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Please complete the following quiz questions using the separate answer key worksheet.

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Please complete the following quiz questions using the separate answer key worksheet. Be;sure to respond to all of the questions, and include your name in your answer sheet. Then, save;and upload your answer sheet only to the Week 5 Quiz assignment area.;There are 10 questions in the Week 5 Quiz and it is due by Sunday, 11/2/14. If you have any;questions, please contact your instructor. Do not leave your quiz to the last minute give;yourself the gift of time and a clear mind. Good luck!;1. Why should you never designate minor children as your primary beneficiary, but instead;put assets intended for them into a trust?;a.;Because they cannot be trusted to manage their own money;b.;Because their guardians will likely mismanage the funds;c.;Because minors cannot legally inherit money;d.;Because the money will be held in probate court for over a year;2. When you have a will, what is the name of the court procedure that the will has to go;through before assets are giving to the beneficiaries?;a.;Beneficiaries court;b.;Death court;c.;Probate court;d.;Estate court;3. Having a durable, rather than traditional, power of attorney for health care (PoA) in;place is a good idea in the event that;a. your physician may recommend medical treatments that you are not able to afford;b. your family is opposed to some of your wishes or is divided about them;c. you only want certain doctors to treat you in a medical emergency;d. you want the PoA to remain in effect even if you become incapacitated;4. How are an advance directive and durable power of attorney (PoA) for health care;related?;a. A durable PoA for health care allows someone to pay for the cost of the care outlined in;an advance directive.;b. An advance directive is an agreement signed by the durable PoA for health care that;lists each of your doctors that can be paid for medical services.;c. A durable PoA for health care identifies the person who will advise medical personnel to;follow what you outline in your advance directive.;d. An advance directive outlines what medical treatment you consent to, and the durable;PoA for health care is the person who will deliver that treatment.;(Continued on next page);5. What is the main difference between a will and a living will?;a.A will outlines how your belongings are passed on to others, and a living will outlines how;the people mentioned in your will can use those belongings.;b.A living will explains who will make decisions for you in medical situations, and a will;explains who should receive your assets.;c. A will lists all your personal belongings, and a living will lists all your medical contacts.;d.A living will outlines what medical treatments you want, and a will outlines how your;belongings are passed on to others.;6. The person who creates a durable power of attorney for health care is known as the;a. grantor;b. donor;c. executor;d. guardian;7. How does a durable power of attorney for health care (PoA) differ from a traditional power of;attorney?;a. A durable PoA needs to be witnessed or notarized, but a traditional PoA does not.;b. A traditional PoA terminates when a person dies or becomes incompetent, but a durable;PoA remains in effect even after a person becomes incapacitated.;c. A durable PoA does not need to be written by an attorney, however, a traditional PoA is;only binding if it is drafted by an attorney.;d. A traditional PoA only grants authority over financial decisions, while a durable PoA;allies to both financial and health care decisions.;8. Funding a revocable living trust involves which of the following;a. Writing a will to handle your 401k and other non-property assets;b. Assigning title of your assets to the trust;c. Adding an incapacity clause;d. None of the above;9. What is the difference between a will and an advance directive?;a. A will is used to distribute your property after your death, an advance directive;allows you to specify, in writing, your health care preferences for the time when you;no longer have the capacity to provide consent.;b. An advance directive terminates if you become incompetent, while a will continues;in force even if you become incapacitated.;c. A will describes your preferences regarding treatment if you are faced with a;serious accident or illness, an advanced directive specifies what physicians are;allowed to treat you.;d. An advanced directive appoints someone to act on your behalf in financial or;medical matters, a will specifies how your assets will be distributed on your death.;10. The legal document that lets you transfer assets to your beneficiaries without having those;assets pass through probate is called;a. a living will;b. a holographic will;c. a bypass trust;d. a living revocable trust;University of Phoenix

 

Paper#27862 | Written in 18-Jul-2015

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