Important Facts 1

Question 1

Giving

Answer 1

the transfer of something without the expectation of receiving something in return.

Question 2

Specific Gifts

Answer 2

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

Question 3

Non-Specific Gifts

Answer 3

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

Question 4

Residuary Gifts

Answer 4

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

Question 5

Gifts to Children

Answer 5

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 6

Gift to Charities

Answer 6

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

Question 7

Will

Answer 7

a legal document by a person, the testator, that names one or more persons, executor, to manage his or her estate and provides for the distribution of property upon death.

Question 8

Trust

Answer 8

an agreement that determines how a person’s property is to be managed and distributed during lifetime and upon death.

Question 9

Grantor

Answer 9

person who forms the trust and supplies the assets

Question 10

Trustee

Answer 10

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

Question 11

Beneficiary

Answer 11

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

Question 12

Intent from Grantor

Answer 12

must have a valid legal purpose

Question 13

Testamentary Trust

Answer 13

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

Question 14

Living Trust

Answer 14

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

Question 15

Revocable Living Trust

Answer 15

living trust that can be resolved.

Question 16

Irrevocable Living trust

Answer 16

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

Question 17

A Living Will

Answer 17

a document to make your family aware of the type of care you wan 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 18

Oral Will

Answer 18

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

Question 19

Testamentary Will

Answer 19

formally prepared document signed in the presence of witnesses.

Question 20

Holographic Will

Answer 20

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

Question 21

Executor

Answer 21

files forms in probate court, provides a copy of the will, a list of assets and liabilities