WGU D363 Personal Finance Questions with
Detailed Verified Answers
Ahmed wants to leave the money in his checking account to his niece upon his death.
He wants his niece to get the money without having to go through a lengthy and
expensive legal process. He also does not want his niece to be able to access his
account until his death.
Which type of transfer by contract should he choose?
a) Payable-upon-death
b) A valid will
c) Probate
d) Joint tenancy Ans: a) Payable-Upon-Death
Including a payable-upon-death designation to an account ensures that the funds will
easily move to the designee upon the account owner's death, but it also ensures that
the designee cannot access the account until then.
What is the benefit of naming a beneficiary to accounts?
a) The beneficiary is a co-owner of the account.
b) The beneficiary will pay lower legal fees to gain access to the account.
c) The beneficiary becomes executor of the deceased's will.
, d) The account will not need to go through probate. Ans: d) The account will not
need to go through probate
Naming a beneficiary allows the institution to deliver the balance of the account to the
chosen person without going through probate
How does the partnership theory of marriage rights protect a spouse?
a) Current ownership of property and how it should be distributed after death is
mutually agreed upon by both spouses in a legal document.
b) Ownership of property acquired by one spouse during marriage is retained by that
spouse until it transfers to the other spouse upon death.
c) Property acquired during marriage but in the name of only one partner becomes the
property of both spouses while both are still living.
d) Property acquired by one spouse through inheritance or gift becomes co-owned by
the other spouse by law. Ans: c) Property acquired during marriage but in the name of
only one partner becomes the property of both spouses while both are still living.
Except for property acquired by gift or inheritance, all property acquired during the
marriage is owned by both spouses.
Loto wants to create a trust to leave his house to his nephew upon his death. His goal
is to reduce estate taxes for his nephew. Which type of trust has the grantor give up
ownership and control of the house while still alive?
© Get it right 2025 Getaway - Stuvia US All rights reserved
Detailed Verified Answers
Ahmed wants to leave the money in his checking account to his niece upon his death.
He wants his niece to get the money without having to go through a lengthy and
expensive legal process. He also does not want his niece to be able to access his
account until his death.
Which type of transfer by contract should he choose?
a) Payable-upon-death
b) A valid will
c) Probate
d) Joint tenancy Ans: a) Payable-Upon-Death
Including a payable-upon-death designation to an account ensures that the funds will
easily move to the designee upon the account owner's death, but it also ensures that
the designee cannot access the account until then.
What is the benefit of naming a beneficiary to accounts?
a) The beneficiary is a co-owner of the account.
b) The beneficiary will pay lower legal fees to gain access to the account.
c) The beneficiary becomes executor of the deceased's will.
, d) The account will not need to go through probate. Ans: d) The account will not
need to go through probate
Naming a beneficiary allows the institution to deliver the balance of the account to the
chosen person without going through probate
How does the partnership theory of marriage rights protect a spouse?
a) Current ownership of property and how it should be distributed after death is
mutually agreed upon by both spouses in a legal document.
b) Ownership of property acquired by one spouse during marriage is retained by that
spouse until it transfers to the other spouse upon death.
c) Property acquired during marriage but in the name of only one partner becomes the
property of both spouses while both are still living.
d) Property acquired by one spouse through inheritance or gift becomes co-owned by
the other spouse by law. Ans: c) Property acquired during marriage but in the name of
only one partner becomes the property of both spouses while both are still living.
Except for property acquired by gift or inheritance, all property acquired during the
marriage is owned by both spouses.
Loto wants to create a trust to leave his house to his nephew upon his death. His goal
is to reduce estate taxes for his nephew. Which type of trust has the grantor give up
ownership and control of the house while still alive?
© Get it right 2025 Getaway - Stuvia US All rights reserved
