Question 1

You can assign a power of attorney to anyone you choose.

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

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

Question 3

Which of the following is not a true statement about a holographic will?

Accepted Answer

A)  It is handwritten.
B)  It should be dated in your own handwriting.
C)  It is always prepared by an attorney.
D)  It should be signed in your own handwriting.
E)  Some states may not recognize it.F) B) and D)
G) B) and C)

Question 4

Benjamin Barry has been named by Andie Anderson to follow her instructions and distribute her assets as she has designated in her will,pay any bills,and collect any money owed to her.To which position has Benjamin been named?

Accepted Answer

A)  executor
B)  trustee
C)  guardian
D)  beneficiary
E)  agentF) A) and B)
G) B) and E)

Question 5

Gerald Wilkins owns a home worth $250,000,a car worth $15,000,various investments worth $600,000 and other personal assets worth $25,000.He still owes $125,000 on his mortgage and $5,000 on a car loan.The probate and administration costs of his estate are estimated at $5,000.What is his estimated net taxable estate?

Accepted Answer

A)  $850,000
B)  $870,000
C)  $875,000
D)  $755,000
E)  $760,000F) A) and D)
G) A) and C)

Question 6

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 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) B) and C)

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

A formal will is usually prepared with an attorney's assistance.

Accepted Answer

A) True 
 B)False

Question 10

The cost of preparing a will varies from place to place.

Accepted Answer

A) True 
 B)False

Question 11

Estate planning involves which of the following?

Accepted Answer

A)  managing your property while you are alive
B)  dealing with what happens to your property after your death
C)  your family's financial security in the event of your death
D)  your family's financial security in the event of your spouse's death
E)  all of the activities listed in the other answersF) C) and D)
G) A) and E)

Question 12

How many months after your death is the federal estate tax due and payable in cash?

Accepted Answer

A)  3
B)  6
C)  9
D)  12
E)  15F) B) and C)
G) A) and D)

Question 13

Your executor can be a family member,a friend,an attorney,an accountant,or the trust department of a bank.

Accepted Answer

A) True 
 B)False

Question 14

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 C)
G) A) and E)

Question 15

Under what type of ownership is the property considered owned 50-50 for estate tax purposes and passed automatically to your spouse at your death?

Accepted Answer

A)  tenants in common
B)  tenancy by the entirety
C)  joint tenants with the right of survivorship
D)  tenancy by seniority
E)  tenancy by defaultF) None of the above
G) B) and E)

Question 16

A simple will,or I love you will,leaves everything to the spouse.

Accepted Answer

A) True 
 B)False

Question 17

Estate planning is not an essential part of retirement planning.

Accepted Answer

A) True 
 B)False

Question 18

If you never married,you don't need to organize your personal and financial documents.

Accepted Answer

A) True 
 B)False

Question 19

Which one of the following wills automatically leaves one-half of your adjusted gross estate to your spouse?

Accepted Answer

A)  simple
B)  traditional marital share
C)  exemption trust
D)  stated dollar amount
E)  A/B trustF) A) and B)
G) B) and E)

Question 20

Which of the following would keep you from being an executor of a will?

Accepted Answer

A)  being in the military
B)  being 16 years of age
C)  being unmarried
D)  being over 65 years of age
E)  being a family member of the deceasedF) A) and B)
G) C) and D)

Exam 19: Estate Planning

You can assign a power of attorney to anyone you choose.

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 trust established by your will that becomes effective upon your death is called a(n) ____________ trust.

Correct Answer
verified

The cost of preparing a will varies from place to place.

Correct Answer
verified

Under what type of ownership is the property considered owned 50-50 for estate tax purposes and passed automatically to your spouse at your death?

Correct Answer
verified

A simple will,or I love you will,leaves everything to the spouse.

Correct Answer
verified

If you never married,you don't need to organize your personal and financial documents.

Correct Answer
verified

Which of the following would keep you from being an executor of a will?

Correct Answer
verified

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 Answer
verified

Which one of the following wills automatically leaves one-half of your adjusted gross estate to your spouse?

Correct Answer
verified

A formal will is usually prepared with an attorney's assistance.

Correct Answer
verified

Your executor can be a family member,a friend,an attorney,an accountant,or the trust department of a bank.

Correct Answer
verified

Correct Answer
verified

Estate planning involves which of the following?

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

Benjamin Barry has been named by Andie Anderson to follow her instructions and distribute her assets as she has designated in her will,pay any bills,and collect any money owed to her.To which position has Benjamin been named?

Correct Answer
verified

How many months after your death is the federal estate tax due and payable in cash?

Correct Answer
verified

Estate planning is not an essential part of retirement planning.

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

Which of the following is not a true statement about a holographic will?

Correct Answer
verified

Exam 19: Estate Planning

You can assign a power of attorney to anyone you choose.

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 trust established by your will that becomes effective upon your death is called a(n) ____________ trust.

Correct AnswerverifiedShow Answer

The cost of preparing a will varies from place to place.

Correct AnswerverifiedShow Answer

Under what type of ownership is the property considered owned 50-50 for estate tax purposes and passed automatically to your spouse at your death?

Correct AnswerverifiedShow Answer

A simple will,or I love you will,leaves everything to the spouse.

Correct AnswerverifiedShow Answer

If you never married,you don't need to organize your personal and financial documents.

Correct AnswerverifiedShow Answer

Which of the following would keep you from being an executor of a will?

Correct AnswerverifiedShow Answer

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 AnswerverifiedShow Answer

Which one of the following wills automatically leaves one-half of your adjusted gross estate to your spouse?

Correct AnswerverifiedShow Answer

A formal will is usually prepared with an attorney's assistance.

Correct AnswerverifiedShow Answer

Your executor can be a family member,a friend,an attorney,an accountant,or the trust department of a bank.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Estate planning involves which of the following?

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

Benjamin Barry has been named by Andie Anderson to follow her instructions and distribute her assets as she has designated in her will,pay any bills,and collect any money owed to her.To which position has Benjamin been named?

Correct AnswerverifiedShow Answer

How many months after your death is the federal estate tax due and payable in cash?

Correct AnswerverifiedShow Answer

Estate planning is not an essential part of retirement planning.

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

Which of the following is not a true statement about a holographic will?

Correct AnswerverifiedShow Answer

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