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1.
"Everything to my three children in equal shares" is an example of a(n) _______.
Simple will statement. This expresses very simple wishes.
2.
Which of the following is not subject to probate?
Deceaseds IRA with spousal beneficiary. Property that passes outside the will is not subject to probate.
3.
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.
4.
One advantage of the transfer on death (TOD) account is simplicity.
True. A TOD account requires minimal effort to create, and transfer of the account funds should occur promptly after the institution receives proof of death.
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.