Personal Finance Chp 15

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Which one of the following statements is true about estate planning?
A. Many people don't give a single thought to preparing for death.
B. It is always easy to plan for your family's financial security in the event of your death.
C. Most people do a lot to provide for those who will survive them.
D. Most people give meticulous attention to estate planning.
E. Estate planning is for the rich only

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Estate planning involves
A. handling your property while you are alive.
B. dealing with what happens to your property after your death.
C. your family's financial security in the event of your death.
D. your family's financial security in the event of your spouse's death.
E. handling your property while you are alive; planning how your property will be distributed after your
death; and planning your family's financial security in the event of your death or your spouse's death
are all part of estate planning

E. handling your property while you are alive; planning how your property will be distributed after your
death; and planning your family's financial security in the event of your death or your spouse's death
are all part of estate planning

If you are married, your estate planning involves
A. fewer financial responsibilities.
B. fewer legal requirements.
C. the interest of at least two people.
D. seeking the services of a securities broker.
E. your pension plan.

C. the interest of at least two people.

Which one of the following statements is correct?
A. A large percentage of people do little or nothing to provide for those who will survive them.
B. Most people do plan their estates.
C. Most people think that they will live forever.
D. Most people don't worry about estate planning until they are 65.
E. Estate planning is mandatory in some provinces.

A. A large percentage of people do little or nothing to provide for those who will survive them.

Estate planning has two parts. The first part consists of
A. deciding on who is going to get what.
B. transferring your estate in the manner you have specified.
C. building your estate through savings, investments, and insurance.
D. evaluating your assets and liabilities.
E. Meeting your financial planner.

C. building your estate through savings, investments, and insurance.

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The second part of estate planning consists of:
A. building your estate through savings.
B. transferring your estate in the manner you have specified.
C. deciding who should be your attorney.
D. evaluating your assets and liabilities.
E. Ensuring your retirement plan is complete.

B. transferring your estate in the manner you have specified.

In estate planning, if you are married:
A. you don't need much estate planning.
B. your estate planning is rather easy.
C. only your spouse should be concerned about estate planning.
D. your situation becomes more complex, and the need for orderliness and clarity becomes greater.
E. your will takes care of most of estate planning problems.

D. your situation becomes more complex, and the need for orderliness and clarity becomes greater.

Which of these statements is false? Provincial family law _______________,
A. varies across Canada.
B. can have a significant impact on your estate planning.
C. might impact your capacity to order the disposal of your estate.
D. does not permit your will to be contested.
E. does not obligate the deceased to provide for family members who were not financial dependents at
the time of death.

D. does not permit your will to be contested.

Upon your death, your beneficiary will meet people who offer specific types of assistance. These
people will probably be:
A. strangers.
B. sympathetic.
C. courteous.
D. disinterested.
E. Your beneficiary will meet people, some of whom will be strangers, who are sympathetic, courteous
and disinterested.

E. Your beneficiary will meet people, some of whom will be strangers, who are sympathetic, courteous
and disinterested.

A will is:
A. a legal arrangement through which your assets are held by someone.
B. a synonym for a prenuptial agreement.
C. a legal document authorizing someone to act on your behalf.
D. a synonym for a letter of last instruction.
E. the legal declaration of a person's mind as to the disposition of his or her property after his or her
death.

E. the legal declaration of a person's mind as to the disposition of his or her property after his or her
death.

Which of the following statements is correct regarding wills?
A. Only married people need a will.
B. Only married people with dependents need a will.
C. Only the rich with a considerable estate needs a will.
D. Every adult needs a will.
E. Only senior citizens need a will.

D. Every adult needs a will.

If you die without a valid will, you die
A. intestate.
B. in peace.
C. in trust.
D. prenuptially.
E. in turmoil.

A. intestate.

If you die without a valid will,
A. the government confiscates your property.
B. the federal court decides how the property should be distributed.
C. your relatives or friends will get the property.
D. your local custom will determine how the property is distributed.
E. the province's law of descent and distribution becomes your will.

E. the province's law of descent and distribution becomes your will.

A handwritten will is called a(n):
A. formal will.
B. holographic will.
C. statutory will.
D. letter of last instruction.
E. informal will.

B. holographic will.

Which will should not be witnessed?
A. informal will
B. letter of last instruction
C. formal will
D. statutory will
E. holographic will

E. holographic will

Personal Finance Chp 15

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