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.
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.
3.
"Everything to my three children in equal shares" is an example of a(n) _______.
Simple will statement. This expresses very simple wishes.
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.
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.