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American College HS-330 Exam
HS-330 Fundamentals of Estate Planning Test (Page 3 )

Updated On: 7-Feb-2026
Page 3 of 81
PDF with 400 Questions

Which of the following terms applies to the blending together of separate and community properties of spouses in community-property states?

  1. Inception
  2. Transmutation
  3. Commingling
  4. Proration

Answer(s): C



All the following statements concerning wills are correct EXCEPT:

  1. Once a person is named as an executor in a will, he or she is required to serve.
  2. A codicil is a valid modification of a will.
  3. A testator may lose the capacity to revoke a will prior to death.
  4. In most states a surviving spouse can elect against a will that completely disinherits him or her.

Answer(s): A



If a grantor establishes an irrevocable trust, the income of the trust will be taxed to the grantor if it is used to pay premiums for life insurance on the life of

  1. a child of the grantor
  2. the father of the grantor
  3. the spouse of the grantor
  4. a grandchild of the grantor

Answer(s): C



Which of the following statements concerning ownership of property in the form of a joint tenancy with right of survivorship is correct?

  1. Qualified joint tenancies cannot be severed without mutual consent.
  2. Upon the death of a joint tenant, the surviving joint tenant receives the decedent's interest by operation of law.
  3. Nonqualified joint tenants may have unequal interests in the property.
  4. This form of ownership is limited to real property.

Answer(s): B



Which of the following statements concerning executors is correct?

  1. An executor can be given broad and discretionary powers with respect to the management of the estate.
  2. All executors must post bonds.
  3. The executor must be a licensed attorney in the decedent's state of domicile.
  4. The executor named in the will of a deceased person is automatically authorized to act.

Answer(s): A






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