"The Foundation" is pleased to offer this test as a means of your
"taking inventory." Take the following test to see how much you know and
how much you need to learn.
All items can be answered by a T for True or an F for False. There
are no trick questions. Print this page and check your answers on the "The Foundation"
"Answer
Page."
| 1. IF A PERSON HAS A
WILL, HIS ESTATE DOES NOT GO THROUGH PROBATE.
|
| T
|
|
|
| F
|
| 2. YOUR WITNESSES MUST READ YOUR WILL.
|
| T
|
|
|
| F
|
| 3. LIFE INSURANCE MUST PASS BY THE
WILL.
|
| T
|
|
|
| F
|
| 4. THE AVERAGE PROBATE TAKES MORE THAN 3
MONTHS.
|
| T
|
|
|
| F
|
| 5. A JOINT DEED IS MORE POWERFUL THAN A
WILL.
|
| T
|
|
|
| F
|
| 6. A WILL CAN CREATE A SPENDTHRIFT
TRUST.
|
| T
|
|
|
| F
|
| 7. YOUR SON SHOULD KEEP THE ORIGINAL OF
YOUR WILL.
|
| T
|
|
|
| F
|
| 8. HEIRS PAY INCOME TAX ON PROCEEDS OF A
WILL.
|
| T
|
|
|
| F
|
| 9. A WILL CAN BE CHALLENGED IN COURT.
|
| T
|
|
|
| F
|
| 10. A WILL CONTROLS THE MONEY IN A JOINT
BANK ACCOUNT.
|
| T
|
|
|
| F
|
| 11. A WILL IS PROBATED BEFORE THE
FUNERAL.
|
| T
|
|
|
| F
|
| 12. BOTH HUSBAND AND WIFE SHOULD HAVE
WILLS.
|
| T
|
|
|
| F
|
| 13. JOINT OWNERSHIP IS AN ADEQUATE WILL
SUBSTITUTE.
|
| T
|
|
|
| F
|
| 14. A JOINT WILL IS ONE DOCUMENT FOR TWO
PEOPLE.
|
| T
|
|
|
| F
|
| 15. A HANDWRITTEN WILL MUST BE
NOTARIZED.
|
| T
|
|
|
| F
|
| 16. A WILL CAN NOMINATE A GUARDIAN FOR YOUR
CHILD.
|
| T
|
|
|
| F
|
| 17. A WILL IS THE ONLY WAY
PROPERTY CAN BE TRANSFERRED FROM ONE GENERATION TO ANOTHER.
|
| T
|
|
|
| F
|
| 18. TRUSTS CREATED BY WILL ARE TESTAMENTARY
TRUSTS.
|
| T
|
|
|
| F
|
| 19. ASSETS PASSED BY WILL ARE NOT IN THE
TAXABLE ESTATE.
|
| T
|
|
|
| F
|
| 20. ASSETS PASSED BY WILL ARE IN THE PROBATABLE
ESTATE.
|
| T
|
|
|
| F
|
| 21. IF YOU OWN PROPERTY IN MORE THAN ONE
STATE, YOUR ESTATE MAY NEEDTO BE PROBATED IN EACH STATE WHERE PROPERTY IS
LOCATED.
|
| T
|
|
|
| F
|
| 22. A DEED CAN PASS PROPERTY TO THE NEXT
GENERATION.
|
| T
|
|
|
| F
|
| 23. RETIREMENT IS AN EXCELLENT TIME TO WRITE
YOUR FIRST WILL.
|
| T
|
|
|
| F
|
| 24. IF YOU HAVE NO WILL, YOUR PROPERTY MAY
PASS UNDER THE LAWS OF YOUR STATE.
|
| T
|
|
|
| F
|
| 25. A WILL PROPERLY WRITTEN OVER 20 YEARS
AGO IS NO LONGER VALID.
|
| T
|
|
|
| F
|
| 26. A WILL WHICH IS DESIGNED TO PASS ASSETS
INTO A LIVING TRUST IS CALLED A "POUR-OVER WILL."
|
| T
|
|
|
| F
|
| 27. IF YOU HAVE NO WILL, THE PERSON YOU WANT
IS AUTOMATICALLY SELECTED TO BE YOUR CHILDREN'S GUARDIAN.
|
| T
|
|
|
| F
|
| 28. IN CASE MORE THAN ONE WILL IS SUBMITTED
FOR PROBATE, THE JUDGE DECIDES WHICH IS THE TRUE WILL.
|
| T
|
|
|
| F
|
| 29. IF YOU HAVE A LIVING TRUST, YOU DO NOT
NEED A WILL.
|
| T
|
|
|
| F
|
| 30. WHEN YOU MOVE TO ANOTHER STATE, YOU SHOULD
REVIEW YOUR WILL.
|
| T
|
|
|
| F
|
| 31. A WILL MUST BE WRITTEN ON LEGAL-SIZED
PAPER.
|
| T
|
|
|
| F
|
| 32. TO BE VALID, A WILL MUST BE SIGNED.
|
| T
|
|
|
| F
|
