1. Donna M. Kesot, CPCU, Copyright 2012 . All Rights Reserved, 4-25-2012

2. Estates Trusts Trusts 101 Ownership
100 100 100 100
200 200 200 200
300 300 300 300
400 400 400 400

3.  Property handled and distributed by the
personal representative upon a person’s
death

4.  What is a probate estate?
Home

5.  Net estate of One’s Heirs

6. What are estate assets that will go to heirs
after payments for cost of dying?
Cost of dying: debts, claims, administrative
expenses, and taxes
Home

7.  Inheritance taxes levied on right to
receive property, on right to give away
property or both

8. What is State Death Tax Value?
(All states except NV)
Home

9.  Six Steps in Estate Settlement

10. What are:
1. Assemble estate property (probate property)
2. Safekeeping, safeguarding, and insuring estate
property during estate administration
3. Managing estate property temporarily
4. Paying estate debts, expenses, & taxes
5. Accounting for the estate administration
6. Making distribution of net estate to proper heirs
Home

11.  Uniform Statuatory Rule Against
Perpetuities (USRAP)

12. What is the law that limits trusts to no longer
than 90 years
(AK, AZ, CO, DE, ID, IL, MD, SD, & WI allow
dynasty trusts)
Home

13.  Uniform Prudent Investor Act

14. What is the rule that the trustee should make
investments exercising reasonable care, skill,
and caution, given the circumstances and
objectives of the trust and considering the
portfolio as a whole
Daily Double 400 points
Home

15. Much like a mutual fund, this type of trust
comingles

16.  What is a common trust fund?
Home

17.  Total Return Trust

18.  What is a trust where part of the
payment to a beneficiary may include
the principal
Home

19.  A fiduciary arrangement set up by
someone called the ______________
whereby a person, corporation, or
organization, called the ___________ has
___________ _____________ to property
placed in the trust.

20. What are:
 Grantor, creator, settlor of the trust
 Trustee
 Legal Title
Home

21.  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

22. What are two of many reasons
for creating a trust?
What are other reasons?
Home

23.  Trust of beneficiaries with disabilities who
need to maintain eligibility for various
government benefits.

24.  What is a special needs trust
Home

25. Trusts that protect grantors from their own
future creditors

26. What are
 Asset Protection Trusts (APTs) or onshore
trusts, and
 Offshore Asset Protection Trusts (OAPTs)?
Home

27.  Ownership Forms, name 4

28. 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

29.  Kinds of Trusts (3)

30. What are
1. Testamentary(wills)
2. Living (inter vivos)
› Revocable or Irrevocable
3. Insurance (Living) Trust (of Life Insurance)
Home

31.  Four Problems with Intestate Distribution

32. What are:
1. Not chosen by estate owner (dictated by law)
2. Beneficiaries receive inheritances outright without
regard to individual capabilities to manage
property
3. Executor not selected by estate owner
4. Estate taxes may be unnecessarily increased
Daily Double = 600 points
Home
What does SEC stand for?

33.  Prenup

34. 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)