Unit 6 -Estate Planning

Front

When Carson dies, he wants to provide income for his spouse that is not taxed at the time of his death. What can Carson create that is MOST likely to make this happen? Options: a living will, a power of attorney, a trust, a simple will

Back

a trust

Front

What is NOT an example of a contract? Options: a rental lease, a report card, a credit card agreement, a cell phone plan

Back

a report card

Front

What is the legal document detailing the type of medical care a person wishes to receive in the event they become incapacitated due to a physical or mental illness?

Back

living will

Front

What is TRUE about permanent life insurance?

Back

The cash value of the insurance increases as the premiums accumulate.

Front

When creating their will, Steph and Freida had a difficult time deciding who would carry out its instructions. What person were they struggling to designate?

Back

an executor

Front

Malik’s father recently died. His dad had an insurance policy, so Malik received $20,000 from this policy. Which type of insurance does this MOST likely represent?

Back

life insurance

Front

Jeannine has recently purchased a home. She purchased an insurance policy that protects it against fire, flood, and hurricane damage. Jeannine is protecting herself from which type of risk?

Back

property risk

Front

Emily just got a car. She needed insurance, so she has purchased the insurance and pays the premium. Who is Emily in this scenario?

Back

the policyholder

Front

Harriet died before she had a chance to prepare a will. What will MOST likely happen to her estate?

Back

The government may step in to handle the distribution of her possessions.

Front

Rinaldo’s dad left a handwritten will that he had prepared by himself in his own handwriting. He left everything to his dog Rusty. Which type of will is this?

Back

holographic will