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16.2   Multiple Choice

1) The practice of planning how wealth will be allocated on or before your death is

A) asset allocation.

B) estate planning.

C) intestacy planning.

D) will planning.

2) A legal document specifying distribution of your assets upon death is a

A) tax return.

B) letter of last instruction.

C) will.

D) trust.

3) Which of the following is not a reason to have a will?

A) To distribute your assets as you wish

B) To avoid paying any estate taxes

C) To reduce the costs being imposed on the estate

D) To appoint a legal guardian for children

4) Which of the following is necessary for an English form will to be valid?

A) All heirs must agree to the terms of the will.

B) The will must be dated in the three years prior to death.

C) The will must be signed by the testator and two witnesses.

D) The person writing the will must be over age 21 at the time the will is written.

5) A holographic will must

A) be prepared by legal counsel.

B) be prepared by a lawyer.

C) be written solely in the handwriting of the testator.

D) be witnessed by a notary or lawyer.

6) A will would not be valid if

A) the estate is small.

B) there is only one child.

C) the person just remarried.

D) the entire estate is to go to the spouse.

7) The first clause in a will

A) appoints the executor.

B) identifies the beneficiaries.

C) appoints the administrator.

D) identifies the deceased.

8) If a person dies and two wills are discovered in the safety deposit box,

A) there is a complicated legal process to determine the valid will.

B) the will with the most recent date will be the valid will.

C) the earliest dated will is valid.

D) the courts will determine the valid will.

9) There may be a need to distribute half of the estate to the spouse and the other half to any other beneficiaries due to

A) intestacy law.

B) the wills variation Act.

C) preferential marital share.

D) consanguinity.

10) The primary purpose of a preferential share is to

A) give each former spouse a share of the assets in the case of multiple marriages.

B) provide for the appropriate distribution of matrimonial property.

C) give all assets to the surviving spouse.

D) divide assets between the spouse and progeny.

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