The Basics Of Estate Planning! Trivia Questions Quiz

Reviewed by Editorial Team
The ProProfs editorial team is comprised of experienced subject matter experts. They've collectively created over 10,000 quizzes and lessons, serving over 100 million users. Our team includes in-house content moderators and subject matter experts, as well as a global network of rigorously trained contributors. All adhere to our comprehensive editorial guidelines, ensuring the delivery of high-quality content.
Learn about Our Editorial Process
| By Insideoutcreativ
I
Insideoutcreativ
Community Contributor
Quizzes Created: 1 | Total Attempts: 148
| Attempts: 148
SettingsSettings
Please wait...
  • 1/5 Questions

    If you pass away without an estate plan, the state in which you live will determine how your assets are divided.

    • True
    • False
Please wait...
About This Quiz

Explore the essentials of estate planning with this trivia quiz! Learn the importance of timely planning, debunk myths about income thresholds, understand state roles in asset division without a plan, and grasp the impact of planning on protecting beneficiaries.

The Basics Of Estate Planning! Trivia Questions Quiz - Quiz

Quiz Preview

  • 2. 

    It is recommended that estate planning be done around age 40.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    No matter what your stage of life, the time to create an estate plan is now. Making a plan when you're healthy and without an emergency looming allows you to explore all your options and make educated decisions.

    Rate this question:

  • 3. 

    Proper planning can help save your children from their own misjudgments and bad habits.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    If you're worried about your children having complete control over their inheritance, you can leave their inheritance in trust and appoint someone else to make decisions about how the money will be used.

    Rate this question:

  • 4. 

    Estate plans are designed for people with a household income above $250,000.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Your estate consists of all property that you own. This means that even the furniture you own is part of your estate. Your estate also consists of the money you have in a bank or other financial institutions (including any checking accounts, savings accounts, CD’s, etc.). Life insurance, retirement accounts, and more are also part of your estate. This means that anyone who has any of the above is someone who should have an estate plan.

    Rate this question:

  • 5. 

    Once you create your estate plan you can sit back and relax knowing you have done everything you can do to protect your assets and your beneficiaries.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    After you put an estate plan in place it is important to review your plan on a regular basis to make sure it keeps up with your life changes (marriage, divorce, birth of a child, or even new laws).

    Rate this question:

Quiz Review Timeline (Updated): Mar 21, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Feb 23, 2011
    Quiz Created by
    Insideoutcreativ
Back to Top Back to top
Advertisement
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.