Questions from Personal Finance

Q: Briefly describe the steps involved in the estate planning process.

Briefly describe the steps involved in the estate planning process.

Q: What is a will? Why is it important? Describe the

What is a will? Why is it important? Describe the consequences of dying intestate.

Q: Describe the basic clauses normally included in a will and the requirements

Describe the basic clauses normally included in a will and the requirements regarding who may make a valid will.

Q: How can changes in the provisions of a will be made legally

How can changes in the provisions of a will be made legally? In what four ways can a will be revoked?

Q: Explain these terms: (a) intestacy, (b)

Explain these terms: (a) intestacy, (b) testator, (c) codicil, (d) letter of last instructions.

Q: What is meant by the probate process? Who is an executor

What is meant by the probate process? Who is an executor, and what is the executor’s role in estate settlement?

Q: Describe briefly the importance of these documents in estate planning: (

Describe briefly the importance of these documents in estate planning: (a) power of attorney, (b) living will, (c) durable power of attorney for health care, and (d) ethical will.

Q: Define and differentiate between joint tenancy and tenancy by the entirety.

Define and differentiate between joint tenancy and tenancy by the entirety. Discuss the advantages and disadvantages of joint ownership. How does tenancy in common differ from joint tenancy?

Q: Nichole Whiting is the director of a major charitable organization in Charlotte

Nichole Whiting is the director of a major charitable organization in Charlotte, North Carolina. A single mother of one young child, she earns what could best be described as a modest income. Because...

Q: Describe the balance sheet, its components, and how you would

Describe the balance sheet, its components, and how you would use it in personal financial planning. Differentiate between investments and real and personal property.