To ensure the distribution of assets after death

To minimize taxes and maximize wealth

To provide for the care of dependents

All of the above

A legal document that outlines how assets will be distributed after death

A document that appoints a guardian for minor children

A document that establishes a trust

All of the above

The person responsible for carrying out the terms of a will

The person who inherits the majority of the estate

The person who is appointed to manage the estate during probate

The person who is responsible for paying the estate's debts

The legal process of administering an estate after death

The process of transferring ownership of assets to beneficiaries

The process of paying off the estate's debts

The process of distributing the estate's assets to beneficiaries

A legal entity that holds assets for the benefit of another person

A document that outlines how assets will be distributed after death

A document that appoints a guardian for minor children

A document that establishes a power of attorney

A will takes effect after death, while a trust can take effect during life

A will is revocable, while a trust is irrevocable

A will is public record, while a trust is private

All of the above

A document that authorizes another person to make decisions on your behalf

A document that appoints a guardian for minor children

A document that establishes a trust

A document that outlines how assets will be distributed after death

A document that outlines your wishes for end-of-life care

A document that appoints a guardian for minor children

A document that establishes a trust

A document that outlines how assets will be distributed after death

To protect the assets of each party in the event of a divorce

To establish a trust for the benefit of children from a previous marriage

To appoint a guardian for minor children

To outline how assets will be distributed after death

In a joint tenancy, both parties own the entire property, while in a tenancy in common, each party owns a share of the property

In a joint tenancy, both parties have equal rights to the property, while in a tenancy in common, one party may have more rights than the other

In a joint tenancy, the property automatically passes to the surviving owner upon the death of one owner, while in a tenancy in common, the property passes to the deceased owner's heirs

All of the above

To provide financial support to a charitable organization

To reduce taxes on an estate

To protect assets from creditors

All of the above

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

A revocable living trust takes effect during life, while an irrevocable living trust takes effect after death

A revocable living trust is typically used to avoid probate, while an irrevocable living trust is typically used to reduce taxes

All of the above

To prevent the transfer of wealth from one generation to the next without paying taxes

To encourage the transfer of wealth from one generation to the next

To reduce taxes on an estate

None of the above

An estate tax is imposed on the value of an estate before it is distributed to beneficiaries, while an inheritance tax is imposed on the value of an inheritance received by a beneficiary

An estate tax is imposed on the value of an estate regardless of the relationship between the deceased and the beneficiaries, while an inheritance tax is imposed on the value of an inheritance based on the relationship between the deceased and the beneficiaries

An estate tax is typically higher than an inheritance tax

All of the above