To ensure that assets are distributed according to the couple's wishes.

To minimize estate taxes.

To protect the surviving spouse from financial hardship.

All of the above.

Wills

Trusts

Joint tenancy

Prenuptial agreements

Trusts can be used to avoid probate.

Trusts can be used to protect assets from creditors.

Trusts can be used to provide for the surviving spouse's financial needs.

All of the above.

In a joint tenancy, both owners have equal rights to the property.

In a tenancy in common, each owner has a separate share of the property.

In a joint tenancy, the surviving owner automatically inherits the deceased owner's share of the property.

Both A and C.

The executor's relationship with the deceased.

The executor's financial experience.

The executor's age and health.

The executor's location.

To allow someone else to make financial decisions on your behalf if you become incapacitated.

To allow someone else to make medical decisions on your behalf if you become incapacitated.

Both A and B.

Neither A nor B.

A will takes effect after you die, while a living trust takes effect during your lifetime.

A will is revocable, while a living trust is irrevocable.

A will is more expensive to create than a living trust.

Both A and B.

Creating a joint tenancy.

Establishing a living trust.

Adopting children.

Purchasing life insurance.

$12.92 million

$11.7 million

$10.49 million

$9.1 million

Avoiding probate.

Protecting assets from creditors.

Providing for the surviving spouse's financial needs.

Reducing estate taxes.

To protect the financial interests of each spouse in the event of a divorce.

To establish the terms of spousal support in the event of a divorce.

To determine how assets will be divided in the event of a divorce.

All of the above.

Will

Trust

Power of attorney

Birth certificate

A revocable living trust can be changed or terminated at any time, while an irrevocable living trust cannot.

A revocable living trust takes effect during your lifetime, while an irrevocable living trust takes effect after your death.

A revocable living trust is more expensive to create than an irrevocable living trust.

Both A and B.

To state your wishes regarding end-of-life medical treatment.

To appoint a healthcare proxy to make medical decisions on your behalf if you become incapacitated.

Both A and B.

Neither A nor B.

A bequest is a gift of personal property, while a devise is a gift of real property.

A bequest is made in a will, while a devise is made in a trust.

A bequest is taxable, while a devise is not.

Both A and B.