Estate Planning and Probate Law Practice Test

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• Which term refers to an estate that passes to beneficiaries by will?
• Which term describes property owned by married couples with each spouse owning a 50 percent interest in the property?
• Which term describes an insurance or investment product designed to pay out a stream of payments to the owner at a later time?
• Which special needs trust is funded by gifts or bequests from others and may be set up in a will?
• What tax rate structure starts at one level and increases as the value of the estate increases?
• Which term refers to a gift of property payable from any asset in the testator's estate?
• Which term refers to the property held in the trust, whether real or personal (tangible or intangible)?
• If a decedent's gross estate is $10,000,000 and deductions are $3,000,000, the taxable estate is
• Which term describes a clause that threatens disinheritance for challenging a will?
• What term describes the smallest amount that, if allowed as a marital deduction, minimizes federal estate tax?
• Which funding approach funds the credit shelter first, with the remaining assets going into the marital trust?
• Which term means to give up or disclaim the right to receive from the estate, or to serve as personal representative?
• Which term refers to the portion of an estate that passes to beneficiaries under a will?
• What term refers to the set of assets owned by a mutual fund used to achieve diversification?
• Which term means the person who stands to benefit from a will?
• Ability to govern yourself and your own affairs is defined as which term?
• What is the result when the gross estate is reduced by allowable deductions?
• Which concept refers to proof that a person owns an insurance policy by exercising certain rights?
• What term describes a trust created by a court regardless of the parties' intentions?
• Which term refers to the distribution of personal property in a will?
• Which term denotes the method by which a deceased beneficiary's share passes to their heirs?
• The simplified probate process for small estates.
• A clause in a will threatening to disinherit anyone who challenges the will.
• What term describes a gift of a certain amount of property from a specific source?
• Which term refers to the mental capacity to know the nature and extent of one's assets and to whom they are giving them in a will?
• Which term denotes the legal right to bring a lawsuit based on a direct interest?
• Who inherits property under the laws of intestacy?
• Which term describes a trust formed while the grantor is alive?
• Which term describes the person who typically directs the creation of the trust and provides the assets that are placed into the trust?
• The state in which an individual votes, has a driver's license, and pays state taxes is called their?
• Which term means the purchase price paid for an asset?
• Which term describes a combined gift tax and estate tax?
• Which term denotes a person who receives the devise?
• In wrongful death litigation, which administrator represents the estate?
• What term describes the contract between an attorney and a client that establishes the fee that will be paid for the services provided, and the scope of the services?
• Which term best describes a will that is designed to optimize tax outcomes for an estate subject to taxes?
• Which trust pays a fixed annual percentage payout but a variable dollar amount as the assets are revalued each year?
• Which term denotes the property that the trust holds for beneficiaries?
• Which phrase is used to describe the surviving spouse's elective entitlement in a decedent's estate?
• An executor from another state.
• What term refers to a descendant who is one generation up or down from the decedent, such as a parent or a child?
• Which term refers to a person who would have inherited but the testator did not know about that person?
• When a person dies without leaving a will, this status is called?
• A trust created by a court based on what the law presumes to be the intent of the parties is called what?
• Property is sold by the testator prior to death and is not owned by the testator at death. This is known as what?
• Which term best matches the definition: 'Those who have a common ancestor to the decedent'?
• Which trust is described as paying a fixed percentage of the donated assets’ value at the time of funding?
• Which term describes a will that is written in the testator's own handwriting?
• Which term describes the individual or institution named to manage assets for another's benefit?
• The remainder interest is the interest that goes to the beneficiaries.
• Which term refers to the blood relationship of the heirs?
• A report of income and expenditures in which the total balance remaining is determined for a certain period of time
• A term used to describe the person who creates the trust, depending on the state
• Which term defines the obligation to prove facts asserted in a case?
• Who is the first person to receive the benefits of the life insurance policy?
• Which term refers to the fee paid to the executor or administrator for administering an estate?
• Which term describes a written authorization to act on someone else's behalf for financial purposes?
• Which document appoints a health-care agent and records instructions for future healthcare decisions?
• What law is set forth in the statutes or laws of a state?
• Deductions subtracted from the value of the gross estate are called what?
• Which term denotes the assets that a person owns, whether real or personal property?
• Which document provides for the distribution of the property of someone who has died?
• The interest that goes to the beneficiaries.
• Which term describes a husband's entitlement to a life estate in property his wife possessed at her death?
• A remedy imposed by a court to prevent unjust enrichment where there is no written agreement is called what?
• The residuary estate is best described as which of the following?
• What term describes fees charged per hour, or any portion of an hour that an attorney works on a file?
• Which trust is designed to hold assets for a disabled person while preserving eligibility for means-tested government benefits?
• Real property includes real estate such as vacant land, a home, or a commercial building; it also includes anything growing on the land.
• Which type of trust is created by the expressed intentions of the grantor and evidenced by written documents setting forth the goal for use of the trust monies, the terms and conditions of distribution, and identification of the beneficiaries?
• Which term describes a will designed to be tax-efficient for estates that may owe federal or state estate or inheritance taxes due to size?
• An arrangement that allows a third party to hold and control assets on behalf of a beneficiary is called what?
• Which term describes the process by which a will is admitted to probate when it conforms to state requirements?
• Which loan is secured by a recorded lien against real property?
• Which designation takes over if the initial trustee can no longer fulfill duties?
• Which term represents the evidentiary standard that is higher than a preponderance of evidence but lower than Beyond a Reasonable Doubt?
• Which term refers to a distribution of personal property in a will?
• The legal right of a person to bring a lawsuit, based on having a direct interest or injury from the issue in dispute.
• What term refers to a child born after the execution of the will?
• If a person dies and the estate is distributed under laws of intestate succession, the decedent is considered?
• Which term describes the value defined as the price in an arm's-length sale?
• A written authorization to act on someone else's behalf for financial purposes, such as for banking, business purposes, the purchase or sale of real estate, or any other legal purpose.
• Which term describes when a property owner owns all of the rights associated with a piece of property?
• Which designation refers to the trustee who takes over if the initial trustee cannot serve?
• Assets that require probate procedures because they were owned solely by the decedent are categorized as which estate?
• What term denotes the collection of assets held within a trust that constitutes the investment holdings?
• A simplified probate process by which a personal representative is appointed to administer an estate in an abbreviated procedure.
• Which term describes a wife's interest in her husband's property upon his death?
• Who is the party raising the allegations in the complaint, also known as the plaintiff or petitioner?
• Two people to serve together in being responsible for the property or assets of another person.
• Which document records a person's choices with regard to medical care if they cannot communicate?
• Which statutes govern distributions when there is no valid will?
• Which term is the document establishing the terms of a revocable trust when the grantor acts as trustee?
• Who is named to control assets to be used for the benefit of another person?
• The fact that a decedent's will is probated in the state in which he or she was domiciled.
• Which term means the party has to prove that the allegation is more likely to be true than not?
• Which term describes a person who receives real property through a will and also describes a beneficiary who receives personal property?
• Which term denotes an amendment to a will that modifies the document after execution?
• Which term describes probate proceedings where a will is proven in another jurisdiction due to real property located there?
• What legal document establishes rules for the use of funds?
• What term refers to a legal claim challenging the validity of a last will and testament on grounds that it reflects influence by another person?
• What is a special form of joint tenancy for married couples?
• When a person dies having written a will, this status is called?
• What term describes a company that pools money from many people and invests in stocks, bonds, or other assets?
• Which trust is created in the will into which assets from the first spouse to die are placed, thereby sheltering those assets from estate tax?
• All of the decedent's assets that are in the decedent's name alone are part of which estate?
• Which term denotes the evidentiary standard used when a higher standard of proof is required than a simple preponderance in probate matters?
• Which term means a trust created during the grantor's lifetime?
• Which concept allows a taxpayer to offset gift and estate taxes through a single credit?
• What is the document that binds the trustee to the terms?
• Term for a person who dies with a valid will?
• Which term describes an ownership interest of two or more people who own separate but undivided interests in property?
• Which term describes individuals who are descended one from the other or all from a common ancestor?
• For married couples, the first spouse to die can leave his or her entire estate to the surviving spouse tax free under which provision?
• An informal trust created when money is deposited into a bank account and designated that upon the grantor's death the monies pass to a named beneficiary by way of a POD designation is called what?
• Which term describes signs that the grantor still possesses ownership of an asset transferred to a trust?
• Which power of attorney becomes effective only when the principal becomes incapacitated?
• Which term describes property owned by married couples with each spouse owning a 50 percent interest in the property?
• What power allows the surviving spouse, during his or her lifetime or in his or her will, to direct that trust assets go to his or her children or grandchildren?
• What term describes the share of the deceased spouse's estate to which the surviving spouse is entitled?
• What term means all of a decedent's real and personal property that will be transferred to a beneficiary?
• Which designation designates a beneficiary to receive a bank account on death and is used for checking or savings accounts?
• Which term describes a trust that is formed to carry out the grantor's explicit written goals for distributions and beneficiaries?
• Which document appoints someone to handle financial decisions if the grantor is unable?
• What document is a contract between the seller's real estate agent and the property owner that sets forth the terms of the sale?
• In probate practice, identify the term for the decedent's primary state of residency for jurisdiction and tax purposes?
• Which term refers to the actual assets held within a trust?
• Which term refers to the time limit within which a civil action must be filed?
• Which concept allows the surviving spouse to receive the unused portion of the deceased spouse's exclusion?
• Which term names the female who creates a will?
• Which term refers to the process of signing and witnessing the signature of the will?
• What is the term for the first section of the will that identifies the testator and states the document is intended as the testator's last will and testament?
• Which term describes a per capita distribution of an estate to residuary beneficiaries and the heirs of a deceased beneficiary?
• Which doctrine requires that when a trust or bequest cannot be completed, funds be used to the nearest possible purpose?
• A trust in which the grantor or grantors serve as the trustee
• Which policy pays out only after the second death among insured individuals?
• Which term is the name for a trust document in which the trust is revocable and the grantor serves as the trustee?
• Which term refers to language in a will that expresses wishes but lacks enforceability?
• Which term describes a distribution of personal property in a will?
• Which bequest is defined as a gift of property payable from a specific source rather than from the estate as a whole?
• What term describes the blood relationship of the heirs to the decedent?
• Which type of law is created by judges through decisions interpreting statutes?
• Beneficiaries who are eligible to receive distributions if the primary beneficiary has predeceased are called?
• In trust terminology, what term may also be used for the grantor depending on the state?
• What term describes the statutory portion of an estate that a surviving spouse can claim, regardless of the will's provisions, to ensure financial support?
• Which term describes the trust’s total assets consisting of the trust fund?
• Which statement about a durable power of attorney is true?
• A formal court process for proving a will and administering an estate, typically requiring notice to heirs and formal hearings.
• Which designation is a joint account designation done for an elderly person's convenience?
• The person named in a will as the representative of the estate is called?
• Which term names the male who creates a will?
• Which term is described as an ownership interest of two or more people who own separate but undivided interests in property?
• Which term means the corpus or principal, i.e., the money or assets that are in the trust?
• Which type of power of attorney is designed to activate only upon incapacity?
• The administrator appointed for prosecuting a wrongful death?
• Warning against allowing probate of a will.
• Who is typically responsible for drafting the will for the testator?
• Who is commonly appointed by a last will to manage the estate after death?
• A clause used in a reciprocal will that establishes a presumption that one spouse died first and the other survived, even if it is not possible to determine which spouse died first.
• A will in which each spouse leaves his or her assets to the surviving spouse.
• What is a debt secured by real property called?
• The process by which the validity and legality of a will are proven in court is called?
• What term describes a person who would have been a beneficiary under a will, but the testator did not know about that person?
• Which term describes the value remaining after deductions from the gross estate?
• Which term describes a specific item, or amount of money, that is given to a single beneficiary?
• Which role is appointed by the will to manage the estate after death?
• Which term refers to the law developed in the courts through judges' decisions?
• Which fee structure is typically used for a defined document or transaction and is not hourly?
• Persons who by operation of law inherit or succeed to the property of a person intestate.
• Which term denotes the distribution of real property in a will?
• Relatives in the generation above the decedent are called?
• Which term describes the process of correcting a will to reflect the testator's true intent?
• What is the name of the trust created in a will that provides income to the spouse for life but restricts the spouse's ability to redirect assets after death, commonly used in second marriages?
• The interest that the grantor retains.
• Which term refers to the amount of the combined total of taxable gifts and the taxable estate that is exempt from taxation?
• Income-producing assets.
• What term refers to a will that creates two trusts to address estate tax issues?
• Which term refers to a distribution of real property in a will?
• Which trust provides a life income to the surviving spouse but restricts the spouse's ability to redirect assets after death, commonly used in second marriages?
• The person appointed as the representative of the estate when there is no will or if the executor cannot serve?
• Which term is used for the gross value of a property, defined as the fair market value before deducting mortgages or liabilities?
• Which type of trust cannot be revoked, modified, or amended?
• Who is responsible for the property or assets of another person?
• What term refers to the amount of the combined total of taxable gifts and the taxable estate that is exempt from taxation?
• What is the term for a trust formed for the benefit of a disabled person which will allow the disabled person to hold assets while continuing to qualify for income- or asset-based governmental benefits?
• A trust that is created under the will and comes into effect upon the testator's death is called what?
• What term denotes a trust in which the grantor appoints the trustee?
• What term describes the set of requirements that a party must meet to prove the case?
• Who receives benefits from an estate, retirement plan, annuity, trust, or life insurance policy?
• What term describes a person who acts to benefit themselves rather than the principal?
• What term refers to the consolidation of the estate assets for proper distribution?
• Which document records medical care preferences if you cannot communicate?
• Which concept enables the surviving spouse to utilize any unused portion of the first spouse's exemption?
• Which concept describes a transaction in which there is no relationship between the parties?
• Which term describes the income earned on the principal that is paid into the trust, such as interest or dividends?
• Which term refers to the total estate that may be subject to estate taxes before deductions and credits?
• Which term describes the trust created to shelter assets using the deceased spouse's exemption?
• What is the term for a person who dies without a will?
• Which term refers to the act of giving up or disclaiming the right to take from an estate or to serve as personal representative?
• Which statutes govern distribution of assets when the decedent dies intestate or without a will?
• Which term refers to the blood relationship of the heirs?
• Which term describes placing a residence into a trust for the benefit of a spouse, children, or charity?
• Which trust is designed to have contributed assets pass down to the grantor's grandchildren rather than to the grantor's children?
• Which term is used for a trust that cannot be revoked?
• What term refers to all assets and possessions of the person who died?
• What term refers to an amendment to a will?
• A type of irrevocable inter vivos trust that was previously used to shelter.
• Which term refers to relatives in the generation below the decedent?
• In a trust, who holds legal title to the trust property and administers distributions?
• Which term best describes assets that pass by operation of law rather than through a will?
• In a trust, who is typically named to receive income or principal distributions?
• What governs the distribution of an estate when there is no will?
• Who are the people gifting the assets used to fund the trust?
• What term means collected and organized into a code?
• Which term denotes the price at which a property would sell in an arm's-length transaction between a willing buyer and a willing seller?
• Which term describes the process of proving a will and admitting it to probate?
• Which term refers to the credit for gift and estate taxes due?
• Which term describes the plan of documents designed to manage a person's assets and care during incapacity or after death?
• The administrator 'during the litigation' appointed by the court to represent the estate in a court proceeding is called?
• Which section of a will is signed by a notary to attest witnesses were present when the will was signed?
• Which term refers to lineal descendants such as children and grandchildren?
• What term describes law that is found in statutes enacted by the legislature and codified?
• Which trust makes payments to the donor that are recalculated each year based on the trust’s assets?
• Assets pass by the application of an ownership law, such as joint ownership, designation as POD or TOD, or a beneficiary designation. This describes what concept?
• What is a memorandum written by the testator that specifies distributions of personal property?
• Which trust is formed by operation of law and does not rely on a written instrument?
• Which term describes property of the trust that can be real or personal?
• By representation, distribution of a beneficiary's share to the heirs of a beneficiary, if the beneficiary has predeceased the testator.
• What term describes a distribution of money to a shareholder of stock?
• Which term describes a legal arrangement that details how assets are held and managed for the benefit of another person?
• In a power of attorney, who signs to authorize the agent to act for the principal?
• Which term describes a situation where the agent acts to benefit himself or herself instead of the principal's best interests?
• Transferable on death is typically used for which assets?
• The total estate considered for purposes of a surviving spouse's elective share includes the decedent's probate estate plus certain nonprobate assets like gifts and trusts.
• What legal instrument appoints someone to handle financial decisions if the person becomes unable?
• The surviving spouse can use any portion of the $5,000,000 exemption not used by the first spouse to die.
• Who is the male author of a will?
• What are the four elements — time, title, interest, and possession — required to create a joint tenancy?
• What term describes factors that switch which party bears the burden of proof in a case alleging lack of testamentary capacity?
• Which instrument authorizes someone to make medical decisions if you cannot communicate, and may include end-of-life preferences?
• Which term describes the person who is responsible for the property or assets of another person?
• Which generation-skipping concept involves transferring assets to a later generation to minimize estate taxes?
• Which type of trust can be revoked, modified, or amended?
• Which bequest is the amount remaining after payment of estate expenses and the specific, demonstrative, and general bequests?
• Which term refers to the recipient of the trust's assets?
• Which designation is used for stocks, bonds, mutual funds, or other investments to transfer on death?
• Which term describes the person who would receive property under a will?
• Which document captures the plan for distributing personal property after death?
• Which standard governs the use of trust assets and is used to determine distributions for a beneficiary's health, education, maintenance, and support?
• What term describes the total value of a decedent's assets before deductions are subtracted?
• Which funding method funds the credit shelter first, and the remaining assets go into the marital trust?
• What is the term for the person authorized to act on behalf of the principal under a power of attorney?
• Which term describes a wife's interest in her husband's property upon his death?
• Which formula funds the marital trust and the credit shelter trust proportionally, allocating a portion of each asset to the marital trust in proportion to each trust's share of the total value?
• Capacity to write a will is described as which term?
• Which statutes save a bequest if a beneficiary predeceased the testator and are included in the protected list?
• Those who have a common ancestor to the decedent are known as?
• Which term describes laws that have been collected and organized into a formal code?
• What is the term for the trust arrangement in which trust property is not included in the surviving spouse's estate for federal estate tax purposes, effectively bypassing the spouse and the tax?
• Which statement accurately describes a durable power of attorney?
• Which term describes the compensation paid to the personal representative as a percentage?
• Which term describes the transfer of assets to the state when there are no eligible heirs?
• Which term describes cash or cash equivalents held within a trust?
• Which term refers to a statutory portion of the estate that a surviving spouse can claim irrespective of the will provisions?
• What term refers to the documents that comprise the plan that is put together to manage a person's assets and care, if the person becomes incapacitated or dies?
• No federal estate taxes are imposed between spouses; the surviving spouse does not pay federal estate taxes.
• Who inherits property by application of the laws of intestacy?
• The court's power to correct or modify a written instrument to reflect the testator's true intent when there's a mistake or ambiguity.
• Laws that govern distribution of an intestate estate?
• Which trust places a residence in a trust either for the benefit of one’s spouse and children or for a charity?
• What are amounts taken out of the gross estate called?
• Which concept refers to proof of ownership of an insurance policy when certain rights are exercised?
• Which term describes the body of people who inherit if there is no will?
• To prove, validate, and register a will in another jurisdiction where real property is owned.
• What term refers to set fees that are established for each document or transaction?
• What is the date the trust was formed called?
• In estate planning, what instrument contains two trusts, the A trust (marital) and the B trust (credit shelter or bypass trust) designed to address estate taxes?
• What term describes payment to the personal representative for work performed, calculated as a percentage of the principal and income of the estate?
• Which term describes a person legally authorized to manage another's assets?
• What is the statement indicating that the notary swears or affirms an oath that the signatures are of the people identified in the document?
• What type of trust is created in a Last Will and Estate?
• Which term is defined as the agreement to keep property separate after marriage?
• What type of bond protects the executor's performance?
• Which funding method funds the marital trust last, with the balance directed to the credit shelter trust?
• Which term describes the joint tenancy form specifically for married couples?
• Which term describes the formal probate process after death, including admitting the will to probate and supervising estate administration?
• Usually interpreted as something the testator would like to occur but is not enforceable.
• Which term describes a form of ownership of real property in which two or more people own property together?
• Bond obtained by an executor of an estate; ensures the proper performance of the trustee and ensures against theft or misappropriation of trust assets
• Which term denotes the credit against gift and estate taxes due?
• A trust that keeps all of the assets together in one pool and directs the trustee to make distributions as needed
• Any trust created in a last will and testament.
• What term is a form by which a potential beneficiary gives up the right to serve as fiduciary, or to take from the estate, also known as a waiver?
• What term describes probate in the state of the decedent's domicile?
• Who is the person who maintains the trust property and makes distributions to the beneficiaries according to the terms of the trust?
• Which term describes a will dictated to another person in the presence of a witness?
• Which term describes the person or institution named that is given control of assets to be used for the benefit of another person?
• Which option is NOT a type of power of attorney described in the material?
• Which term is defined as a person who receives real property through a will; also describes a beneficiary who receives personal property?
• Which share protects a surviving spouse from being disinherited by a will?
• Which term describes a form of ownership of real property in which two or more people own property together?
• Movable items such as personal possessions, bank accounts, cars, or other items that can be sold or transferred are which property type?
• What describes a legal purpose of a trust?
• What tax credit offsets estate and gift taxes and, in 2014, equals $2,081,800?
• Which term describes a trust created by the expressed intentions of the grantor and evidenced by written documents?
• What type of law is developed in the courts by applying statutes to specific facts?
• Which term describes the transfer of assets to the state when the decedent dies intestate with no eligible heirs?
• Indicia of ownership describes signs that the grantor still possesses the asset.
• A special needs trust funded by gifts or bequests from friends and family, or set up in the disabled person's will, is best described as?
• Which classification of law is derived from court decisions rather than enacted statutes?
• Which financial instrument is designed to pay a stream of payments to the owner at a later date?
• Which role presides over estate matters only for litigation, not general administration?
• What term describes the person who has died?
• What is the term for the doctrine that directs funds to the nearest possible purpose when a specific bequest cannot be fulfilled?
• A generation-skipping trust bypasses which generation of the grantor's heirs?
• In trust law, which term refers to the person who creates and funds the trust?
• Which term describes the portion of the exemption that is unused and can be transported to the surviving spouse?
• Which trust is described as a spendthrift trust created by the grantor to protect the grantor's assets from the grantor's creditors?
• The amount remaining after payment of estate expenses, taxes, and the specific, demonstrative, and general bequests is called what?
• Which term describes the body of law enacted by a legislature?
• A person who is responsible for the property or assets of another person.
• What term describes the right of a surviving owner to receive a decedent's interest automatically?
• Which term describes a trust provision that restricts distributions to protect assets from creditors?
• Which term denotes the court-supervised process that validates a will and distributes assets?
• A type of insurance that will protect an asset if a fiduciary fails to fulfill his or her fiduciary duty.
• Which statement best describes a trust that is typically not amendable after creation and is often used to own a life insurance policy?
• Which type of special needs trust uses the disabled person's own money as the source of funds?
• Executor from another state.
• Assets that pass by operation of state law, by form of ownership, or by the provisions of the will are categorized as which estate?
• Which term is described as created during the client's lifetime?
• What term refers to the stocks, bonds, or other assets in a mutual fund?
• A trust that requires that the trustee abide by the terms of the trust
• The fiduciary appointed in a will who is responsible for marshaling, or gathering, the decedent's assets, paying all of the decedent's debts, and then distributing the assets to the beneficiaries named in the will.
• Which term refers to all of a decedent's real and personal property that is transferred to beneficiaries by will, intestate succession, or trust?
• What term describes a transferee who is two or more generations below the decedent?
• Which term refers to lineal descendants such as children, grandchildren, or great-grandchildren?
• What term describes the legal and moral obligation to manage the trust property in a responsible and productive manner?
• Which is the highest level of proof requiring the trier of fact to have no doubt about guilt?
• Which term is defined as the purchase price paid for an asset?
• A statutory fee to which the trustee is entitled that is a percentage of the corpus and the income of the trust
• Relatives in the generation below the decedent, such as the decedent's children, are called?
• Which term means to give up or disclaim the right to receive from the estate, or to serve as the personal representative?
• A legal instrument that establishes the rules for the use of funds held for another person or group is called a?
• A life insurance policy that pays a death benefit only after both spouses have died is known as what?
• Which concept occurs when a party unfairly benefits from another person's mistake and the court corrects the unfairness?
• The portion of the estate that remains after debts and specific bequests is called what?
• Which term refers to individuals descended from an ancestor who is common to the decedent but are not direct descendants?
• Which term means a transaction in which there is no relationship between the parties?
• Term for a person who dies without a valid will?
• Who is the female author of a will?
• Which trust is designed to allow discretionary distributions of income?
• Designation that names a beneficiary to receive a bank account on death is called?
• Which provision allows the surviving spouse to receive an unlimited amount of transfers free of estate tax?
• Which term describes a trust created during the client's lifetime?
• Which trust pays the donor a fixed percentage of the value of the donated assets at the time those assets were placed in the trust?
• What is the term for allowing the unused portion of the deceased spouse's exemption to be used by the surviving spouse?
• What type of will addresses estate tax issues and creates two trusts, known as the A trust and the B trust?
• Which term describes a decrease in asset value caused by actions or inaction of the estate's representative?
• Which term refers to a trust created during the grantor's lifetime?
• A complaint filed in court that is sworn to be true by the plaintiff, usually under oath or by affidavit, giving it extra evidentiary weight.
• Which probate process is used when there is a defect in the will?
• An oral will spoken by a testator, usually in anticipation of imminent death, and later reduced to writing; often limited in enforceability.
• Assets that pass by joint ownership or beneficiary designations and do not go through probate are categorized as which estate?
• The description 'rights to the items are not tied to a specific location, and the items can be sold, gifted, or transferred' corresponds to which property type?
• The interest that the grantor retains.
• The actual assets in a trust
• Which bequest occurs when the beneficiary dies before the testator?
• Which trust owns a life insurance policy and is irrevocable?
• Which term corresponds to a midlevel standard requiring the party to prove that the allegations are more probable to be true than not?
• What is an amendment to a will?
• Who are the individuals transferring assets to fund a trust?
• Which phrase describes investing in a number of different types of assets to spread risk?
• Which term refers to taxes imposed on the gain in an investment?
• Which trust owns a life insurance policy?
• Which term describes a person who receives real property under a will?
• Crops or timber are part of which category of property?
• A trust that gives the trustee discretion to pay out or accumulate income
• In 2014, the unified credit exempted an estate of how much from tax?
• To formally sign a legal document in front of a witness and/or notary describes which action?
• Which term refers to excluding a person from receiving under a will?
• Who is the trustee that serves after the original trustee?
• In a joint tenancy, the legal principle that ensures a surviving owner obtains the deceased owner's interest is the right of?
• What is the name of the tax regime that combines gift tax and estate tax under federal law?
• Someone who is legally responsible for the person and property of a minor or an incapacitated adult.
• Which concept describes the bequest that represents the remainder after debts and specific gifts are paid?
• Which type of trust arises by operation of law; terms and conditions are developed from the intent of the parties?
• What term denotes the different investments held by a trust?
• Which term describes a per capita distribution, where shares are divided equally among beneficiaries at the same generation?
• To prove, validate, and register a will
• Assets that pass by operation of state law, by form of ownership, or by the provisions of the will are categorized as which estate?