Question 1

Life insurance comprises a large portion of most individuals probate estates.

Accepted Answer

A) True 
 B)False

Question 2

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-You would create a [living | testamentary] trust to be used after you die.

Accepted Answer

A) for the first item 
B) for the second item 
C) if neither item will correctly complete the statement. 
A) for the first item 
B) for the second item 
C) if neither item will correctly complete the statement.

Question 3

A testator can revoke a will in the following ways:

Accepted Answer

A)  making a later will that will revoke prior wills 
B)  making a codicil that revokes prior wills 
C)  burning the will 
D)  all of the above 
E)  a & b 
A)  making a later will that will revoke prior wills 
B)  making a codicil that revokes prior wills 
C)  burning the will 
D)  all of the above 
E)  a & b

Question 4

The living will states;

Accepted Answer

A)  distribution of assets while alive 
B)  duration of medical treatments 
C)  agent may make health care decisions if you are unable to do so 
D)  while alive you and only you may make changes to your will 
E)  all of the above 
A)  distribution of assets while alive 
B)  duration of medical treatments 
C)  agent may make health care decisions if you are unable to do so 
D)  while alive you and only you may make changes to your will 
E)  all of the above

Question 5

Most commentators believe the annual exclusion amount from estate tax will be set at $3,500,000 for 2013.

Accepted Answer

A)  $500,000 
B)  $1,000,000 
C)  $2,000,000 
D)  $3,500,000 
E)  $5,000,000 
A)  $500,000 
B)  $1,000,000 
C)  $2,000,000 
D)  $3,500,000 
E)  $5,000,000

Question 6

The recipient of the gift will pay any gift tax that is due.

Accepted Answer

A) True 
 B)False

Question 7

You should review your estate plan every

Accepted Answer

A)  1-2 years 
B)  2-3 years 
C)  3-5 years 
D)  5-10 years 
E)  Never 
A)  1-2 years 
B)  2-3 years 
C)  3-5 years 
D)  5-10 years 
E)  Never

Question 8

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-When your die,your debts will be paid [only if you so direct in your will | because state laws protect creditors' rights].

Accepted Answer

A) for the first item 
B) for the second item 
C) if neither item will correctly complete the statement. 
A) for the first item 
B) for the second item 
C) if neither item will correctly complete the statement.

Question 9

Life insurance could alleviate estate problems caused by

Accepted Answer

A)  inflation. 
B)  improper management. 
C)  disabilities. 
D)  lack of liquidity. 
E)  incorrect vehicle of transfer. 
A)  inflation. 
B)  improper management. 
C)  disabilities. 
D)  lack of liquidity. 
E)  incorrect vehicle of transfer.

Question 10

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for a spouse and offspring?

Accepted Answer

50% to surviving spo

Question 11

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for a spouse with no offspring?

Accepted Answer

The answer of If a person dies intestate (without a...

Question 12

The person who writes a will is called the

Accepted Answer

A)  testator. 
B)  attorney. 
C)  probater. 
D)  estate planner. 
E)  grantor. 
A)  testator. 
B)  attorney. 
C)  probater. 
D)  estate planner. 
E)  grantor.

Question 13

A "trustee" is also called the

Accepted Answer

A)  Settlor 
B)  Trustor 
C)  Creator 
D)  All of the above 
E)  None of the above 
A)  Settlor 
B)  Trustor 
C)  Creator 
D)  All of the above 
E)  None of the above

Question 14

A will may be invalid if the testator was under undue influence of another person.

Accepted Answer

A) True 
 B)False

Question 15

The unified rate schedule applies to federal ____ taxes.

Accepted Answer

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

Question 16

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-You are married with a 3-year old child.If you die without leaving a will,in most states [your spouse will inherit your entire estate | your spouse and child will share your estate].

Accepted Answer

A) for the first item 
B) for the second item 
C) if neither item will correctly complete the statement. 
A) for the first item 
B) for the second item 
C) if neither item will correctly complete the statement.

Question 17

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for no spouse but offspring?

Accepted Answer

100% to of

Question 18

Which of the following is not a section of the last will and testament

Accepted Answer

A)  direction of payments 
B)  appointment clause 
C)  simultaneous death clause 
D)  contest and dispose clause 
E)  execution and attestation clause 
A)  direction of payments 
B)  appointment clause 
C)  simultaneous death clause 
D)  contest and dispose clause 
E)  execution and attestation clause

Question 19

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-The [inheritance | pickup estate] tax costs neither the estate or the recipients of the estate anything in addition to the federal estate tax.

Accepted Answer

A) for the first item 
B) for the second item 
C) if neither item will correctly complete the statement. 
A) for the first item 
B) for the second item 
C) if neither item will correctly complete the statement.

Question 20

Death will erase any debts existing at that time.

Accepted Answer

A) True 
 B)False

Life insurance comprises a large portion of most individuals probate estates.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -You would create a [living | testamentary] trust to be used after you die.

A testator can revoke a will in the following ways:

The living will states;

Most commentators believe the annual exclusion amount from estate tax will be set at $3,500,000 for 2013.

The recipient of the gift will pay any gift tax that is due.

You should review your estate plan every

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -When your die,your debts will be paid [only if you so direct in your will | because state laws protect creditors' rights].

Life insurance could alleviate estate problems caused by

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for a spouse and offspring?

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for a spouse with no offspring?

The person who writes a will is called the

A "trustee" is also called the

A will may be invalid if the testator was under undue influence of another person.

The unified rate schedule applies to federal ____ taxes.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -You are married with a 3-year old child.If you die without leaving a will,in most states [your spouse will inherit your entire estate | your spouse and child will share your estate].

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for no spouse but offspring?

Which of the following is not a section of the last will and testament

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -The [inheritance | pickup estate] tax costs neither the estate or the recipients of the estate anything in addition to the federal estate tax.

Death will erase any debts existing at that time.

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

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Exam 15: Preserving Your Estate

Life insurance comprises a large portion of most individuals probate estates.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -You would create a [living | testamentary] trust to be used after you die.

A testator can revoke a will in the following ways:

The living will states;

Most commentators believe the annual exclusion amount from estate tax will be set at $3,500,000 for 2013.

The recipient of the gift will pay any gift tax that is due.

You should review your estate plan every

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -When your die,your debts will be paid [only if you so direct in your will | because state laws protect creditors' rights].

Life insurance could alleviate estate problems caused by

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for a spouse and offspring?

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for a spouse with no offspring?

The person who writes a will is called the

A "trustee" is also called the

A will may be invalid if the testator was under undue influence of another person.

The unified rate schedule applies to federal ____ taxes.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -You are married with a 3-year old child.If you die without leaving a will,in most states [your spouse will inherit your entire estate | your spouse and child will share your estate].

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for no spouse but offspring?

Which of the following is not a section of the last will and testament

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -The [inheritance | pickup estate] tax costs neither the estate or the recipients of the estate anything in addition to the federal estate tax.

Death will erase any debts existing at that time.

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Filters