The Process of Determining What Your Heirs Will Receive from Your

question 29

Multiple Choice

The process of determining what your heirs will receive from your estate occurs in which step of the estate planning process?

• A)Step 1
• B)Step 2
• C)Step 3
• D)Step 4
• E)Step 5

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Definitions:

Formality

Specific procedures or ceremonial acts required by tradition, law, or other authority to validate acts, documents, or agreements.

Limited Liability

A legal principle that protects an owner or investor's personal assets from being used to satisfy business debts or claims.

RUPA

The Revised Uniform Partnership Act, which governs the operation of partnerships in the United States.

Co-owner

An individual or entity that shares ownership in an asset with one or more parties.