Trust
The person who creates a Trust.
What is a Settlor.
Taking out more money than what you have in your bank account is called what?
overdrawn
The name of a person who handles an estate with no will
What is an administration?
also known as the second mortgage, enables you to borrow money against the value of equity in your home.
What is home equity loan?
The name of the person who gives the authority to another person
What is the principal?
One of the most important steps after creating your trust.
What is funding the trust?
What have debit cards taken the place of ?
Writing checks
The only person who cannot be excluded from a will in PA
What is a spouse?
These are loans offered to students to attend school
Subsidized, unsubsidized, parent plus, and private loans
The name of the person the principal gives authority to.
What is an agent?
A type of trust in which the individual thats sets up the trust can change?
What is a revocable living trust?
2 items one needs to compare on a monthly basis to look for mistakes between record sets
your bank statement and check register
A person who dies without a will is said to have died....
What is an intestate?
The repayment of the loan by installment to cover principal amount with interest is known as ...
What is Amortization?
This is the name of the document that gives you the authority to act on behalf of the principal?
What are Powers of Attorney?
Tool that can protect assets from creditors and nursing homes (department of human services)
What is a irrevocable trust?
List the 4 most common ways you can operate your accounts?
a) Internet banking
b) Telephone or Mobile banking
c) Branch or Over the counter service
d) ATM ( Automated Teller Machine)
Testamentary Capacity, Lack of Duress or Undue Influence.
What are two of the three most common reasons a will can be challenged?
Calculated by dividing a loan applicant’s total debt payment by his gross income.
What is debt-to-Income ratio?
All powers of attorney now should have this language in them for disability purposes
What is durable?
Was used for tax savings purpose but is now not needed for people with an Estate of under $5,250,000 ($10,500,000 married couples)
What is a Federal Estate Tax Planning Trust?
An electronic transfer of funds between banks or financial institutions.
What is an ACH?
I'll accept wire..
The name of the person appointed through the probate process to carry out the instructions in your will.
What is a personal representative or executor?
the interest rate remains same throughout the term of the loan or mortgage vs. the interest rate will change without notice, based on the other factors like ‘prime rate’.
What is fixed vs variable APR/rate?
A document everybody over the age of 18 should have
What is a medical/healthcare powers of attorney?