Giving

Question 1

Specific Gifts

Answer 1

Particular items or gifts given to beneficiaries after the owner’s death.

Question 2

Residuary Gifts

Answer 2

Estate remaining after all bills, taxes, and gifts have been dealt with.

Question 3

Gifts to Children

Answer 3

Gifts withheld by the executors until the child is of age (18)

Question 4

Gifts to Charity

Answer 4

Tax free gifts left to charity

Question 5

Trust

Answer 5

An agreement determining how one’s property will be managed/distributed during their lifetime and after death

Question 6

Grantor

Answer 6

Person who forms the trust and supplies the assets

Question 7

Trustee

Answer 7

Person chosen to administer the trust

Question 8

Beneficiary

Answer 8

Person who benefits or receives from the trust

Question 9

Intent from Grantor

Answer 9

Must have a valid legal purpose

Question 10

Property

Answer 10

Assets subject to the trust

Question 11

Living Trust

Answer 11

Trust where you assigning the management of your assets to a trustee, while you are still living

Question 12

Revocable living Trust

Answer 12

A living trust that can be dissolved

Question 13

Irrevocable Living Trust

Answer 13

Living trust that cannot be changed (it can provide income to the grantor)

Question 14

Will

Answer 14

A legal document by a testator, naming at least one person to manage his/her estate and provide property distribution after their death.

Question 15

Purpose of a Will

Answer 15

• Ensures estate is desirable distributed

- Specified beneficiaries receive

Question 16

Living Will

Answer 16

Document explaining how the testator wishes to be cared for if they become brain dead, terminally ill, etc (unresponsive)

Question 17

Oral Will

Answer 17

spoken legal testament

Question 18

Testamentary Will

Answer 18

Formally prepared document signed with the presence of a witness

Question 19

Holographic Will

Answer 19

Written without a witness present

Question 20

Executor

Answer 20

They file forms in court, provide copies of the will, list assets and liabilities of the dead, pays debts, sells, etc. (they might open a bank account for all this)

Question 21

Probate

Answer 21

A legal process that declares a will valid and ensures the orderly distribution of assets.

Question 22

Estate

Answer 22

The assets of a deceased person after all debts are paid.

Question 23

Primary functions of Estate

Answer 23

• Peace of mind
• Maintain control
• Protect assets for you and loved ones
  
  • Estate taxes
  • Creditors
  • Special needs
• Avoid Probate