Estate Global Chapter 5

Unlike a regular power of attorney (POA) which ceases when the principal becomes incapacitated a POA can function as a health care proxy in the event of incapacity is called

A POA which is not in effect until a specific event occurs. that event is when the principal becomes disabled or mentally incompetent is called .

A medical POA grants specific authority for a representative to take control over health care decisions in the event the principal becomes incapacitated.

Which of the following is the least likely way a financial planner can assist their client in meeting their estate planning goals?

A person who creates a trust of property owned by him is known as the ____ of the trust.

In a ____ the ownership of a property is transferred voluntary and without consideration.

A during his lifetime wishes to create a trust for the sole benefit of his children whereby he wishes to expressly reserve the right of re-assumption of the trust property. What is this type of Trust called?

A simple way to make probate less expensive is to have a well-written current valid will that provides all the direction needed to administer the estate. Which of the following statements regarding probate is most likely correct?

Steve and John inherited the family cottage from their parents. Neither have children. Their parent’s wishes were that at the death of one of the children the property will pass to the other child. This arrangement cannot be superseded by a will. The handling of the cottage for estate distribution purposes most likely refers to which form of ownership?