Exam 19: Estate Planning

A codicil is a document that explains,adds,or deletes provisions in your existing will.

Will Jones has created a will that leaves everything to his wife except an exemption amount of $2 million.This exemption amount passes into a trust.What type of will has Will created?

Under what type of will does everything pass to your spouse,with the exception of an amount equal to the exemption,which passes into trust?

An inter vivos trust is a property management arrangement that you establish while you are alive.

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

Estate planning is an integral part of financial planning.

Which one of the following wills leaves everything to your spouse?

Estate planning has two parts.The second part of estate planning consists of:

Joint ownership is a good substitute for a will.

Which of the following is an important document needed for estate planning?

A simple will creates lower overall taxation for all individuals.

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

Which of the following is a trust that shelters valuable assets that you can pass on to your heirs with minimal taxes and lets you receive an annuity for as long as the trust lasts?

Which will leaves everything to the spouse?

In what type of ownership is each individual considered to own a proportionate share for tax purposes with only your share being included in your estate?

A living will provides for your wishes to be followed if you become so physically or mentally disabled that you are unable to act on your own behalf.

Most states do not recognize living wills.

A ____________ trust is a property management arrangement that you establish while you are alive.

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

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