The Basics Of Estate Planning! Trivia Questions Quiz

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| By Insideoutcreativ

Insideoutcreativ

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Quizzes Created: 1 | Total Attempts: 140

| Attempts: 141

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1/5 Questions

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

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

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.

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3.

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

A. True

Explanation

If you pass away without an estate plan, you give up control over who inherits your property. Instead, your state's intestacy laws kick in, and dictate how your assets are divided up and passed on.

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4.

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.

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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).

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The Basics Of Estate Planning! Trivia Questions Quiz

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

Quiz Preview

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

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

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

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.