THE NATIONAL WILLS TEST
Certainly, we all need to know as much as possible about wills.
How much do you know?
"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 A WILL PROPERLY WRITTEN OVER 20 YEARS AGO IS NO LONGER VALID.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 |
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