chp 15 – Flashcard
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T/F: gathering data on all aspects of the family is an important estate planning function.
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True
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T/F: a potential estate planning problem is improper distribution of assets.
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True
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T/F: funeral expenses are examples of second-level death-related costs.
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False
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T/F: one should make a copies of his will and store them in different places.
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True
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T/F: liquidity is important in an estate to pay or death costs and possible taxes.
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True
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life insurance could alleviate estate problems caused by . . .
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lack of liquidity
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which of the following are requirements of a valid will? a) mental capacity b) freedom of choice c) proper execution d) all of the above e) none of the above
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D) all of the above
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estate planning is closely related to . . .
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retirement and insurance planning
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the decedent's personal representative is called a(n)
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executors
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the goal of estate planning is to . . .
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accumulate, preserve, and distribute
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T/F: insufficient capital can cause problems paying estate taxes.
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True
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T/F: knowing where parents keep important documents is essential to the estate planning process.
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True
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T/F: more damage is done to estates by doing nothing than by doing the wrong thing.
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True
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T/F: property held in different states does not complicate the estate planning process.
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False
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T/F: intestacy results from dying without a valid will.
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true
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______ would be a first-level death-related cost.
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funeral expenses
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in the absence of a valid will, the heir most generally favored would be the. . .
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spouse
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a will is used to . . .
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name personal representative to guide the distribution of estate, name guardian for personal and property, and specify distribution of tax burdens to beneficiaries.
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when writing a will, you should seek the professional services of . . .
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attorneys.
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a will is a legal document outline the plan for . . .
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disposition of your assets
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T/F: probate property includes only real property
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false
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which of the following are requirements of a valid will? a) mental capacity b) freedom of choice c) proper execution d) all of the above e) none of the above
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d) all of the above
