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Estate Planning Quiz

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Estate Planning Quiz

1. Question: If I have a will, can I avoid a court procedure called probate?

A. ( ) True
B. ( ) False

Answer: B.

2. Question: What is probate court?

A. ( ) It is the court where creditors can file a lawsuit against my family upon my death.
B. ( ) It is a court where a will is admitted to probate.
C. ( ) It is a public legal process used to transfer assets that were owned by a deceased person.

Answer: B & C

3. Question: What is a Revocable Living Trust?

A. ( ) An estate plan, along with a pour-over will is subject to probate court.
B. ( ) A Trust to hide the assets of wealthy people.
C. ( ) An estate plan that is unlike a will may avoid probate court.

Answer: C.

4. Question: Is real estate located outside the state of Illinois subject to probate court in every state where you own real estate?

A. ( ) True
B. ( ) False

Answer: Real estate owned outside of Illinois is subject to probate court if you do not adequately plan your estate. A will is typically inadequate.

5. Question: In calculating your net worth, what does the Government consider as an asset?

A. ( ) A house, stocks, bonds, annuities and bank accounts.
B. ( ) Everything you own except for life insurance policies.
C. ( ) Everything you own including life insurance policies.
D. ( ) Everything you own except life insurance policies and business interests.

Answer: C

6. Question: If you have children under the age of 18, and the parents are both deceased, who will become the guardian of your children?

A. ( ) A guardianship court legal procedure is required to determine who will be an appropriate guardian of your child or children.
B. ( ) A guardianship court legal procedure typically will incur court costs and attorney’s fees, and quite possibly family discord.
C. ( ) A Judge will determine who is guardian over my child or children.

Answer: All of the above.

7. Question: Do you own real estate that is investment property, titled in your personal name and not in an LLC or corporation (Inc.)?

A. ( ) True.
B. ( ) False.

Answer: If you answered this question by marking off A, you should have a corporation (Inc.) or limited liability company (LLC) to protect your real estate assets.

8. Question: If you own real estate that is titled in your individual name, are all your assets and property subject to a lawsuit?

A. ( ) True.
B. ( ) False.

Answer: A. If you do not have any corporation and/or LLC liability protection.

9. Question: Do you have a loved one such as a child, spouse, brother or sister that would receive an inheritance and spend the money recklessly?

A. ( ) Yes.
B. ( ) No.

Answer: If you answered “A”, a Living Trust or other Trust can prevent this from happening.

10. Question: What is a Power of Attorney for Property & Finances?

A. ( ) A legal document where you choose an Agent (person) that manages your finances, property and affairs if you become incapacitated.
B. ( ) A will that will be created upon your death.

Answer: A.

11. Question: What is a Power of Attorney for Healthcare?

A. ( ) A legal document that chooses a person that will become your Agent, whom will make healthcare decisions for you when you are incapacitated, unconscious or have been diagnosed by a physician that you will never regain consciousness.
B. ( ) A state law that grants the state and transfers your assets upon your death.

Answer: A.

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