Giving

Question 1

Specific gifts

Answer 1

particular item or property in an estate transferred to a beneficiary on owner’s death (house, jewelry, etc.).

Question 2

Non-specific gifts

Answer 2

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

Question 3

Residuary gifts

Answer 3

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

Question 4

Gifts to children

Answer 4

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 5

Gifts to charities

Answer 5

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

Question 6

Grantor

Answer 6

person who forms the trust and supplies the assets

Question 7

Trustee

Answer 7

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

Question 8

Beneficiary

Answer 8

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

Question 9

Intent from grantor

Answer 9

must have a valid legal purpose

Question 10

Property

Answer 10

asses subject to the trust

Question 11

Living trust

Answer 11

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

Question 12

Revocable living trust

Answer 12

living trust that can be dissolved

Question 13

Irrevocable living trust

Answer 13

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

Question 14

A living will

Answer 14

a document to make your family aware of the type of care you want to receive if you should become terminally ill, on life support or permanently unconscious. This document is only effective in the event you are unable to express your wishes yourself.

Question 15

Oral will

Answer 15

spoken testaments given before witnesses. Not widely recognized from a legal perspective

Question 16

Testamentary will

Answer 16

formally prepared document signed in the presence of witnesses.

Question 17

Holographic will

Answer 17

written without the presence of witness. Rarely hold up in court.

Question 18

Trade-off`

Answer 18

a trade-off is giving up one thing for another.

Question 19

Guardianship

Answer 19

requires a legal document called a will

Question 20

Estate

Answer 20

the assets of a deceased person after all debts are paid

Question 21

Creating a will is one way to show…

Answer 21

appreciation and give back.

Question 22

Giving through a will or trust can provide…

Answer 22

for the future financial security of your family and others.

Question 23

A will or living trust can offer…

Answer 23

thoughtful charitable gifts as part of a long-range estate and financial plan.

Question 24

Giving a charitable donation in your will can support…

Answer 24

the causes that were important to you during your lifetime.

Question 25

A tax-free gift of up to $10,000 per year can be…

Answer 25

given without being subjected to tax for giver or receiver.

Question 26

A gift made through a will or living trust can be prepared by an…

Answer 26

attorney.

Question 27

Gifts included in wills and living trusts are…

Answer 27

flexible, easy to arrange, and may be changed with your life circumstances.

Question 28

A testamentary trust will set up…

Answer 28

up one or more trusts for some of the estate assets to be distributed upon the grantor’s death.

Question 29

A testamentary trust allows the testator to…

Answer 29

control how the property will be divided.

Question 30

A Will ensures the estate is…

Answer 30

distributed as desired.

Question 31

To make sure your instructions are carried out and holds up in court…

Answer 31

you want a legal document that is written, signed by you and your witnesses.

Question 32

Codicil

Answer 32

a document that specifies changes in an existing will must be prepared to make minor revisions.

Question 33

Power of attorney

Answer 33

legal document granting a person the power to make decisions, can be signed in the event you are incapable of making decisions for yourself.

Question 34

A Will can be written by…

Answer 34

any person of legal age and being of sound mind and memory.

Question 35

A Will ensures that your assets will…

Answer 35

be given to family members or a designated beneficiary.

Question 36

If you have no heirs and die without a will…

Answer 36

the state can claim the estate.

Question 37

If you have young children, a will can allow you..

Answer 37

to designate a guardian in the event of your death otherwise, a court can appoint a guardian

Question 38

An estate is used to determine…

Answer 38

how your wealth will be allocated on or before death.

Question 39

The Will is used to identify a guardian for…

Answer 39

surviving children under 18 and to determine how the estate is to be distributed upon death to beneficiaries or heirs.

Question 40

In the event there is no will, the court appoints an…

Answer 40

administrator to make a decision on how the property is to be distributed.