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Free HS-330 Exam Braindumps
HS-330 Fundamentals of Estate Planning Test Questions 146–150 (page: 31)

Updated On: 9-Feb-2026
Page 31 of 81
PDF with 400 Questions

In all cases a trustee must invest trust assets in accordance with the

  1. common law standard of the prudent person
  2. stated provisions of the trust instrument
  3. requirements of a state's permissive legal list
  4. requirements of a state's mandatory legal list

Answer(s): B



The failure of an individual to have a will can result in all the following EXCEPT:

  1. Testamentary gifts to charity cannot be made.
  2. The decedent's state of domicile might receive the property left by the decedent.
  3. Unnecessary death taxes may be imposed.
  4. A surviving spouse receives only his or her elective share.

Answer(s): D



All the following statements concerning property ownership by a married couple residing in a community-property state are correct EXCEPT:

  1. Property inherited during the marriage is the separate property of the spouse who inherited it.
  2. Income earned by one spouse becomes community property.
  3. Community property loses its identity when a community-property couple moves to a common law state.
  4. All property that is not separate property is community property.

Answer(s): C



An individual who is a resident of State W is also the sole proprietor of a business located in State W. He owns real property located in State X that is used by the proprietorship. While on vacation in State Y, the individual meets an untimely death. Under the terms of his will, his entire estate is bequeathed to a resident of State Z. Which state will tax the real property used by the proprietorship?

  1. State W
  2. State Z
  3. State Y
  4. State X

Answer(s): D



All the following items of property will be included in a decedent's gross estate for federal estate tax purposes EXCEPT

  1. the value of property subject to a general power of appointment that the decedent possessed at death
  2. the value of a gratuitous lifetime transfer in which the decedent retained a reversionary interest on the date of death worth more than 5 percent of the value of the property and which thedonee must survive the decedent to possess
  3. the value of all gratuitous lifetime transfers of property made within 3 years of death
  4. the value of a gratuitous lifetime transfer in which the decedent retained the right for life to receive the income from the property

Answer(s): C



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