The Basics Of Estate Planning! Trivia Questions Quiz

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| By Insideoutcreativ

Insideoutcreativ

Community Contributor

Quizzes Created: 1 | Total Attempts: 119

Questions: 5 | Attempts: 119 | Updated: Mar 21, 2023

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Questions and Answers

1.

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

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2.

It is recommended that estate planning be done around age 40.
- A.
  
  True
- B.
  
  False
Correct Answer
B. 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.
- A.
  
  True
- B.
  
  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.
- A.
  
  True
- B.
  
  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.
- A.
  
  True
- B.
  
  False
Correct Answer
B. 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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Current Version
Mar 21, 2023

Quiz Edited by
ProProfs Editorial Team
Feb 23, 2011

Quiz Created by
Insideoutcreativ

The Basics Of Estate Planning! Trivia Questions Quiz

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

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.