Asked by Erika Johnson on Jul 20, 2024
Verified
Determining in advance how one's property and obligations should be transferred on death is the process of
A) risk management.
B) intestacy law.
C) debt maintenance.
D) estate planning.
Intestacy Law
Legal provisions that govern the distribution of a deceased person's estate when they die without a valid will, determining how assets are allocated among survivors.
Estate Planning
Planning in advance how one’s property and obligations should be transferred on one’s death. Wills and trusts are two basic devices used in estate planning.
- Assimilate the roles and imperatives of trusts, wills, and estate planning in asset apportionment.
Verified Answer
LO
Lisette Ortega-OropesaJul 21, 2024
Final Answer :
D
Explanation :
Estate planning is the process through which an individual plans how their property and obligations will be managed and distributed upon their death.
Learning Objectives
- Assimilate the roles and imperatives of trusts, wills, and estate planning in asset apportionment.