Exam 20: Estate Planning

Which of the following is not required to be an executor of an estate?

A ________ trust is created by a will.

The value of the estate is calculated using

The key components of a will are all of the following except

The purpose of probate is to ensure the

A power of attorney can give someone you designate the power to make all of the following decisions except

________ is the act of planning how wealth will be allocated on or before your death.

For a will to be valid,the maker must be all of the following except

Which of the following is not a duty of the executor of an estate?

Minor changes to a will can be made with a simple document called a codicil.

A trust involves the transfer of assets to a third party who manages these assets for a beneficiary.

Minor changes to an existing will can be accomplished by the use of a(n)________.

A marital share will is most appropriate for married couples with large estates.

Which of the following is true about an estate and taxes?

An executor,also called your ________,is named in your will to carry out your instructions regarding how your assets will be distributed.

A ________ is a legal document in which individuals specify their preferences if they become mentally or physically disabled.

Under current tax laws,a person may give any other person up to $13,000 per year in cash or other assets and neither the giver nor receiver of these gifts has a tax liability for them.

A standard family trust is all of the following except

Which of the following is not a reason to have a will?

A large portion of an estate is exempt from estate taxes.The portion over the next few years is