Test Bank Personal Finance 14th Edition By Jack Kapoor, Les Dlabay, Robert Hughes, Melissa Hart

Test Bank for
Personal Finance 14th Jack Kapoor,
Les Dlabay, Robert Hughes, Melissa
Hart


(All Chapters 1-19, 100% Original
Verified, A+ Grade)


All Chapters Arranged Reverse 19-1


This is the Only Original Test Bank
for 14th Edition, All Other Files in the
Market are Fake/Old/Wrong Edition.

,Chapter 19. Estate Planning


Student name:__________
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) LIMRA International, a financial services research organization, provides information about
estate planning to survivors in the form of a booklet.
⊚ true
⊚ false

2) Estate planning is a definite plan for the administration and disposition of one's property
during one's lifetime and at one's death.
⊚ true
⊚ false

3) Estate planning is not an essential part of retirement planning.
⊚ true
⊚ false

4) A large percentage of people do little or nothing to provide for those who will survive them.
⊚ true
⊚ false

5) If you never married, you don't need to organize your financial affairs.
⊚ true
⊚ false

6) Estate planning is useful only to rich and elderly people.
⊚ true
⊚ false

7) Estate planning is an integral part of financial planning.
⊚ true
⊚ false

8) Most people cannot afford the expense of using trusts.
⊚ true
⊚ false




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,Chapter 19. Estate Planning


9) Estate planning includes a subject most people would rather avoid: death—your own or that
of your spouse.
⊚ true
⊚ false

10) An estate plan is usually implemented by a will and one or more trust agreements.
⊚ true
⊚ false

11) Millions of nontraditional households have unique estate planning problems.
⊚ true
⊚ false

12) Unmarried couples face formidable retirement and estate planning challenges.
⊚ true
⊚ false

13) Last-minute "death-bed" estate planning may fail to carry out your wishes.
⊚ true
⊚ false

14) Setting up a trust for your children when your estate is worth more than $13.61 million (in
2024) can help spare a huge estate tax bill compared to simply leaving money to your
children.
⊚ true
⊚ false

15) When death occurs, proof of claims must be produced or the claims will not be processed.
⊚ true
⊚ false

16) If you die without a valid will, you die intestate.
⊚ true
⊚ false

17) The standard cost for will creation can range from $200 to $800 and varies from state to
state, however typically the cost of writing a will is less than writing a living trust.
⊚ true
⊚ false




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, Chapter 19. Estate Planning


18) A will is a legal declaration of a person's mind as to the disposition of his or her property
after death.
⊚ true
⊚ false

19) If you die intestate, the state's law of descent and distribution becomes your will.
⊚ true
⊚ false

20) It is unnecessary to review and modify your will when you divorce or remarry.
⊚ true
⊚ false

21) If you marry after you have made a will, the will is revoked automatically unless certain
conditions are met.
⊚ true
⊚ false

22) If you marry after you have made a will, you are better off drawing a new will to fit your new
circumstances.
⊚ true
⊚ false

23) The cost of preparing a will varies from place to place.
⊚ true
⊚ false

24) Generally, the cost of writing a will is more than that for writing a living trust.
⊚ true
⊚ false

25) Probate is the legal procedure of proving a valid or invalid will.
⊚ true
⊚ false

26) You should avoid probate because it is expensive, lengthy, and public.
⊚ true
⊚ false




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