Chapter 21.2 - Estate Planning

If the heirs contest a will during probate, they must prove that the will does not follow state law, that the deceased was not of sound mind, or that someone exerted undue influence.

• True

• False

An irrevocable trust means that the settler can change it in order to save money on taxes.

• True

• False

Attested means a will must be witnessed by the number of people required by that state.

• True

• False

A person who cannot sign his or her name may make a mark on the will as long as the mark is intended to be a signature.

• True

• False

Children who are intentionally omitted from a parent's will receive nothing from the parent's estate.

• True

• False

Estate planning is important because it is a way to protect your assets before and after death.

• True

• False

Beneficiaries have the right to

• be notified when a will is probated.

• make decisions about the living will.

• make medical directives for the person creating the will.

• durable power of attorney.

A spendthrift trust is designed to protect the assets from being spent recklessly by the _______________.

• executrix

• court.

• beneficiary

• trustee

The main purpose for creating trusts is to ___________.

• provide a living will for the beneficiary

• avoid taxes

• validate a complex will

• help people provide for their children

In Indiana, a surviving spouse who does not agree with the deceased spouse’s will ________________.

• may claim up to $25,000 regardless of what the will said.

• may apply for homestead protection.

• is generally not met with favor by the courts.

• may not petition to take a different portion of the estate.