Exam 19: Estate Planning

A will is a legal declaration of a person's mind as to the disposition of his or her property after death.

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

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

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

Which type of will involves serious risks of invalidity and may not reflect the provisions of current law?

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

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

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

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

A credit-shelter trust is known as a bypass trust,a "residuary" trust,an A/B trust,or a family trust.

Many people do little,if any,estate planning.

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

Under what type of will is half of your estate taxed at your death and half at your spouse's death?

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

Which of the following would be a benefit of establishing a trust?

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

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

Sally Forth has a trust that she can end at any time she wants.What type of trust does Sally have?

What are the federal and state tax considerations in estate planning?

Under the traditional marital share will,half of your estate is taxed at your death and half at your spouse's death.