Infographics

Videos

Podcasts

Download our Podcasts and take them on the go.

FAQs

Quizzes

"*" indicates required fields

1. Co-Trustees must always act jointly when it comes to trust administration.*
2. The assignment of powers among Co-Trustees must always be equal.*
3. What is an advantage of having more than one Trustee?*
4. Which is not a potential disadvantage of having more than one Trustee?*
5. If Co-Trustees are required to act jointly, that means that each legal document that is executed for trust administration requires:*
1. Guardianship is when someone orders someone other than a child’s parent to:(Required)
2. A Guardian of the Person is responsible for providing a minor child with all of the following except(Required)
3. A Guardian of the Estate is responsible for providing a minor child with the following except:(Required)
4. The Guardian of the Person and the Guardian of the Estate must be the same person.(Required)
5. Parents can nominate one or more guardians for a minor child by:(Required)

"*" indicates required fields

1. Which is NOT a duty of a Trustee who is managing trust investments?*
2. Which of the documents below is NOT necessary when a successor Trustee is taking over an existing trust account due to the Trust maker’s incapacity?*
3. In order to decide which investments to use, a Trustee should start by reading the trust document.*
4. Which of the following is NOT a question that should inform the way in which a Trustee manages trust investments?*
5. Investments must be tailored to address the Trust maker’s goals and the specific needs of the beneficiaries.*

"*" indicates required fields

1. What is a Life Estate?*
2. The Life Tenant may live in or use the property during his or her lifetime.*
3. The Remainder Person is not allowed to live in or use the property until the Life Tenant dies.*
4. Which of the following legal documents cannot be used to create a Life Estate?*
5. Which of the following is not true about the Remainder Person?*

"*" indicates required fields

1. Why should you run a title search on trust-owned real estate?*
2. What is the purpose of recording an Affidavit of Death in each county where any trust-owned property is located?*
3. You do not need to conduct an appraisal if you plan to distribute trust-owned real estate to beneficiaries.*
4. Why does a Trustee need to change the locks on trust-owned real estate?*
5. What should a Trustee consider doing to minimize liability when trust-owned real estate is sold?*

"*" indicates required fields

1. What does a Special Needs Trust do?*
2. Why can’t a Trustmaker simply give an outright gift or inheritance to a person with special needs who is receiving Medicaid or Supplemental Security Income (SSI) benefits?*
3. Third Party Special Needs Trusts are set up with assets that belong directly to a disabled person; this may include money that comes from an inheritance, legal settlement and assets saved up before the onset of a disability.*
4. What is the most important difference between First Party and Third-Party Special Needs Trusts?*
5. Generally, trust funds can be used for the following items and services, except:*

"*" indicates required fields

1. What is the primary purpose of an Inheritance Protection Trust?*
2. An Inheritance Protection Trust is useful if a Trustmaker has a loved one who can be described in the following ways, except:*
3. An Inheritance Protection Trust is a trust with terms that are specifically meant to prevent beneficiaries from mismanaging or squandering their inheritance.*
4. To whom does the Trustmaker give the responsibility of managing trust funds and making trust payouts?*
5. Which of the following is NOT a type of trust payout?*

"*" indicates required fields

1. What is the “Prudent Investor” rule?*
2. What does the “Prudent Investor” rule do?*
3. A Trustee generally has a responsibility to must make trust assets earn at least enough of a return to keep up with inflation.*
4. What does it mean to “diversify” investments?*
5. When considering investment options, a Trustee should look beyond the features of a particular investment and also consider the following, except:*

"*" indicates required fields

1. Which of the following is not a duty of a Trustee?*
2. A Trustee is a fiduciary which means he or she must be:*
3. If you are a Trustee, you can combine your assets with trust assets as long as you keep track of what you spend on trust matters.*
4. If a Trustee fails to follow the rules that apply to fiduciaries, which of the following is not a possible consequence?*
5. A Trustee who works hard may occasionally make gifts to himself of trust property.*

"*" indicates required fields

1. What is the most important responsibility of a Trustee of a Special Needs Trust?*
2. Which government program with financial eligibility restrictions should the Trustee of a Special Needs Trust be sure to study carefully?*
3. What is a Letter of Intent?*
4. Medicaid is a national public health insurance program that provides healthcare coverage for qualifying individuals.*
5. The Trustee of a First Party Special Needs Trust may have a duty to account to the probate court.*

"*" indicates required fields

1. What is incapacity?*
2. Almost 2/3 of Americans with Alzheimer's are women.*
3. What happens when a person is no longer able to handle his or her own affairs and has failed to plan ahead?*
4. Which of the following is not a duty of a Conservator of a Person?*
5. Which of the following is a duty of a Conservator of an Estate?*

"*" indicates required fields

1. What is intestate succession?*
2. Which of the following persons do not typically inherit property under state law?*
3. If you fail to draft a will or trust, you are effectively disinheriting everyone except:*

"*" indicates required fields

1. Whether you die with a will or no will, your loved ones must go to probate court in order to collect and distribute your things.*
2. An executor is:*
3. An executor is responsible for everything except:*
4. What is not generally true about the probate process?*
5. Trust-owned assets are not subject to probate.*

"*" indicates required fields

1. A living trust has at least 3 parties. Which of the following is not a party to a trust?*
2. When a Trustmaker dies, what is the first thing the back-up Trustee must do?*
3. When reading the trust document for the first time, the back-up Trustee should be focused on determining all of the following except:*
4. A Trustee has a duty to do all the following except:*
5. A Trustee has the right to spend, invest and manage the assets owned by the trust, including real estate, bank and brokerage accounts, business interests, and death benefit proceeds payable to the trust.*

"*" indicates required fields

1. You can also use a will to lay out your final wishes and nominate a guardian for surviving minor children.*
2. An Executor is:*
3. In order to carry out the plan you set out in your will, your Executor must go to probate court.*
4. A trust is a legal document where you can set forth two plans: (1) What happens to your stuff when you die; and*
5. If you become incapacitated and you’ve only drafted a will, the court will appoint a guardian or conservator to manage your affairs.*

Forms & Templates

2022 © Próxima, LLC. All rights reserved.