Choose wisely. There is only one correct answer to each question.
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1.
A simple will is a good way to make bequests with "strings attached."
False. Trusts are used to make bequests with "strings," since they can be pulled by a trustee.
2.
Which of the following statements is true?
Property dispositions arranged outside of probate court stand on their own whether there is a will or not. These non-probate dispositions through beneficiary designations, etc., provide an alternative means of transferring property.
3.
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.
4.
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.
5.
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.