What Do You Know About Wills and Trusts? Test Your Estate-Planning Knowledge
Question 1 of 7
About what percentage of people ages 18 and up currently don’t have a will? (Hint: It’s higher than you might think.)
Question 2 of 7
If you’re not married, don’t have children and don’t own property, then you don’t need to worry about estate planning.
Question 3 of 7
Who decides what happens to your assets if you die without a will?
- Your spouse
- Your children
- A judge, following the laws set by your state legislature
- Your lawyer
Question 4 of 7
You need a will to make sure the money in which of these accounts goes to the heirs of your choice?
- Your 401(k)
- Your IRA
- Your savings and checking accounts
- Your life insurance policy and annuities
- None of the above
Question 5 of 7
Federal estate taxes, which can claim as much as 40% of taxable assets, are an issue for individuals with estates worth how much in 2020? (Hint: It’s more than you might think.)
- $3.5 million
- $5.49 million
Question 6 of 7
If you die with a will, your heirs can skip probate and your personal financial life will remain private.