Fundamentals of Estate Planning Test (HS330) - American College Actual Exam Questions
Last updated on April 11, 2026
The executor of an estate has a choice of waiving the executor’s fee. Factors that should be considered by the executor in making this choice include all the following EXCEPT:
whether the executor is otherwise a beneficiary of the estate
the income tax bracket of the executor
the estate tax bracket of the estate
the income tax brackets of the other beneficiaries
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Which of the following statements concerning ownership of property held in trust is (are) correct?
l only
II only
Both l and ll
Neither I nor II
The legal owner of property held in trust is a trustee. lI. The equitable owner of property held in trust is a beneficiary.
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Which of the following statements concerning property is (are) correct?
l only
II only
Both I and ll
Neither I nor II
Personal property is all property that is not considered to be real property. Il .A mortgage on real property is treated as real property.
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All the following statements concerning guardians for minors are correct EXCEPT:
A guardian named in a deceased parents will is not necessarily binding on the court.
A guardian has equitable title to the property he administers for the minor.
A special guardian can be appointed by the court to protect a minor’s rights in a legal proceeding.
A guardian of the person of a minor may not necessarily be the guardian of the minor’s property.
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Which of the following statements concerning the imposition of state death taxes on property owned by a decedent is (are) correct?
l only
II only
Both l and ll
Neither I nor II
Real estate must be taxed in the state where the decedent was domiciled. II. lntangible personal property is generally taxed in the state where the decedent was domiciled
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