04/28 - Wills and Trusts
Quiz by Christopher Jones
High School
Financial Mathematics
Texas Essential Knowledge and Skills (TEKS) - Electives
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3 questions
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- Q1What is a will?A fiduciary relationship in which you give another party authority to handle your assets for the benefit of a third party.A document detailing how you want your affairs handled and assets distributed after you die.A service provided by your employer wherein both you and your employer contribute money that will be paid back to you after you retire.300s130.180.F.13
- Q2Which of the following is NOT a way in which wills and trusts are similar?Both require a probate court to distribute the estate properly after death.Both are ways to adjudicate how you leave your assets to your descendants.Both are set up as you live and can be altered freely until you die.Both are important parts of estate planning.300s130.180.F.13
- Q3What do you predict would happen if you died without establishing a will or trust?The government would seize the estate entirely.Your surviving family decides how everything would be distributed among themselves.The government of the state would determine how assets are distributed to your heirs.The estate does not get distributed whatsoever and no one gets anything.300s130.180.F.13