Question 1

In a revocable trust, you forfeit the right to end the trust or change its terms during your lifetime.

Accepted Answer

A) True 
 B)False

Question 2

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

Question 3

You should avoid probate because it is expensive, lengthy, and public.

Accepted Answer

A) True 
 B)False

Question 4

If you are married, your estate planning involves:

Accepted Answer

A)   the interest of at least two people.
B)   fewer legal requirements.
C)   fewer financial responsibilities.
D)   seeking the services of a securities broker.
E)   only yourself.F) C) and D)
G) A) and D)

Question 5

A letter of last instruction can provide your heirs with important information.

Accepted Answer

A) True 
 B)False

Question 6

A person who assumes the responsibilities of providing the children with personal care and managing the estate for them is called a(n) :

Accepted Answer

A)   beneficiary.
B)   executor.
C)   trustee.
D)   guardian.
E)   executrix.F) B) and D)
G) None of the above

Question 7

A beneficiary is a person who has been named to receive property.

Accepted Answer

A) True 
 B)False

Question 8

Estate planning is a subject most people would rather avoid: death-your own or that of your spouse.

Accepted Answer

A) True 
 B)False

Question 9

The stated dollar amount will allow you to pass on to your spouse any amount that satisfies your family objectives.

Accepted Answer

A) True 
 B)False

Question 10

Which will is sufficient for most smaller estates?

Accepted Answer

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

Question 11

Lucy Kelson has been selected to manage the assets of Rodney Peterson until he reaches the age of 30. Rodney is currently 21. In what capacity would Lucy be acting?

Accepted Answer

A)   Executrix
B)   Trustee
C)   Guardian
D)   Beneficiary
E)   AdministratorF) A) and E)
G) C) and D)

Exam 19: Estate Planning

You should avoid probate because it is expensive, lengthy, and public.

Correct Answer
verified

A letter of last instruction can provide your heirs with important information.

Correct Answer
verified

A beneficiary is a person who has been named to receive property.

Correct Answer
verified

Estate planning is a subject most people would rather avoid: death-your own or that of your spouse.

Correct Answer
verified

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 Answer
verified

The stated dollar amount will allow you to pass on to your spouse any amount that satisfies your family objectives.

Correct Answer
verified

In a revocable trust, you forfeit the right to end the trust or change its terms during your lifetime.

Correct Answer
verified

If you are married, your estate planning involves:

Correct Answer
verified

A person who assumes the responsibilities of providing the children with personal care and managing the estate for them is called a(n) :

Correct Answer
verified

Lucy Kelson has been selected to manage the assets of Rodney Peterson until he reaches the age of 30. Rodney is currently 21. In what capacity would Lucy be acting?

Correct Answer
verified

Which will is sufficient for most smaller estates?

Correct Answer
verified

Exam 19: Estate Planning

You should avoid probate because it is expensive, lengthy, and public.

Correct AnswerverifiedShow Answer

A letter of last instruction can provide your heirs with important information.

Correct AnswerverifiedShow Answer

A beneficiary is a person who has been named to receive property.

Correct AnswerverifiedShow Answer

Estate planning is a subject most people would rather avoid: death-your own or that of your spouse.

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

The stated dollar amount will allow you to pass on to your spouse any amount that satisfies your family objectives.

Correct AnswerverifiedShow Answer

In a revocable trust, you forfeit the right to end the trust or change its terms during your lifetime.

Correct AnswerverifiedShow Answer

If you are married, your estate planning involves:

Correct AnswerverifiedShow Answer

A person who assumes the responsibilities of providing the children with personal care and managing the estate for them is called a(n) :

Correct AnswerverifiedShow Answer

Lucy Kelson has been selected to manage the assets of Rodney Peterson until he reaches the age of 30. Rodney is currently 21. In what capacity would Lucy be acting?

Correct AnswerverifiedShow Answer

Which will is sufficient for most smaller estates?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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