Personal Finance

Question 1

Non-specific gift

Answer 1

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

Question 2

Non-specific gifts

Answer 2

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

Question 3

Residuary gifts

Answer 3

everything left in estate after all debts, bills and taxes 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

will

Answer 6

Something That person writes

that decides who gets what of their property they ever die or something happens

Question 7

grantor

Answer 7

person who forms the trust and supplies the assets

Question 8

trustee

Answer 8

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

Question 9

beneficiary

Answer 9

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

Question 10

intent from grantor

Answer 10

must have a valid legal purpose

Question 11

property

Answer 11

asses subject to the trust

Question 12

A Living Will

Answer 12

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 13

Oral Will

Answer 13

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

Question 14

Testamentary Will

Answer 14

formally prepared document signed in the presence of witnesses.

Question 15

Holographic Will

Answer 15

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

Question 16

What is a will?

Answer 16

A Will or testament is 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 17

What is one element of a will#1

Answer 17

name and place of residence

Question 18

What is one element of a will#2

Answer 18

description of assets

Question 19

What is one element of a will#3

Answer 19

names of spouse, children and other beneficiaries

Question 20

What is one element of a will#4

Answer 20

alternate beneficiaries

Question 21

What is one element of a will#5

Answer 21

specific gifts

Question 22

What is one element of a will#6

Answer 22

establishment of trust if desired

Question 23

What is one element of a will#7

Answer 23

cancellation of debts owed to you

Question 24

What is one element of a will#8

Answer 24

name of executor to manage the estate

Question 25

What is one element of a will#9

Answer 25

name of guardian for minor children

Question 26

What is one element of a will#10

Answer 26

your signature

Question 27

What is one element of a will#11

Answer 27

witnesses’ signatures

Question 28

debit card

Answer 28

money taken out of your account by going to the bank or ATM

Question 29

social security

Answer 29

insurance and benefits include retirement, disability, income, medicare, and media

Question 30

minimum balance

Answer 30

the minimum amount that you must keep in your bank account at all times

Question 31

Interest Rate

Answer 31

Rate at which a bank will pay you to have your money in their checking/savings account

Question 32

financial planning

Answer 32

a process of setting goals, developing a plan to achieve them, and putting the plan into action