Question 1

If you marry after you have made a will,you are better off drawing a new will to fit your new circumstances.

Accepted Answer

A) True 
 B)False  True

Question 2

James Fitzwater has created a will that leaves exactly $2 million to his wife.What type of will has James created?

Accepted Answer

A) simple 
B) traditional marital share 
C) exemption trust 
D) stated dollar amount 
E) living will 
A) simple 
B) traditional marital share 
C) exemption trust 
D) stated dollar amount 
E) living will D

Question 3

Gerry Legere has died without writing a will.What is the legal term for this?

Accepted Answer

A) probate 
B) intestate 
C) testamentary 
D) statutory 
E) codicil 
A) probate 
B) intestate 
C) testamentary 
D) statutory 
E) codicil B

Question 4

A living will is a good substitute for a traditional will.

Accepted Answer

A) True 
 B)False

Question 5

A surgeon who will soon finish paying off college loans might want to set up a(n):

Accepted Answer

A) credit-shelter trust. 
B) marital-deduction trust. 
C) living trust. 
D) inter vivos trust. 
E) disclaimer trust. 
A) credit-shelter trust. 
B) marital-deduction trust. 
C) living trust. 
D) inter vivos trust. 
E) disclaimer trust.

Question 6

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?

Accepted Answer

A) letter of last instruction 
B) durable power of attorney 
C) will 
D) revocable trust 
E) irrevocable trust 
A) letter of last instruction 
B) durable power of attorney 
C) will 
D) revocable trust 
E) irrevocable trust

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A) codicil. 
B) rider. 
C) power of attorney. 
D) trustor. 
E) proxy. 
A) codicil. 
B) rider. 
C) power of attorney. 
D) trustor. 
E) proxy.

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

Brenda Johnson has used a preprinted form that she got from the internet to create her will.What type of will has she created?

Accepted Answer

A) holographic 
B) formal 
C) statutory 
D) casual 
E) living 
A) holographic 
B) formal 
C) statutory 
D) casual 
E) living

Question 11

Explain what a will is and what occurs at your death if you do not have one.

Accepted Answer

The answer of Explain what a will is and what...

Question 12

In estate planning,if you are married:

Accepted Answer

A) you do not need a will as your spouse is entitled to all of your assets. 
B) your estate planning becomes simpler once you have children. 
C) you should let your spouse do all of your estate planning. 
D) your situation is more complex than when you were still single. 
E) your planning consists solely of naming beneficiaries for your life insurancE. 
A) you do not need a will as your spouse is entitled to all of your assets. 
B) your estate planning becomes simpler once you have children. 
C) you should let your spouse do all of your estate planning. 
D) your situation is more complex than when you were still single. 
E) your planning consists solely of naming beneficiaries for your life insurancE.

Question 13

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?

Accepted Answer

A) living will 
B) health care proxy 
C) letter of last instruction 
D) all of the other answers. 
E) durable power of attorney 
A) living will 
B) health care proxy 
C) letter of last instruction 
D) all of the other answers. 
E) durable power of attorney

Question 14

Which one of the following wills is called an "I love you" will?

Accepted Answer

A) simple 
B) traditional marital share 
C) exemption trust 
D) stated dollar amount 
E) holographic 
A) simple 
B) traditional marital share 
C) exemption trust 
D) stated dollar amount 
E) holographic

Question 15

A simple will is sufficient for most smaller estates.

Accepted Answer

A) True 
 B)False

Question 16

A disclaimer trust is designed for the couple who don't yet have enough assets to need a credit-shelter trust.

Accepted Answer

A) True 
 B)False

Question 17

A federal tax levied on the right of a deceased person to transmit his or her property and life insurance at death is called a(n)____________ tax.

Accepted Answer

A) estate income 
B) trust income 
C) inheritance 
D) gift 
E) estate 
A) estate income 
B) trust income 
C) inheritance 
D) gift 
E) estate

Question 18

In what type of joint ownership may neither spouse sell the property without the consent of the other?

Accepted Answer

A) tenancy by default 
B) tenancy by the entirety 
C) tenancy in common 
D) joint tenants with the right of survivorship 
E) simple tenancy 
A) tenancy by default 
B) tenancy by the entirety 
C) tenancy in common 
D) joint tenants with the right of survivorship 
E) simple tenancy

Question 19

Most people cannot afford the expense of setting up trusts.

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

A) True 
 B)False

If you marry after you have made a will,you are better off drawing a new will to fit your new circumstances.

James Fitzwater has created a will that leaves exactly $2 million to his wife.What type of will has James created?

Gerry Legere has died without writing a will.What is the legal term for this?

A living will is a good substitute for a traditional will.

A surgeon who will soon finish paying off college loans might want to set up a(n):

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?

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

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

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

Brenda Johnson has used a preprinted form that she got from the internet to create her will.What type of will has she created?

Explain what a will is and what occurs at your death if you do not have one.

In estate planning,if you are married:

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?

Which one of the following wills is called an "I love you" will?

A simple will is sufficient for most smaller estates.

A disclaimer trust is designed for the couple who don't yet have enough assets to need a credit-shelter trust.

A federal tax levied on the right of a deceased person to transmit his or her property and life insurance at death is called a(n)____________ tax.

In what type of joint ownership may neither spouse sell the property without the consent of the other?

Most people cannot afford the expense of setting up trusts.

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

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 Stocks

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

If you marry after you have made a will,you are better off drawing a new will to fit your new circumstances.

James Fitzwater has created a will that leaves exactly $2 million to his wife.What type of will has James created?

Gerry Legere has died without writing a will.What is the legal term for this?

A living will is a good substitute for a traditional will.

A surgeon who will soon finish paying off college loans might want to set up a(n):

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?

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

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

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

Brenda Johnson has used a preprinted form that she got from the internet to create her will.What type of will has she created?

Explain what a will is and what occurs at your death if you do not have one.

In estate planning,if you are married:

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?

Which one of the following wills is called an "I love you" will?

A simple will is sufficient for most smaller estates.

A disclaimer trust is designed for the couple who don't yet have enough assets to need a credit-shelter trust.

A federal tax levied on the right of a deceased person to transmit his or her property and life insurance at death is called a(n)____________ tax.

In what type of joint ownership may neither spouse sell the property without the consent of the other?

Most people cannot afford the expense of setting up trusts.

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

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 Stocks

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Starting Early: Retirement Planning

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