Wills and Trusts Quiz Review

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

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

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

An (a)   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