Question 1

If only a few changes are needed in your will,adding a codicil may be the best choice.

Accepted Answer

A) True 
 B)False

Question 2

George Wade has been selected to receive the assets of his brother Kyle in the event of Kyle's death.What is George?

Accepted Answer

A) Executor 
B) Trustee 
C) Guardian 
D) Beneficiary 
E) Agent 
A) Executor 
B) Trustee 
C) Guardian 
D) Beneficiary 
E) Agent

Question 3

Generally,the cost of writing a will is more than that for writing a living trust.

Accepted Answer

A) True 
 B)False

Question 4

Lucy Kelson has been selected to manage the trust assets of Rodney Peterson until he reaches the age of 30.Rodney is currently 21.In what capacity would Lucy be acting?

Accepted Answer

A) Executrix 
B) Trustee 
C) Guardian 
D) Beneficiary 
E) Administrator 
A) Executrix 
B) Trustee 
C) Guardian 
D) Beneficiary 
E) Administrator

Question 5

Estate planning includes a subject most people would rather avoid: death-your own or that of your spouse.

Accepted Answer

A) True 
 B)False

Question 6

Estate planning is a definite plan for the administration and disposition of one's property during one's lifetime and at one's death.

Accepted Answer

A) True 
 B)False

Question 7

To be valid,a will must:

Accepted Answer

A) be notarized. 
B) be recorded in a court of law. 
C) be signed in the presence of two witnesses. 
D) be orally stated in front of two witnesses. 
E) not name an executor as the court will appoint one. 
A) be notarized. 
B) be recorded in a court of law. 
C) be signed in the presence of two witnesses. 
D) be orally stated in front of two witnesses. 
E) not name an executor as the court will appoint one.

Question 8

Which one of the following statements is correct regarding wills?

Accepted Answer

A) Only married people need a will. 
B) Only married people with dependents need a will. 
C) Only the rich with considerable estates need a will. 
D) Every adult should have a will. 
E) Only senior citizens need a will. 
A) Only married people need a will. 
B) Only married people with dependents need a will. 
C) Only the rich with considerable estates need a will. 
D) Every adult should have a will. 
E) Only senior citizens need a will.

Question 9

Your executor can be the trust department of a bank.

Accepted Answer

A) True 
 B)False

Question 10

How do wills and trusts help in planning your estate?

Accepted Answer

Wills and trusts are tools of estate pla

Question 11

Hugh Bowersox has been selected by Sandra Tyler to assume the responsibility of raising her children and managing her estate for those children if she were to die.In what capacity would Hugh be acting?

Accepted Answer

A) Executor 
B) Trustee 
C) Guardian 
D) Beneficiary 
E) Agent 
A) Executor 
B) Trustee 
C) Guardian 
D) Beneficiary 
E) Agent

Question 12

Inheritance taxes are imposed only by the state governments.

Accepted Answer

A) True 
 B)False

Question 13

Estate planning is not an essential part of retirement planning.

Accepted Answer

A) True 
 B)False

Question 14

Millions of nontraditional households have unique estate planning problems.

Accepted Answer

A) True 
 B)False

Question 15

According to a recent American Association of Retired Persons survey,over 50 percent of Americans age 45 or older have not drawn up a will.

Accepted Answer

A) True 
 B)False

Question 16

If you are married,your estate planning involves:

Accepted Answer

A) the interests of at least two people. 
B) fewer legal requirements. 
C) fewer financial responsibilities. 
D) seeking the services of a securities broker. 
E) only yourself. 
A) the interests of at least two people. 
B) fewer legal requirements. 
C) fewer financial responsibilities. 
D) seeking the services of a securities broker. 
E) only yourself.

Question 17

Which statement is not true about a letter of last instruction?

Accepted Answer

A) It is also known as after-death wishes. 
B) It should contain details about your funeral arrangements. 
C) It should contain names of people to be notified of your death. 
D) It is legally enforceable in all states. 
E) It should contain information about the location of your bank accounts. 
A) It is also known as after-death wishes. 
B) It should contain details about your funeral arrangements. 
C) It should contain names of people to be notified of your death. 
D) It is legally enforceable in all states. 
E) It should contain information about the location of your bank accounts.

Question 18

A person or institution that holds or generally manages property for the benefit of someone else under a trust agreement is called a:

Accepted Answer

A) beneficiary. 
B) executor. 
C) trustee. 
D) guardian. 
E) executrix. 
A) beneficiary. 
B) executor. 
C) trustee. 
D) guardian. 
E) executrix.

Question 19

Which of the following is true if you are an unmarried couple?

Accepted Answer

A) A partner has the same legal rights as a spouse. 
B) Unmarried couples can use the marital deduction. 
C) Estate planning is less important for unmarried couples. 
D) If your partner is not named as the beneficiary, your pension plan proceeds will go to your closest blood relative. 
E) All of these are true about unmarried couples. 
A) A partner has the same legal rights as a spouse. 
B) Unmarried couples can use the marital deduction. 
C) Estate planning is less important for unmarried couples. 
D) If your partner is not named as the beneficiary, your pension plan proceeds will go to your closest blood relative. 
E) All of these are true about unmarried couples.

Question 20

A simple document stating that anything you may have neglected to place in your trust during your lifetime should be placed in it at your death is called a:

Accepted Answer

A) letter of last instruction. 
B) ethical will. 
C) prenuptial agreement. 
D) codicil. 
E) pourover will. 
A) letter of last instruction. 
B) ethical will. 
C) prenuptial agreement. 
D) codicil. 
E) pourover will.

If only a few changes are needed in your will,adding a codicil may be the best choice.

George Wade has been selected to receive the assets of his brother Kyle in the event of Kyle's death.What is George?

Generally,the cost of writing a will is more than that for writing a living trust.

Lucy Kelson has been selected to manage the trust assets of Rodney Peterson until he reaches the age of 30.Rodney is currently 21.In what capacity would Lucy be acting?

Estate planning includes a subject most people would rather avoid: death-your own or that of your spouse.

Estate planning is a definite plan for the administration and disposition of one's property during one's lifetime and at one's death.

To be valid,a will must:

Which one of the following statements is correct regarding wills?

Your executor can be the trust department of a bank.

How do wills and trusts help in planning your estate?

Hugh Bowersox has been selected by Sandra Tyler to assume the responsibility of raising her children and managing her estate for those children if she were to die.In what capacity would Hugh be acting?

Inheritance taxes are imposed only by the state governments.

Estate planning is not an essential part of retirement planning.

Millions of nontraditional households have unique estate planning problems.

According to a recent American Association of Retired Persons survey,over 50 percent of Americans age 45 or older have not drawn up a will.

If you are married,your estate planning involves:

Which statement is not true about a letter of last instruction?

A person or institution that holds or generally manages property for the benefit of someone else under a trust agreement is called a:

Which of the following is true if you are an unmarried couple?

A simple document stating that anything you may have neglected to place in your trust during your lifetime should be placed in it at your death is called a:

Personal Finance Basics and the Time Value of Money

Financial Aspects of Career Planning

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Financial Services: Savings Plans and Payment Accounts

Introduction to Consumer Credit

Choosing a Source of Credit: The Costs of Credit Alternatives

Consumer Purchasing Strategies and Legal Protection

The Housing Decision: Factors and Finances

Property and Motor Vehicle Insurance

Health, Disability, and Long-Term Care Insurance

Life Insurance

Investing Fundamentals

Investing in Stock

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Starting Early: Retirement Planning

Filters

Exam 19: Estate Planning

If only a few changes are needed in your will,adding a codicil may be the best choice.

George Wade has been selected to receive the assets of his brother Kyle in the event of Kyle's death.What is George?

Generally,the cost of writing a will is more than that for writing a living trust.

Lucy Kelson has been selected to manage the trust assets of Rodney Peterson until he reaches the age of 30.Rodney is currently 21.In what capacity would Lucy be acting?

Estate planning includes a subject most people would rather avoid: death-your own or that of your spouse.

Estate planning is a definite plan for the administration and disposition of one's property during one's lifetime and at one's death.

To be valid,a will must:

Which one of the following statements is correct regarding wills?

Your executor can be the trust department of a bank.

How do wills and trusts help in planning your estate?

Hugh Bowersox has been selected by Sandra Tyler to assume the responsibility of raising her children and managing her estate for those children if she were to die.In what capacity would Hugh be acting?

Inheritance taxes are imposed only by the state governments.

Estate planning is not an essential part of retirement planning.

Millions of nontraditional households have unique estate planning problems.

According to a recent American Association of Retired Persons survey,over 50 percent of Americans age 45 or older have not drawn up a will.

If you are married,your estate planning involves:

Which statement is not true about a letter of last instruction?

A person or institution that holds or generally manages property for the benefit of someone else under a trust agreement is called a:

Which of the following is true if you are an unmarried couple?

A simple document stating that anything you may have neglected to place in your trust during your lifetime should be placed in it at your death is called a:

Personal Finance Basics and the Time Value of Money

Financial Aspects of Career Planning

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Financial Services: Savings Plans and Payment Accounts

Introduction to Consumer Credit

Choosing a Source of Credit: The Costs of Credit Alternatives

Consumer Purchasing Strategies and Legal Protection

The Housing Decision: Factors and Finances

Property and Motor Vehicle Insurance

Health, Disability, and Long-Term Care Insurance

Life Insurance

Investing Fundamentals

Investing in Stock

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Starting Early: Retirement Planning

Filters