Module 9 - FPQP Estate Planning 23
Which of the following terms is NOT properly associated with structuring a will? -
answer Intestate
The purpose of a codicil is to - answeramend an existing will.
A codicil amends an existing will.
Which of these is an advantage of creating a will? - answerIt can be used to establish a
testamentary trust. The provisions of a testamentary trust are placed within a will.
Which of the following accurately describes a disadvantage of a will? - answerIn
common law states, a surviving spouse may be entitled to take more property than the
spouse is specifically given through a will.
Which of the following statements regarding the characteristics of intestate succession
laws, including state intestacy statutes, is CORRECT? - answerIf there is a surviving
spouse and/or children, it is unlikely that other blood relatives of the decedent will
receive any of the decedent's property.
Which of the following is considered community property? - answerA parcel of real
estate, acquired after the marriage with joint funds, titled solely in the husband's name
The parcel of real estate was acquired during the marriage with joint funds. Therefore,
title is irrelevant, and this property would be considered community property. Lifetime or
testamentary gifts received by a spouse are not treated as community property.
Which of the following statements regarding property held as tenants by the entirety is
CORRECT? - answerThe interest of a deceased tenant passes by right of survivorship
outside of the probate process.
Which of the following allows for an unlimited deduction for gift and estate tax
purposes? - answerTransfer from a U.S. citizen spouse to a U.S. citizen spouse and a
qualified charity
There is an unlimited marital (if the spouse is a U.S. citizen) and charitable deduction.
Which of the following statements regarding property held in a custodial account (UTMA
or UGMA) is CORRECT? - answerA custodial account is generally less costly to create
than a trust.
Which of the following terms is NOT properly associated with structuring a will? -
answer Intestate
The purpose of a codicil is to - answeramend an existing will.
A codicil amends an existing will.
Which of these is an advantage of creating a will? - answerIt can be used to establish a
testamentary trust. The provisions of a testamentary trust are placed within a will.
Which of the following accurately describes a disadvantage of a will? - answerIn
common law states, a surviving spouse may be entitled to take more property than the
spouse is specifically given through a will.
Which of the following statements regarding the characteristics of intestate succession
laws, including state intestacy statutes, is CORRECT? - answerIf there is a surviving
spouse and/or children, it is unlikely that other blood relatives of the decedent will
receive any of the decedent's property.
Which of the following is considered community property? - answerA parcel of real
estate, acquired after the marriage with joint funds, titled solely in the husband's name
The parcel of real estate was acquired during the marriage with joint funds. Therefore,
title is irrelevant, and this property would be considered community property. Lifetime or
testamentary gifts received by a spouse are not treated as community property.
Which of the following statements regarding property held as tenants by the entirety is
CORRECT? - answerThe interest of a deceased tenant passes by right of survivorship
outside of the probate process.
Which of the following allows for an unlimited deduction for gift and estate tax
purposes? - answerTransfer from a U.S. citizen spouse to a U.S. citizen spouse and a
qualified charity
There is an unlimited marital (if the spouse is a U.S. citizen) and charitable deduction.
Which of the following statements regarding property held in a custodial account (UTMA
or UGMA) is CORRECT? - answerA custodial account is generally less costly to create
than a trust.
