To minimize taxes and maximize inheritance

To ensure your assets are distributed according to your wishes

To protect your assets from creditors

To provide for your dependents after your death

Last Will and Testament

Living Trust

Power of Attorney

Advance Directive

To manage the deceased person's assets and property

To distribute the deceased person's assets according to their will

To pay the deceased person's debts and taxes

All of the above

A legal document that transfers ownership of assets to a trustee during the grantor's lifetime

A type of will that takes effect immediately upon signing

A document that appoints someone to make financial decisions on your behalf if you become incapacitated

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

A will takes effect after death, while a living trust takes effect immediately

A will is revocable, while a living trust is irrevocable

A will is typically used for smaller estates, while a living trust is used for larger estates

Both A and B

To appoint someone to make financial decisions on your behalf if you become incapacitated

To appoint someone to make medical decisions on your behalf if you become incapacitated

To transfer ownership of assets to someone else

To create a trust

A durable power of attorney remains in effect even if the grantor becomes incapacitated, while a general power of attorney expires if the grantor becomes incapacitated

A durable power of attorney can only be used for financial decisions, while a general power of attorney can be used for both financial and medical decisions

A durable power of attorney is typically used for short-term situations, while a general power of attorney is typically used for long-term situations

Both A and C

A legal document that outlines a person's wishes for end-of-life care

A document that appoints someone to make medical decisions on your behalf if you become incapacitated

A document that transfers ownership of assets to someone else

A document that creates a trust

Living will and durable power of attorney for healthcare

Living will and medical directive

Medical directive and durable power of attorney for healthcare

Living will and healthcare proxy

To validate a will and appoint an executor

To distribute the deceased person's assets according to their will

To pay the deceased person's debts and taxes

All of the above

Intestacy is the process of distributing a person's assets according to their will, while probate is the process of distributing a person's assets if they die without a will

Intestacy is the process of appointing an executor, while probate is the process of distributing a person's assets

Intestacy is the process of paying a person's debts and taxes, while probate is the process of distributing their assets

None of the above

The value of the deceased person's assets

The amount of the deceased person's debts

The number of the deceased person's dependents

All of the above

A tax on gifts or inheritances that skip a generation

A tax on gifts or inheritances that are over a certain amount

A tax on gifts or inheritances that are made to non-relatives

A tax on gifts or inheritances that are made to charities

A tax on the value of an estate at the time of death

A tax on the value of an estate at the time of distribution

A tax on the value of an estate at the time of transfer

A tax on the value of an estate at the time of sale