Choose wisely. There is only one correct answer to each question.
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1.
Minimizing taxes is the predominant concern of most people in designing an estate plan.
False. Estate taxes are only an issue for those with estates worth more than a certain amount. Even for these folks, there are numerous other, more important family concerns and objectives to plan for.
2.
"Everything to my three children in equal shares" is an example of a(n) _______.
Simple will statement. This expresses very simple wishes.
3.
One advantage of life insurance is that the policy proceeds can be payable directly to the person named as beneficiary, thus bypassing probate court.
True. The policy payoff can promptly go to whomever you direct, with no probate court involvement, upon proof of your death.
4.
Under the laws of most states, the estate of a married person who dies without a will and has no children goes entirely to his or her spouse.
False. Only about half the estate generally is transferred to the surviving spouse under state law in this situation.
5.
Which of the following is a drawback to strictly "do-it-yourself" estate planning?
Self-help resources dont always deal with details, contingencies and specific issues that are important in your situation. Every family is different, and while self-help resources are valuable, by design they must deal in generalities.
