Question 1

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

Accepted Answer

A) It is handwritten. 
B) It should be dated in your own handwriting. 
C) It is always prepared by an attorney. 
D) It should be signed in your own handwriting. 
E) Some states may not recognize it. 
A) It is handwritten. 
B) It should be dated in your own handwriting. 
C) It is always prepared by an attorney. 
D) It should be signed in your own handwriting. 
E) Some states may not recognize it.

Question 2

If you never married,you don't need to organize your personal and financial documents.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following would keep you from being an executor of a will?

Accepted Answer

A) being in the military 
B) being 16 years of age 
C) being unmarried 
D) being over 65 years of age 
E) being a family member of the deceased 
A) being in the military 
B) being 16 years of age 
C) being unmarried 
D) being over 65 years of age 
E) being a family member of the deceased

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

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 6

Which one of the following wills automatically leaves one-half of your adjusted gross estate to your spouse?

Accepted Answer

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

Question 7

You can assign a power of attorney to anyone you choose.

Accepted Answer

A) True 
 B)False

Question 8

Lucy Kelson has been selected to manage the 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 9

Estate planning involves which of the following?

Accepted Answer

A) managing your property while you are alive 
B) dealing with what happens to your property after your death 
C) your family's financial security in the event of your death 
D) your family's financial security in the event of your spouse's death 
E) all of the activities listed in the other answers 
A) managing your property while you are alive 
B) dealing with what happens to your property after your death 
C) your family's financial security in the event of your death 
D) your family's financial security in the event of your spouse's death 
E) all of the activities listed in the other answers

Question 10

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?

Accepted Answer

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

Question 11

A formal will is usually prepared with an attorney's assistance.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) testamentary 
B) living 
C) revocable 
D) irrevocable 
E) insurance 
A) testamentary 
B) living 
C) revocable 
D) irrevocable 
E) insurance

Question 13

Estate planning is not an essential part of retirement planning.

Accepted Answer

A) True 
 B)False

Question 14

The stated dollar amount will allow you to pass on to your spouse any amount that satisfies your family objectives.

Accepted Answer

A) True 
 B)False

Question 15

Your executor can be a family member,a friend,an attorney,an accountant,or the trust department of a bank.

Accepted Answer

A) True 
 B)False

Question 16

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?

Accepted Answer

A) executor 
B) trustee 
C) guardian 
D) beneficiary 
E) agent 
A) executor 
B) trustee 
C) guardian 
D) beneficiary 
E) agent

Question 17

Under what type of ownership is the property considered owned 50-50 for estate tax purposes and passed automatically to your spouse at your death?

Accepted Answer

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

Question 18

The cost of preparing a will varies from place to place.

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

How many months after your death is the federal estate tax due and payable in cash?

Accepted Answer

A) 3 
B) 6 
C) 9 
D) 12 
E) 15 
A) 3 
B) 6 
C) 9 
D) 12 
E) 15

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

If you never married,you don't need to organize your personal and financial documents.

Which of the following would keep you from being an executor of a will?

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

Which one of the following wills automatically leaves one-half of your adjusted gross estate to your spouse?

You can assign a power of attorney to anyone you choose.

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

Estate planning involves which of the following?

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?

A formal will is usually prepared with an attorney's assistance.

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

Estate planning is not an essential part of retirement planning.

The stated dollar amount will allow you to pass on to your spouse any amount that satisfies your family objectives.

Your executor can be a family member,a friend,an attorney,an accountant,or the trust department of a bank.

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?

Under what type of ownership is the property considered owned 50-50 for estate tax purposes and passed automatically to your spouse at your death?

The cost of preparing a will varies from place to place.

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

How many months after your death is the federal estate tax due and payable in cash?

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

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

If you never married,you don't need to organize your personal and financial documents.

Which of the following would keep you from being an executor of a will?

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

Which one of the following wills automatically leaves one-half of your adjusted gross estate to your spouse?

You can assign a power of attorney to anyone you choose.

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

Estate planning involves which of the following?

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?

A formal will is usually prepared with an attorney's assistance.

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

Estate planning is not an essential part of retirement planning.

The stated dollar amount will allow you to pass on to your spouse any amount that satisfies your family objectives.

Your executor can be a family member,a friend,an attorney,an accountant,or the trust department of a bank.

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?

Under what type of ownership is the property considered owned 50-50 for estate tax purposes and passed automatically to your spouse at your death?

The cost of preparing a will varies from place to place.

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

How many months after your death is the federal estate tax due and payable in cash?

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

Filters