FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 20: Estate Planning

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 41

Short Answer

Review LaterAdd Note

Review Later

Use the following two columns of items to answer the matching questions below: -will A)persons specified in a will to receive part of an estate B)dying without a will C)a document that specifies changes in an existing will D)the legal process that declares a will valid and ensures orderly distribution of assets E)a legal request for how your estate should be distributed upon your death F)a will suitable for a smaller estate distributed to the spouse G)the person designated in a will to execute instructions regarding the distribution of your assets

Correct Answer

verified

Show Answer

Question 42

True/False

Review LaterAdd Note

Review Later

The only reason for having a valid will is to have your estate distributed according to your plans.

Correct Answer

verified

Show Answer

Question 43

True/False

Review LaterAdd Note

In order to be valid, a will must be dated, signed, and witnessed.

The tax-free portion of an estate is quite high-$11.2 million in 2018.

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

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

Which of the following is not a reason to have a will?

A will could be written to distribute assets in terms of the following, except

In choosing a guardian for your children, you should

Use the following two columns of items to answer the matching questions below: -intestate A)persons specified in a will to receive part of an estate B)dying without a will C)a document that specifies changes in an existing will D)the legal process that declares a will valid and ensures orderly distribution of assets E)a legal request for how your estate should be distributed upon your death F)a will suitable for a smaller estate distributed to the spouse G)the person designated in a will to execute instructions regarding the distribution of your assets

You are recently divorced and have relocated to another state. In order to make substantial changes to your will you should

Name three types of trusts.

A married couple with four children may give tax-free gifts up to ________ each year to their children, effective 2018.

If a person dies without a valid will, the court will appoint an administrator, which results in additional costs being imposed on the estate.

Which of the following is commonly chosen as an executor?

A legal document specifying distribution of your assets upon death is a

An estate represents a deceased person's assets after all debts are paid.

A(n) ________ trust is one that cannot be changed.

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

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