Estate Planning Quiz

Estate planning primarily deals with

• Borrowing money for business

• Managing and distributing your property after death

• Setting up a retirement fund only

• Paying income tax

Your estate consists of

• Only cash in bank

• Your house only

• Everything you own

• Only inherited property

Estate planning is only for the rich.

• True

• False

One reason people delay estate planning is because

• It is illegal

• They are busy with daily living

• It costs nothing

• It guarantees higher tax

Estate planning should be done while you are

• In poor health

• In good health

• Retired

• In debt

Probate is the process of

• Distributing property without a will

• Court validating the will

• Avoiding paying debts

• Preparing financial statements

Intestate means a person dies

• Without a will

• With a complex will

• In another state

• As a beneficiary

The executor of a will is responsible for

• Taking care of children

• Preparing tax returns

• Carrying out the terms of the will

• Writing the will

Beneficiaries refer to

• Banks that hold your assets

• People who receive property from a will or trust

• Executors of the will

• Creditors of the estate

A codicil is

• A new will

• A document modifying an existing will

• A letter to the lawyer

• A trust agreement