estate planning

Question 1

What is a living will?

Answer 1

It is a medical document that tells doctors and family members what kind of care you want if you become incapacitated and cannot express wishes.

Question 2

What is a holographic will?

Answer 2

A holographic will is one you write with your own hand

Question 3

What are Specific gifts?

Answer 3

particular item or property in an estate transferred to beneficiary on owner’s death. Specifics must be provided. (house, jewelery, etc.)

Question 4

Non-specific gifts

Answer 4

does not refer to specific item. (all my personal possessions)

Question 5

Residuary gifts

Answer 5

everything left in estate after all debts, bills and taxes have been paid and specific and non specific gifts have been distributed

Question 6

Gifts to children

Answer 6

executors will keep for safekeeping gifts to children under 18 until they become of age unless will specifies guardian or parents take receipt of gift on child’s behalf

Question 7

Gifts to charities

Answer 7

Gifts left to charity in will are free from inheritance tax.

Question 8

grantor

Answer 8

person who forms the trust and supplies the assets

Question 9

trustee

Answer 9

person named in the trust to administer the trust according to the terms and state trust law

Question 10

beneficiary

Answer 10

the person for whose benefit the trust property is held by the trustee

Question 11

intent from grantor

Answer 11

must have a valid legal purpose

Question 12

property

Answer 12

asses subject to the trust

Question 13

living trust

Answer 13

trust in which you assign the management of your assets to a trustee while you are living

Question 14

revocable living trust

Answer 14

living trust that can be dissolved

Question 15

irrevocable living trust

Answer 15

living trust that cannot be changed, although it can provide income to the grantor

Question 16

Types of Wills

Answer 16

A Living Will,Oral Will,Testamentary Will,Holographic Will

Question 17

Elements of wills 1

Answer 17

name and place of residence,

description of assets

Question 18

elements of wills 2

Answer 18

names of spouse, children and other beneficiaries,

alternate beneficiaries

Question 19

elements of wills 3

Answer 19

specific gifts

establishment of trust if desired

Question 20

Elements of wills 4

Answer 20

cancellation of debts owed to you

name of executor to manage the estate

Question 21

Purpose of a Will

Answer 21

Ensures the estate is distributed as desired

Question 22

purpose of a will 2

Answer 22

Beneficiaries (heirs), the persons specified in will receives a part of an estate

Question 23

Purpose of a will 3

Answer 23

T prevent the courts from assigning an administrator who may not carry out your wishes.

Question 24

estate

Answer 24

assets of a deceased person after all debts are paid.