Wealth Transfer Strategies

Question 1

simply all assets that are in your name

Answer 1

probate properties

Question 2

a written document in which a person, the testator, tells how his or her remaining assets should be given after death

Answer 2

Will

Question 3

is an assumption in state law that presumes that wedded couples share their fortunes equally.

Answer 3

partnership theory of marriage rights

Question 4

a legal arrangement between you as the grantor and the trustee, the person to manage any assets

Answer 4

Trust

Question 5

is a substitute for a will. They can be used to avoid probate court. The person creating the trust has the ability to change its term or cancel the trust at any time for any reason.

Answer 5

Revocable Living trusts

Question 6

A trust that the grantor or creator can’t change or revoke

Answer 6

Irrevocable Trust

Question 7

A trust that allows you to let you distribute your possessions to people and organization after you die

Answer 7

Living Trust

Question 8

a trust that is to contain a portion or all of a decedent’s assets outlined within a person’s last will and testament.

Answer 8

Testamentary Trust

Question 9

Contains info regarding preferences regarding funeral and burial instruction, organ donation wishes, material to be included in an obituary, contact information for more relative and friends

Answer 9

Letter of last instruction

Question 10

Are legal documents that explain the type of end-of-life health care you want when you cant make your own decisions

Answer 10

Advanced Directives