Planning Beginner: Understanding Estate Planning

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1.
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.
2.
Which of the following is not subject to probate?
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Deceaseds IRA with spousal beneficiary. Property that passes outside the will is not subject to probate.
3.
One advantage of the transfer on death (TOD) account is simplicity.
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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.
4.
Which would be the best device for distributing assets after death when certain conditions must be met?
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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.
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.