Planning Beginner: Understanding Estate Planning

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1.
Property placed in a trust you control completely must pass through probate court upon your death.
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False. Probate court can be avoided if the decedents property is formally owned by a trust, not by him or her, personally.
2.
A persons estate can be thought of simply as all his or her property.
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True. The term has slightly different meanings in different contexts, but property is the best practical definition.
3.
If one dies without a will (intestate), the federal laws of intestacy determine how the deceaseds estate will be distributed.
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False. If one dies intestate, it is the state laws of intestacy that govern, not federal law.
4.
A simple will is a good way to make bequests with "strings attached."
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False. Trusts are used to make bequests with "strings," since they can be pulled by a trustee.
5.
In order to dispose of your post-death property as you see fit, a will is always necessary.
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False. Though wills are very commonly advised, property can also be disposed of through other means, such as trusts and beneficiary designations.