What are:1. Assemble estate property (probate property)2. Safekeeping, safeguarding, and insuring estate property during estate administration3. Managing estate property temporarily4. Paying estate debts, expenses, & taxes5. Accounting for the estate administration6. Making distribution of net estate to proper heirs Home
Uniform Statuatory Rule Against Perpetuities (USRAP)
What is the law that limits trusts to no longerthan 90 years(AK, AZ, CO, DE, ID, IL, MD, SD, & WI allowdynasty trusts) Home
What is the rule that the trustee should makeinvestments exercising reasonable care, skill,and caution, given the circumstances andobjectives of the trust and considering theportfolio as a wholeDaily Double 400 points Home
Much like a mutual fund, this type of trustcomingles
What is a trust where part of the payment to a beneficiary may include the principal Home
A fiduciary arrangement set up by someone called the ______________ whereby a person, corporation, or organization, called the ___________ has ___________ _____________ to property placed in the trust.
What are: Grantor, creator, settlor of the trust Trustee Legal Title Home
Provide a vehicle to hold family wealth as it passes from one generation to the next To provide a way for giving/leaving property to a minor
What are two of many reasonsfor creating a trust?What are other reasons? Home
Trust of beneficiaries with disabilities who need to maintain eligibility for various government benefits.
What are Outright ownership Joint Ownership/Concurrent Ownership › Joint Tenancy with Right of Survivorship › Tenancy by the Entirety › Tenancy in Common Community Property (AZ, CA, ID, LA, NV, NM, TX, WA)? › Uniform Martial Property Act UMPA, (WI) Common Law Legal & Equitable Interests (e.g. Trusts, POAs) Home
What are:1. Not chosen by estate owner (dictated by law)2. Beneficiaries receive inheritances outright without regard to individual capabilities to manage property3. Executor not selected by estate owner4. Estate taxes may be unnecessarily increased Daily Double = 600 points Home What does SEC stand for?
What is a prenuptial agreement? Uniform Premarital Agreement Act (UPAA) Retirement Equity Act (REA) Uniform Probate Code (UPC)-spouse may elect to take part (1/3—1/2) of deceased spouse’s augmented estate Augmented = probated and certain Home non-probated assets (life insurance, annuities, retirement benefits)