Estate Planning Terms Quiz

What is the role of a custodian?

• A person who creates a will

• A person or entity responsible for managing property or funds

• A document that makes changes to a will

• A type of intangible property

A gift of money or personal property left to someone in a will.

The person who creates a trust, transferring property into it for the benefit of others.

What does a revocable trust allow the settlor to do?

• Alter or revoke the terms during their lifetime

• Safeguard intangible property

• Create a testamentary trust

• Transfer property to a beneficiary

What is a codicil?

• A document that makes changes to an existing will

• A type of legacy

• A person appointed to manage an estate

• A trust that cannot be altered

A person appointed in a will to manage the estate of a deceased person, ensuring the distribution of assets according to the will’s instructions.

What does the term 'contingent' refer to in a will?

• A document that outlines a trust

• A person who inherits property

• A beneficiary that depends on certain conditions

• A type of intangible property

Any property, whether tangible or intangible, that can be inherited.

What is meant by 'intangible property'?

• Assets that lack a physical form

• A type of custodial responsibility

• Property that can be inherited

• Physical assets like real estate

Relating to a will or created by a will.