Test Your Knowledge: Wills Quiz

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 An outdated will may be as bad as, or worse than, not having a will at all.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. Why do some people not take the time to create current wills?
A. They may be afraid to address their mortality.
B. They may not think their estates are large enough.
C. They may not want to take the time or spend the money to create a will.
D. all of the above

8. 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.

9. Which is a change that may trigger a will update?
A. family situation
B. a new domicile
C. assets required or disposed of
D. all of the above

10. Whether or not you have a will, much of your property may pass in other ways. For example, joint property generally goes to the other owner and property with a named beneficiary goes directly to that person. These alternative arrangements are an adequate substitute for a will. True or False
(Answers below)

Answers

1. A
2. C
3. C
4. B
5. False. It is because property in different states and property in more than one state have different tax consequences.
6. True. Many things can change to make the terms of an old will very different from current intentions.
7. D
8. C
9. D
10. False. Chances are, everything you own is not covered.

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