>back to Foundation |  |  Test Your Knowledge About Your Will
1. What percentage of Americans have current wills?
a. 40%
b. 80%
c. 55%
d. 30%
2. If you die without a will, who will decide where your assets will go and how?
a. Your spouse, based on a legal formula.
b. Your closest living blood relative, based on a legal formula.
c. The state where you legally reside, based on a legal formula.
d. Your spouse, based on a lawyer's review of your assets.
3. How can you update your will if there are minor changes?
a. By marking any changes in your will and initialing them.
b. You need to create a new will.
c. By asking your attorney to prepare a codicil.
d. You can leave your will as it is, if there are only minor changes, because the joint property you have will simply go to the other person.
4. Why should you include a specific gift distribution list in your will?
a. To abide by the laws of your place of residence.
b. To make sure there is no confusion or wrangling among heirs.
c. To save your attorney time when drafting your will.
d. To fulfill the legal requirements of drafting a will.
5. A personal and domicile identification article is important to include in your will because property in all states have similar consequences. True or False?
6. An outdated will may be as bad as, or worse than, not having a will at all. True or False?
7. If you have a will, you
a. can direct the division of your property only according to certain rules.
b. cannot make special financial arrangements for family members who are minors, disabled or unfamiliar with money management.
c. can minimize the taxes on your estate by creating trusts.
d. cannot provide support for your favorite charitable organizations.
Answers are provided below. |