PFIN 7:STUDENT EDITION-MINDTAP (1 TERM)
7th Edition
ISBN: 9780357033647
Author: Billingsley
Publisher: CENGAGE L
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Chapter 15, Problem 2LO
Summary Introduction
To discuss: The significance of preparing a will and other documents for protecting person X and his estate.
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What is the purpose of the laws of distribution? Choose the correct.a. To guide the distribution of personal property when an individual dies without a will.b. To verify the legality of a will, especially an oral will.c. To guide the distribution of real property when an individual dies without a will.d. To outline the functions of the executor of an estate.
What is the purpose of the laws of distribution?
To guide the distribution of personal property when an individual dies without a will.
To verify the legality of a will, especially an oral will.
To guide the distribution of real property when an individual dies without a will.
To outline the functions of the executor of an estate.
Describe the financial statements and journal entries utilized to account for estate and trust transactions.
Chapter 15 Solutions
PFIN 7:STUDENT EDITION-MINDTAP (1 TERM)
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- What factors should Beth take into account when considering the appointment of an executor of a will?arrow_forwardIn estate planning, setting ul a trust account in the name of beneficiaries may help to _______ a. Improve the faith of the beneficiaries b. Maximise the estate tax obligation c. Protect the beneficiaries against future inflation d. Protect the beneficiaries from the creditors of the donorarrow_forwardDefine and provide an example for Personal propertyarrow_forward
- Name the three general methods of title assurance and briefly describe each. Which would you recommend to a friend purchasing a home? Why?arrow_forwardWhich of the following is not a goal of probate laws? To gather and preserve all of the decedent’s property. To ensure that each individual produces a valid will. To discover the decedent’s intent for property held at death and then to follow those wishes. To carry out an orderly and fair settlement of all debts and distribution of property.arrow_forwardA will is a legal document outlining the plan for one’s: Group of answer choices -goals of the survivors. -funeral plan and costs. -management of assets. -payment of estate taxes. -disposition of assets.arrow_forward
- What is the proper methods of accounting for and administering an estate and the corresponding legal terminology?arrow_forwardDescribe the usefulness of a discretionary intervivos trust when used as part of an estate freeze.arrow_forwardWhich of the following statements are correct regarding the characteristics of a conservatorship (guardianship of the estate) used to care for an incompetent person's property? I. the powers of the conservator are set forth in either a revocable living trust or a contingent standby trust. II. the conservator may have to file annual reports regarding the status of the assets under his care. III. the conservator may be required to post a performance bond. IV. the conservator has a fiduciary duty to care for the incompetent person's property. A) I, II, III, and IV B) I and II C) II, III, and IV D) I and IVarrow_forward
- Which of the following is not a goal of probate laws? Choose the correct.a. To gather and preserve all of the decedent’s property.b. To ensure that each individual produces a valid will.c. To discover the decedent’s intent for property held at death and then to follow those wishes.d. To carry out an orderly and fair settlement of all debts and distribution of property.arrow_forwardWhich of the following correctly describe a role played by a member of the estate planning team? Accountant: preparation of financial and cash flow statements Attorney: preparation of legal documents Trust officer: original writing of basic trust instruments to be customized for the client Financial planner: coordination of the elements of the plan A)I, II, and III B)II and III C)I, II, and IV D)I and IVarrow_forwardDescribe what rights create “incidents of ownership” in a life insurance policy and why these are important in planning the estate.arrow_forward
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