Question
2. Which of the following documents do you probably need a lawyers help to draft and it is part of your estate? a. A last
2.
Which of the following documents do you probably need a lawyers help to draft and it is part of your estate?
a. A last will and testament | ||
b. A revocable living trust | ||
c. A durable power of attorney | ||
d. Advance directives | ||
e. Letter of Last Instructions | ||
f. A,B,C | ||
g. D,E,F |
3.
Who decides what happens to your assets if you die without a will?
a. Your spouse | ||
b. Your children | ||
c. A judge, following the laws set by your state legislature | ||
d. Your lawyer |
4.
Discuss estate taxes. When is an estate subject to and not subject to estate taxes? An estate may be taxed: (Select the best answer below.)
a. after it is distributed to the heirs. | ||
b. before or after it is distributed to the heirs. | ||
c. before it is distributed to the heirs. | ||
d. if a surviving spouse becomes the sole owner of the estate. |
5.
1. What is a benefit of a trust over a will?
a. It does not need to be processed in probate court | ||
b. It is more comprehensive | ||
c. It is entirely tax free | ||
d. None of the Above |
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