Home > General Studies (Hindi) > Quizzes > Personal Finance: Estate Planning
Personal Finance: Estate Planning
Fast practice, instant feedback. Timer auto-submits when time’s up.
Avg score: 40% • Most missed: “You know that the advantages of having a will likely outweigh the disadvantages …”

What is Estate Planning?
Estate planning is the process of designating who will receive your assets in the event of your death or incapacitation.

Estate planning vs Living will:
Basically, an estate plan is a broader plan of action for your assets that may apply during your life as well as after your death. A will, on the other hand, dictates where your assets will go after you die, who will be the guardian of your children and more.
 

Personal Finance: Estate Planning
Time left 00:00
25 Questions

1. Only about ________ Americans have created a trust as part of an estate plan.
2. All of the following are commonly used estate planning tools except
3. A married couple with 2 children and 5 grandchildren has an estate valued at $4 million- They decide to use gifts as a means to transfer some of their wealth to their family now and lower the value of their estate- If for a five-year period the couple give the maximum tax-free gift to each of their children and grandchildren, the value of their estate would be reduced to
4. Through the portable estate exemption a surviving spouse's exemption amount will do which of the following?
5. Your estate tax burden can be reduced by giving gifts to your heirs prior to your death- This has the effect of reducing the value of your estate and thus lowering your tax obligation- As of 2011, each spouse can give up to $________ each year to ________.
6. Which of the following is a requirement of a valid will?
7. You and your roommate have decided to purchase a house together- If you want your share of the asset to pass on to your relatives named in your will, what type of ownership should you establish for the house?
8. The executor is the individual who is responsible for carrying out the provisions of your will.
9. A trust that gives the individual establishing the trust the ability to direct income from the trust to his or her spouse over the spouse's life, and then, at the spouse's death, to choose to whom the assets go is called a
10. In most states, community property is recognized and trumps any allocations in your will.
11. The difference between a testamentary trust and a living trust is that a testamentary trust
12. Herbert Dix picked up a booklet at his attorney's office that described estate planning- All of the following were included as primary objectives of estate planning except
13. A will is a legal document that describes how you want your property to be transferred to others.
14. A durable power of attorney means that the attorney who wrote the will for you is your legal guardian in case you become incapacitated and can't make decisions yourself.
15. What is the name for a document that provides for someone to act in your place for legal and financial matters in the event that you become mentally incapacitated?
16. A trust is created when a grantor transfers property to a trustee for the benefit of one or more people.
17. Through joint tenancy in common, George was able to transfer his share of his assets in a company he owns with his best friend to his son instead of to his best friend.
18. Gifts reduce the taxable value of your estate and allow you to help out your heirs while you're still alive.
19. The unlimited gift tax exclusion for medical or education expenses can only be gifted to which of the following?
20. If you were to create a trust by your will, which becomes active only after you die, then you have created a(n) ________.
21. Probate is the legal process of distributing an estate's assets.
22. A trust in which you relinquish title and control of the assets when they are placed in the trust, which becomes a separate legal entity, is called a(n)
23. Within Herbert's will he designates ________ who are willed his property, an ________ who will be responsible for carrying out the provisions of the will, and a(n) ________ who will care for any of his children under age ________.
24. A will created by an attorney cannot be contested.
25. Under joint tenancy with the right of survivorship, two or more individuals share ownership of the assets; when one of the owners dies that owner's share of the assets becomes part of the deceased's estate and is distributed according to the deceased's will.

⚡ Recently practiced quizzes in this topic
Live quiz activity
Objective GS (General Studies) in हिन्दी - Indian States & The Company Rajasthan GK Hindi - Fairs & Festivals Objective GS (General Studies) in हिन्दी - Indian Polity - Historical Background of Constitution Objective GS (General Studies) in हिन्दी - Indian Polity - Judiciary Rajasthan GK Hindi - Culture Objective GS in Hindi - General Geography - Air Pressure, Humidity & Air Movement Rajasthan GK Hindi - Energy Rajasthan GK Hindi - Tourism Rajasthan GK Hindi - Rajasthan Introduction Rajasthan GK Hindi - Rivers & Lakes
 
❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

🌈  Our mission is to help improve your scores in any subject and exam withonline quizzes, practice tests, study guides, & advice for students. Since 2018.
About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | What Should We Know?
Privacy | Terms |
Without work one finishes nothing. - Ralph Waldo Emerson
© 2026 Fatskills.com

All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.