Estate Planning Questions with 100% Verified Answers Latest Update

Estate Planning Questions with 100% Verified Answers Latest
Update

Question: Answer:
Adeemed (lapsed) A specific bequest is said to be adeemed when that bequest ceases
to exist or is
disposed of prior to the testator's death


Question: Answer:
Beneficiary Persons named in a will or trust to receive some portion of an estate
or trust


Question: Answer:
Bequests A gift of personal property, including money, by will


Question: Answer:
Charitable Remainder Trust A donor receives either an annuity or unitrust payment from the trust
and the remainder
goes to charity and is not subject to estate tax


Question: Answer:
Codicil An afterthought, postscript, addition, supplement, amendment, or
change in the original
will; literally means "little will"


Question: Answer:
Conservator See guardian - Appointed to be responsible for a minor or
incapacitated beneficiary's
financial affairs, physical care, and upbringing


Question: Answer:
Contingent (or conditional) Will A will that does not take effect unless a specific event occurs

,Question: Answer:
Crummey Powers Authority that allows trust beneficiaries to withdraw a portion or all of
the gift made in
trust for them for a limited time


Question: Answer:
Devises Traditionally, a gift or real property by last will and testament. Under
the Uniform Probate
Code, a gift of personal or real property by will; also referred to as
testate succession


Question: Answer:
Disclaimer A refusal to accept an interest in property that would otherwise pass
to a person by gift
or upon another's death


Question: Answer:
Domicile The place where a person has a true, fixed, and permanent home to
which the person
intends to return


Question: Answer:
Donee The person possessing the power of appointment


Question: Answer:
Donor The person creating the power of appointment


Question: Answer:
Durable Power of Attorney A document that grants authority to an individual to represent the
maker of the document
in specified legal situations


Question: Answer:
Economic Recovery Tax Act of 1981 Act that establishes the unlimited marital deduction used in estate
planning and probate
law

, Question: Answer:
Elder Law An area of law that take into account the issues facing older persons
during their life, not
just what happens to property after death


Question: Answer:
Executor(s) (or personal representatives) A person or an entity appointed by a person to administrator the
terms of a will. Also
called personal representative under the Uniform Probate Code; or
administrator


Question: Answer:
General Power of Appointment A testamentary trust that gives the spouse an income interest for life
in the trust property
and the ability to appoint the recipients of the trust upon his or her
death


Question: Answer:
Generation-Skipping Tax A type of federal estate tax that is designed to prevent estate
planning structures that
allow property to pass to future generations without payment of
estate taxes


Question: Answer:
Guardian Appointed to be responsible for a minor or incapacitated beneficiary's
financial affairs,
physical care, and upbringing; also known as conservator


Question: Answer:
Health Care Power of Attorney A power that permits the agent to make health care decisions for the
maker if the maker is
unable to do so


Question: Answer:
Holographic Will A will that is entirely handwritten, dated, and signed by the testator