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1.
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.
2.
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.
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.
Which would be the best device for distributing assets after death when certain conditions must be met?
Trust. A trust document can be drafted to set forth a personalized combination of specific instructions, with or without discretionary judgments allowed to your trustee, so that money is given to whom you want, when, and for the purposes you specify.
5.
In order to dispose of your post-death property as you see fit, a will is always necessary.
False. Though wills are very commonly advised, property can also be disposed of through other means, such as trusts and beneficiary designations.