Question 1

Last-minute "death-bed" estate planning may fail to carry out your wishes.

Accepted Answer

A) True 
 B)False

Question 2

A person who assumes the responsibilities of providing the children with personal care and of managing the estate for them 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 3

A handwritten will is called a:

Accepted Answer

A) holographic. 
B) formal. 
C) statutory. 
D) exemption trust. 
E) informal. 
A) holographic. 
B) formal. 
C) statutory. 
D) exemption trust. 
E) informal.

Question 4

Which is true of estate planning?

Accepted Answer

A) It includes managing your property while you are alive 
B) It includes dealing with what happens to your property after your death 
C) It is part of retirement planning 
D) It is part of financial planning 
E) All of these 
A) It includes managing your property while you are alive 
B) It includes dealing with what happens to your property after your death 
C) It is part of retirement planning 
D) It is part of financial planning 
E) All of these

Question 5

Joseph Vu has assets worth $1,200,000.He has written a legal document that specifies that these assets be divided equally between his wife and his two sons upon his death.What is this legal document?

Accepted Answer

A) Estate 
B) Will 
C) Trust 
D) Probate 
E) Liabilities 
A) Estate 
B) Will 
C) Trust 
D) Probate 
E) Liabilities

Question 6

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:

Accepted Answer

A) invalid. 
B) an A/B trust. 
C) a letter of last instruction. 
D) a marital trust. 
E) an exemption trust. 
A) invalid. 
B) an A/B trust. 
C) a letter of last instruction. 
D) a marital trust. 
E) an exemption trust.

Question 7

Which type of will involves serious risks of invalidity and may be out of date with respect to current law?

Accepted Answer

A) Marital share 
B) Statutory 
C) Formal 
D) Exemption trust 
E) Living 
A) Marital share 
B) Statutory 
C) Formal 
D) Exemption trust 
E) Living

Question 8

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

Accepted Answer

A) irrevocable 
B) revocable 
C) living 
D) self-declaration 
E) testamentary 
A) irrevocable 
B) revocable 
C) living 
D) self-declaration 
E) testamentary

Question 9

Gerald Wilkins owns a home worth $250,000,a car worth $15,000,various investments worth $600,000 and other personal assets worth $25,000.He still owes $125,000 on his mortgage and $5,000 on a car loan.The probate and administration costs of his estate are estimated at $5,000.What is his estimated net taxable estate?

Accepted Answer

A) $850,000 
B) $870,000 
C) $875,000 
D) $755,000 
E) $760,000 
A) $850,000 
B) $870,000 
C) $875,000 
D) $755,000 
E) $760,000

Question 10

You should avoid probate because it is expensive,lengthy,and public.

Accepted Answer

A) True 
 B)False

Question 11

What is estate planning and how does your personal situation affect that planning?

Accepted Answer

Estate planning is a definite plan for t

Question 12

Probate is less expensive,quicker,and private than a living trust.

Accepted Answer

A) True 
 B)False

Question 13

A prenuptial agreement is a documentary agreement between spouses after marriage.

Accepted Answer

A) True 
 B)False

Question 14

A qualified personal residence trust,or QPRT,lets you get your home or vacation home out of your estate.

Accepted Answer

A) True 
 B)False

Question 15

Estate planning is useful only to rich and elderly people.

Accepted Answer

A) True 
 B)False

Last-minute "death-bed" estate planning may fail to carry out your wishes.

A person who assumes the responsibilities of providing the children with personal care and of managing the estate for them is called a:

A handwritten will is called a:

Which is true of estate planning?

Joseph Vu has assets worth $1,200,000.He has written a legal document that specifies that these assets be divided equally between his wife and his two sons upon his death.What is this legal document?

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 type of will involves serious risks of invalidity and may be out of date with respect to current law?

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

You should avoid probate because it is expensive,lengthy,and public.

What is estate planning and how does your personal situation affect that planning?

Probate is less expensive,quicker,and private than a living trust.

A prenuptial agreement is a documentary agreement between spouses after marriage.

A qualified personal residence trust,or QPRT,lets you get your home or vacation home out of your estate.

Estate planning is useful only to rich and elderly people.

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

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Exam 19: Estate Planning

Last-minute "death-bed" estate planning may fail to carry out your wishes.

A person who assumes the responsibilities of providing the children with personal care and of managing the estate for them is called a:

A handwritten will is called a:

Which is true of estate planning?

Joseph Vu has assets worth $1,200,000.He has written a legal document that specifies that these assets be divided equally between his wife and his two sons upon his death.What is this legal document?

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 type of will involves serious risks of invalidity and may be out of date with respect to current law?

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

You should avoid probate because it is expensive,lengthy,and public.

What is estate planning and how does your personal situation affect that planning?

Probate is less expensive,quicker,and private than a living trust.

A prenuptial agreement is a documentary agreement between spouses after marriage.

A qualified personal residence trust,or QPRT,lets you get your home or vacation home out of your estate.

Estate planning is useful only to rich and elderly people.

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