Exam 15: Preserving Your Estate

Dying intestate means dying with a valid will.

When you die intestate,you have given the court or state the privilege of determining

When selecting a trustee,you should consider her

A will is revoked if a second legitimate will is created.

People planning means providing sustenance and resources for family members.

Probate property includes only real property.

A trust designed to provide liquidity for an estate without increasing the size of the estate is a(n)____ trust.

A testamentary trust is established in a will.

If a life insurance owner-insured gives away the policy within five years of his death,the proceeds will be included in his estate.

____ would represent a second-level death-related cost.

A potential estate planning problem is improper distribution of assets.

If a grantor transfers a life insurance policy to an irrevocable trust within three years before the grantor's death,the policy will not be included in the estate.

A will is a legal document outlining the plan for

A trust that provides continuity and asset management and allows assets to bypass probate,but which provides no income or estate tax advantages,is a(n)____ trust.

If a person without relatives dies with a valid will,his or her property will go to the state.

The appointment clause in a will determines the county that will have legal jurisdiction.

____ would be a first-level death-related cost.

Intestacy results from dying without a valid will.

Custodial accounts are used to protect the property of minor children.

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