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Wills, Trusts, and Estates - NCCP Examination Prep with verified solutions 2024.
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Wills, Trusts, and Estates - NCCP Examination Prep with verified solutions 2024.
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Wills, Trusts, andEstates - NCCP
Examination Prep with
verified solutions 2024
Estate Planning Process - answer 1. Determine the
Value of Your Estate
2. Choose Your Heirs and Decide What They
Receive
3. Determine the Cash Needs of the Estate
4. Select and Implement Your Estate Planning
Techniques
What role does a paralegal serve in estate
planning? - answer draft, read, and interpret legal
documents. including durable power of attorney.
Will - answer A legally enforceable declaration of
how a person wishes his or her property to be
distributed after death
, Who can make a will? - answer Any person of
sound mind, and 18 year of age or over can make a
will.
What happens if a person dies without a will? -
answer Passes intestate by the laws of their state.
Trust - answer An arrangement in which title to
property is held by one person (a trustee) for the
benefit of another (a beneficiary).
How does property ownership affect estate
planning? - answer the type of ownership can
affect such things as state and federal taxation,
claims from creditors, and whether the property is
subject to probate.
How is an estate distributed in NC to intestate
statutes? - answer 1. parents
2. siblings/children
3. grandparents
4. aunts and uncles
Who takes from an intestate estate and how much?
- answer If the defendant has children (for example
2), the surviving spouse will only receive a 1/3
interest in the real property.
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