Exam 19: Estate Planning

A will in which everything passes to the spouse except the exemption amount is called the exemption trust will.

Brenda Johnson has used a preprinted form that she got from the internet to create her will. However, she was unhappy with one section of the will and crossed out the parts she didn't like and hand wrote the changes she wanted. The changes that she made most likely made her will:

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

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

If you establish a(n) ____________ trust, you cannot change its terms or end it.

The adjusted gross estate is equal to the gross estate minus debts and costs.

A simple will, or I love you will, leaves everything to the spouse.

A trust is a legal arrangement through which a trustee holds your assets for your benefit or that of your beneficiaries.

Benjamin Barry has been named by Andie Anderson to follow her instructions and distribute her assets as she has designated in her will, pay any bills, and collect any money owed to her. To which position has Benjamin been named?

An estate plan is usually implemented by a will and one or more trust agreements.

It is unnecessary to modify your will when you divorce or remarry.

If you die intestate, the state's law of descent and distribution becomes your will.

A statutory will is one type of formal will.

A handwritten will is called a(n):

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

If you establish a(n) ____________ trust, you retain the right to end the trust or change its terms.

Which statement is not true about an ethical will?

Most people cannot afford the expense of setting up trusts.

Joint ownership is a good substitute for a will.

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