorney 
C)  an administrator 
D)  a good friend

A legal document specifying distribution of your assets upon death is a

A will could be written to distribute assets in terms of the following, except

In choosing a guardian for your children, you should

A person who dies without preparing a will is said to have died ________.

If a person dies without a valid will, the court will appoint an administrator, which results in additional costs being imposed on the estate.

A(n) ________ trust is one that cannot be changed.

The only reason for having a valid will is to have your estate distributed according to your plans.

A legal way to move assets from the parents to the children in order to avoid estate taxes upon the parents' death is to

In order to be valid, a will must be dated, signed, and witnessed.

Which of the following is not a reason to have a will?

Name three types of trusts.

Which of the following is commonly chosen as an executor?

The tax-free portion of an estate is quite high-$11.2 million in 2018.

The document that describes funeral preferences and indicates where key financial records are kept is called the letter of last rites.

An estate represents a deceased person's assets after all debts are paid.

You are recently divorced and have relocated to another state. In order to make substantial changes to your will you should

A married couple with four children may give tax-free gifts up to ________ each year to their children, effective 2018.

If you die without a will, the court will appoint ________ to handle your estate.

Overview of a Financial Plan

Planning With Personal Financial Statements

Applying Time Value Concepts

Using Tax Concepts for Planning

Banking and Interest Rates

Managing Your Money

Assessing and Securing Your Credit

Managing Your Credit

Personal Loans

Purchasing and Financing a Home

Auto and Homeowners Insurance

Health and Disability Insurance

Life Insurance

Investing Fundamentals

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Asset Allocation

Retirement Planning

Integrating the Components of a Financial Plan

Filters

Exam 20: Estate Planning

A legal document specifying distribution of your assets upon death is a

A will could be written to distribute assets in terms of the following, except

In choosing a guardian for your children, you should

A person who dies without preparing a will is said to have died ________.

If a person dies without a valid will, the court will appoint an administrator, which results in additional costs being imposed on the estate.

A(n) ________ trust is one that cannot be changed.

The only reason for having a valid will is to have your estate distributed according to your plans.

A legal way to move assets from the parents to the children in order to avoid estate taxes upon the parents' death is to

In order to be valid, a will must be dated, signed, and witnessed.

Which of the following is not a reason to have a will?

Name three types of trusts.

Which of the following is commonly chosen as an executor?

The tax-free portion of an estate is quite high-$11.2 million in 2018.

The document that describes funeral preferences and indicates where key financial records are kept is called the letter of last rites.

An estate represents a deceased person's assets after all debts are paid.

You are recently divorced and have relocated to another state. In order to make substantial changes to your will you should

A married couple with four children may give tax-free gifts up to ________ each year to their children, effective 2018.

If you die without a will, the court will appoint ________ to handle your estate.

Overview of a Financial Plan

Planning With Personal Financial Statements

Applying Time Value Concepts

Using Tax Concepts for Planning

Banking and Interest Rates

Managing Your Money

Assessing and Securing Your Credit

Managing Your Credit

Personal Loans

Purchasing and Financing a Home

Auto and Homeowners Insurance

Health and Disability Insurance

Life Insurance

Investing Fundamentals

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Asset Allocation

Retirement Planning

Integrating the Components of a Financial Plan

Filters