Exam 49: Wills, Trusts, and Estates

The Uniform Probate Code is a comprehensive model act governing inheritance and decedents' estates, while the __________ is a comprehensive model act governing the creation of trusts.

The main difference between an estate tax and a/an __________ tax is who pays the tax.

One of the most important principles in the law of wills is the notion of freedom of __________.

When a person dies, someone, usually a family member, may petition a court in the decedent's state of domicile to appoint a __________ to protect and distribute the property in the decedent's estate.

Assets in a trust are transferred outside of the probate system, saving time and court fees, and potentially reducing estate taxes as well.

Under the federal Tax Cuts and Jobs Act of __________, estates that exceed $11.2 million are subject to a 40 percent estate tax at the time of death if the death occurs between 2018 and 2025.

If a person dies without a will, what happens to his/her property?

Describe the difference between an estate tax and an inheritance tax. Explain why these taxes are subject to debate and state laws which may differ.

A __________ is a legal document in which a person, the testator, expresses his wishes as to how his estate is to be distributed at death, and in which the testator appoints an executor to manage the estate until its final distribution.

The probate process is supposed to protect the rights of __________.

A person attempting to determine the law in a specific state should check the code __________ in that jurisdiction and not rely on the text of the UPC.

What property interests may not be subject to probate?

What is not considered a strategic benefit of a trust?

There are two main types of trusts, revocable and irrevocable.

The probate process is governed by __________ law.

An estate refers to all the real and personal property that the decedent owns or has an interest in at the time of his death.

The estate tax is one part of the __________ and estate tax system in the United States.

What is the concept called when a decedent has not left a will?

A charitable remainder trust is used to reduce income and capital gains taxes while increasing the trustor's immediate cash flow. Some of the benefits for the trustor of this type include:

Any __________ among the decedent's beneficiaries or heirs are heard and resolved during the probate process.