Exam 20: Estate Planning

A person who dies without preparing a will is said to have died ________.

If you die without a will,you are said to have died

All of the following are required for a will to be valid,except

If you die without a will,the court will appoint ________ to handle your estate.

Which of the following is commonly chosen as an executor?

Which of the following is not a type of trust?

Estate planning is the act of planning how your wealth will be allocated before your death.

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

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

A ________ is a legal document granting a person the power to make specific decisions for you in the event that you are incapable.

The probate process includes all of the following steps except

A legal way to move assets from the parents to the children in order to avoid estate taxes upon the parents' death is to

A revocable living trust cannot be changed during the grantor's lifetime.

List the following steps of the probate process in order:

The document that describes funeral preferences and indicates where key financial records are kept is called the letter of last rites.

Money donated from an estate to charitable organizations is

As you get older and accumulate wealth,it is important to keep abreast of

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

A ________ will is suitable for larger estates because it distributes half of the estate to the spouse and the other half to any children or to a trust.

Any money donated from an estate to charitable organizations is given after estate taxes are paid.