Question 1

A ____________ trust is a property management arrangement that you establish while you are alive.

Accepted Answer

A)  guardian
B)  trustee
C)  living
D)  power of attorney
E)  estateF) All of the above
G) B) and D)

Question 2

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

Accepted Answer

A)  Simple
B)  Traditional marital share
C)  Exemption trust
D)  Stated dollar amount
E)  LivingF) A) and D)
G) B) and C)

Question 3

In what type of ownership is each individual considered to own a proportionate share for tax purposes with only your share being included in your estate?

Accepted Answer

A)  Tenancy by default
B)  Tenancy by the entirety
C)  Tenants in common
D)  Joint tenants with the right of survivorship
E)  Tenancy by performanceF) None of the above
G) A) and C)

Question 4

Most states do not recognize living wills.

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

A codicil is a document that explains,adds,or deletes provisions in your existing will.

Accepted Answer

A) True 
 B)False  True

Question 7

Under what type of will does everything pass to your spouse,with the exception of an amount equal to the exemption,which passes into trust?

Accepted Answer

A)  Simple
B)  Traditional marital share
C)  Exemption trust
D)  Stated dollar amount
E)  LivingF) A) and B)
G) A) and C) C

Question 8

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

Accepted Answer

A)  building your estate through working.
B)  transferring your estate, at your death, in the manner you have specified.
C)  deciding who should be your attorney.
D)  evaluating your assets and liabilities.
E)  buying life insurance.F) A) and E)
G) A) and B)

Question 9

Will Jones has created a will that leaves everything to his wife except an exemption amount of $2 million.This exemption amount passes into a trust.What type of will has Will created?

Accepted Answer

A)  Simple
B)  Traditional marital share
C)  Exemption trust
D)  Stated dollar amount
E)  LivingF) A) and B)
G) A) and C) C

Question 10

An inter vivos trust is a property management arrangement that you establish while you are alive.

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A)  Informal
B)  Marital trust
C)  Formal
D)  Statutory
E)  HolographicF) A) and B)
G) A) and E)

Question 12

Which will leaves everything to the spouse?

Accepted Answer

A)  traditional marital share will.
B)  exemption trust will.
C)  I love you will.
D)  stated dollar amount will.
E)  None of these.F) C) and E)
G) All of the above

Question 13

Estate planning is an integral part of financial planning.

Accepted Answer

A) True 
 B)False

Question 14

If you die intestate,the state's law of descent and distribution becomes your will.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following is a trust that shelters valuable assets that you can pass on to your heirs with minimal taxes and lets you receive an annuity for as long as the trust lasts?

Accepted Answer

A)  Grantor retained annuity trust
B)  Life insurance trust
C)  Marital-deduction trust
D)  Self-declaration trust
E)  Charitable lead trustF) B) and D)
G) A) and D)

Question 16

A simple will creates lower overall taxation for all individuals.

Accepted Answer

A) True 
 B)False

Question 17

A trust established by your will that becomes effective upon your death is called a ____________ trust.

Accepted Answer

A)  testamentary
B)  living
C)  revocable
D)  irrevocable
E)  insuranceF) A) and C)
G) D) and E)

Question 18

Joint ownership is a good substitute for a will.

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A)  Your driver's license
B)  Your transcript from college
C)  Your birth certificate
D)  Your birthday cards
E)  All of these documents are needed in estate planning.F) B) and C)
G) A) and E)

Question 20

A living will provides for your wishes to be followed if you become so physically or mentally disabled that you are unable to act on your own behalf.

Accepted Answer

A) True 
 B)False

Exam 19: Estate Planning

A ____________ trust is a property management arrangement that you establish while you are alive.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

In what type of ownership is each individual considered to own a proportionate share for tax purposes with only your share being included in your estate?

Correct AnswerverifiedShow Answer

Most states do not recognize living wills.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A codicil is a document that explains,adds,or deletes provisions in your existing will.

Correct AnswerverifiedTrue

Under what type of will does everything pass to your spouse,with the exception of an amount equal to the exemption,which passes into trust?

Correct AnswerverifiedC

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

Correct AnswerverifiedShow Answer

Will Jones has created a will that leaves everything to his wife except an exemption amount of $2 million.This exemption amount passes into a trust.What type of will has Will created?

Correct AnswerverifiedC

An inter vivos trust is a property management arrangement that you establish while you are alive.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which will leaves everything to the spouse?

Correct AnswerverifiedShow Answer

Estate planning is an integral part of financial planning.

Correct AnswerverifiedShow Answer

If you die intestate,the state's law of descent and distribution becomes your will.

Correct AnswerverifiedShow Answer

Which of the following is a trust that shelters valuable assets that you can pass on to your heirs with minimal taxes and lets you receive an annuity for as long as the trust lasts?

Correct AnswerverifiedShow Answer

A simple will creates lower overall taxation for all individuals.

Correct AnswerverifiedShow Answer

A trust established by your will that becomes effective upon your death is called a ____________ trust.

Correct AnswerverifiedShow Answer

Joint ownership is a good substitute for a will.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A living will provides for your wishes to be followed if you become so physically or mentally disabled that you are unable to act on your own behalf.

Correct AnswerverifiedShow Answer

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C

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C

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