Choose wisely. There is only one correct answer to each question.
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1.
A persons estate can be thought of simply as all his or her property.
True. The term has slightly different meanings in different contexts, but property is the best practical definition.
2.
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.
3.
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.
4.
If one dies without a will (intestate), the federal laws of intestacy determine how the deceaseds estate will be distributed.
False. If one dies intestate, it is the state laws of intestacy that govern, not federal law.
5.
Property placed in a trust you control completely must pass through probate court upon your death.
False. Probate court can be avoided if the decedents property is formally owned by a trust, not by him or her, personally.