Exam 19: Estate Planning

Which will should be written, dated, and signed entirely in your own handwriting?

A simple will is sufficient for most smaller estates.

Making any changes on the face of your will can invalidate it.

If you never married, you don't need to organize your personal and financial documents.

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

A simple will, which leaves everything to the spouse, is also sometimes called a(n):

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

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

Matthew Miller has created a will and left everything to his wife Kate. What type of will has he created?

A will is:

George Smith worries that his deteriorating health is going to make it difficult for him to conduct his day-to-day business. He wants to grant his nephew, Brandon Smith, the ability to act on his behalf. To do this, what document would he most likely need?

Which statement is not true about a formal will?

A legal document authorizing someone to act on your behalf is called a:

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 include which of the following?

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

The American Taxpayer Relief Act of 2012 provides a permanent gift and estate tax exemption of how much for individuals?

Which type of will allows you to pass to your spouse any amount that satisfies your family objective?

Which one of the following statements is true about estate planning?

What are the federal and state tax considerations in estate planning?

Your executor can be a family member, a friend, an attorney, an accountant, or the trust department of a bank.