1. Which of the following are requirements of a valid will?
I. Must be at least 18 years of age
II. Must list at least one executor
III. Must be of sound mind
IV. Must be signed and dated

A) I and IV only
B)
III and IV only
C)
I, II and III only
D) All of the above

2.
Premarital agreements must include all of the following to be enforceable EXCEPT:
A) Written form
B)
Executed by an attorney
C)
Must be willingly and knowingly signed by both parties
D) Accurately list each person's net worth

3.
All of the following are recognized types of wills EXCEPT:
A) Revocable spousal will
B)
Pour-over will
C)
Testamentary will
D) Holographic will
4. John noticed that his elderly mother (Ruth) was forgetting to pay the bills and deposit checks into her bank account due to her deteriorating health issues. In order to help her with all of her financial activities while she is still alive and in the event of incapacitation, they signed some directive documents. What document would be most appropriate?

A) General power of attorney
B)
Springing power of attorney
C)
Durable general power of attorney
D) Special power of attorney




Answer Key

Related Articles
  1. Managing Wealth

    Three Documents You Shouldn't Do Without

    Estate planning is not just about the division of assets after you die. Read on to save your loved ones extra grief.
  2. Retirement

    4 Estate Planning Documents You Need to Have

    Here's the lowdown on the four essential legal documents you need—right now—to have in place before you die.
  3. Managing Wealth

    Why Designate a General Power of Attorney?

    Because it will ensure your financial and personal affairs are handled according to your wishes should you ever be incapacitated or unavailable.
  4. Retirement

    Don't Give Away Control Over Your Assets Without Planning

    Most people don't realize what they agreed to when they signed a power of attorney, and are blissfully unaware of the possible harm from poor planning.
  5. Retirement

    Healthcare Documents You Need In Place Right Now

    If you become incapacitated, here are some documents that should be in place to say who is authorized to speak on your behalf.
  6. Investing

    Money Market Accounts vs. Savings Accounts

    An interest-bearing account that pays a higher interest rate than a savings account and gives the account holder limited check-writing ability.
  7. Retirement

    4 Legal Documents You Should Have In The Wake Of September 11

    The 10th anniversary of the 9/11 attacks is a vivid reminder of how important it is to have your financial affairs in order.
  8. Investing

    What is a Representative Sample?

    In statistics, a representative sample accurately represents the make-up of various subgroups in an entire data pool.
  9. Trading

    The ABCs Of Option Volatility

    The mystery of options pricing can often be explained by a look at implied volatility (IV).
Frequently Asked Questions
  1. What is the difference between yield and return?

    While both terms are often used to describe the performance of an investment, yield and return are not one and the same ...
  2. What are the Differences Among a Real Estate Agent, a broker and a Realtor?

    Learn how agents, realtors, and brokers are often considered the same, but in reality, these real estate positions have different ...
  3. What is the difference between amortization and depreciation?

    Because very few assets last forever, one of the main principles of accrual accounting requires that an asset's cost be proportionally ...
  4. Which is better, a fixed or variable rate loan?

    A variable interest rate loan is a loan in which the interest rate charged on the outstanding balance varies as market interest ...
Trading Center