Question 1

A power of attorney allows an individual to write a will.

Accepted Answer

A) True 
 B)False  False

Question 2

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-You would create a [living | testamentary] trust to be used during your lifetime.

Accepted Answer

A

Question 3

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-Theresa and Ella,mother and daughter,own property as joint tenants with the right of survivorship.Ella [can | cannot] write a valid will leaving her part of this property to Bob Shockey.

Accepted Answer

B

Question 4

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-An inheritance tax is paid by the [estate | recipient] of the inheritance.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 5

Updating an estate plan is a critical part of the estate planning process.

Accepted Answer

A) True 
 B)False

Question 6

When a father deposits cash in a bank account held jointly with his daughter,when is a give made?

Accepted Answer

A)  at time of deposit 
B)  never 
C)  once interest begins to be earned 
D)  when the daughter makes a withdrawal 
E)  when the father makes a withdrawal 
A)  at time of deposit 
B)  never 
C)  once interest begins to be earned 
D)  when the daughter makes a withdrawal 
E)  when the father makes a withdrawal

Question 7

The most favorable tax treatment results when you transfer your estate (after death)to your

Accepted Answer

A)  children. 
B)  spouse. 
C)  parent. 
D)  employer. 
E)  siblings. 
A)  children. 
B)  spouse. 
C)  parent. 
D)  employer. 
E)  siblings.

Question 8

All living trusts are revocable.

Accepted Answer

A) True 
 B)False

Question 9

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for a spouse with no offspring?

Accepted Answer

The answer of If a person dies intestate (without a...

Question 10

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-Funeral instructions should be included in a [letter of instructions | your will].

Accepted Answer

The answer of Choose the word or phrase in [...

Question 11

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for no spouse,no offspring,no parents,but offspring of parents?

Accepted Answer

To parent's decedent

Question 12

Which of the following are requirements of a valid will

Accepted Answer

A)  mental capacity 
B)  freedom of choice 
C)  proper execution 
D)  all of the above 
E)  none of the above 
A)  mental capacity 
B)  freedom of choice 
C)  proper execution 
D)  all of the above 
E)  none of the above

Question 13

Gift tax liability could be incurred on this transaction:

Accepted Answer

A)  providing rent-free apartment for mother 
B)  1,000 hours of babysitting for grandchild 
C)  son's deposit into husband-wife joint checking account 
D)  setting up a revocable trust 
E)  $35,000 given to son 
A)  providing rent-free apartment for mother 
B)  1,000 hours of babysitting for grandchild 
C)  son's deposit into husband-wife joint checking account 
D)  setting up a revocable trust 
E)  $35,000 given to son

Question 14

A codicil is a(n)

Accepted Answer

A)  means to revoke a will. 
B)  court-named guardian. 
C)  survivors' response to a will. 
D)  revision to a will. 
E)  executor's revision of a will. 
A)  means to revoke a will. 
B)  court-named guardian. 
C)  survivors' response to a will. 
D)  revision to a will. 
E)  executor's revision of a will.

Question 15

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

Accepted Answer

A)  direction of payments 
B)  appointment clause 
C)  simultaneous death clause 
D)  contest and dispose clause 
E)  execution and attestation clause 
A)  direction of payments 
B)  appointment clause 
C)  simultaneous death clause 
D)  contest and dispose clause 
E)  execution and attestation clause

Question 16

A trust designed to help couples gain full use out of each spouse's exclusion is the ____.

Accepted Answer

A)  Crummey 
B)  Credit shelter 
C)  Charitable lead 
D)  Special needs 
E)  Charitable remainder 
A)  Crummey 
B)  Credit shelter 
C)  Charitable lead 
D)  Special needs 
E)  Charitable remainder

Question 17

Typically,a will must be signed by two witnesses to be valid.

Accepted Answer

A) True 
 B)False

Question 18

Property held in different states does not complicate the estate planning process.

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

When a father deposits cash in a bank account held jointly with his daughter,a gift is made when the daughter withdraws it.

Accepted Answer

A) True 
 B)False

A power of attorney allows an individual to write a will.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -You would create a [living | testamentary] trust to be used during your lifetime.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -An inheritance tax is paid by the [estate | recipient] of the inheritance.

Updating an estate plan is a critical part of the estate planning process.

When a father deposits cash in a bank account held jointly with his daughter,when is a give made?

The most favorable tax treatment results when you transfer your estate (after death)to your

All living trusts are revocable.

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for a spouse with no offspring?

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Funeral instructions should be included in a [letter of instructions | your will].

Which of the following are requirements of a valid will

Gift tax liability could be incurred on this transaction:

A codicil is a(n)

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

A trust designed to help couples gain full use out of each spouse's exclusion is the ____.

Typically,a will must be signed by two witnesses to be valid.

Property held in different states does not complicate the estate planning process.

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

When a father deposits cash in a bank account held jointly with his daughter,a gift is made when the daughter withdraws it.

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Filters

Exam 15: Preserving Your Estate

A power of attorney allows an individual to write a will.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -You would create a [living | testamentary] trust to be used during your lifetime.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -An inheritance tax is paid by the [estate | recipient] of the inheritance.

Updating an estate plan is a critical part of the estate planning process.

When a father deposits cash in a bank account held jointly with his daughter,when is a give made?

The most favorable tax treatment results when you transfer your estate (after death)to your

All living trusts are revocable.

If a person dies intestate (without a valid will),the estate is distributed according to established state laws of intestate succession.According to Utah's probate code (as described in Exhibit 15.4 of your textbook),what is the estate distribution for a spouse with no offspring?

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Funeral instructions should be included in a [letter of instructions | your will].

Which of the following are requirements of a valid will

Gift tax liability could be incurred on this transaction:

A codicil is a(n)

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

A trust designed to help couples gain full use out of each spouse's exclusion is the ____.

Typically,a will must be signed by two witnesses to be valid.

Property held in different states does not complicate the estate planning process.

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

When a father deposits cash in a bank account held jointly with his daughter,a gift is made when the daughter withdraws it.

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Filters