Wills and Trusts Quiz Review

An __________ is an individual who is legally entitled to inherit some or all of the estate of another person who dies intestate.

A __________ is a person who relies on someone else for financial support and can include children or other relatives.

An __________ is a resource with economic value that an individual, corporation, or country owns or controls with the expectation of future benefit.

An __________ is everything comprising the net worth of an individual, including all land and real estate, possessions, financial securities, cash, and other assets that the individual owns.

Who is a beneficiary?

• A. Person who relies on financial support

• B. Individual entitled to inherit estate

• C. Person designated to receive property benefits

• D. Resource with economic value

What is probate?

• Direct line of family

• General administration of a deceased person's will

• Having the age of full responsibility

• Process of becoming an heir

What does an executor do?

• Administers a will

• Relies on financial support

• Owns assets

• Expects future benefits

What does inheritance refer to?

• Beneficiary's assets

• Descendant's estate

• Assets bequeathed after death

• Real estate possessions

Who is a minor?

• Person under full legal responsibility

• Person without financial support

• One who controls assets

• Individual entitled to inherit

Why is it important to have a will in place prior to passing away?

• To give directions to your beneficiaries as to how to distribute your assets

• To prevent strangers from stealing your identity

• To avoid paying Capital Gains tax

• To avoid probate court