|
|
|
|
An Estate Planning Quiz
|
 |
An Estate Planning Quiz
"Estate Plan" means something different to everyone. Each plan reflects an individual's unique desires, properties, and priorities.
A good estate plan results in the best management of your assets, now and later, for you and your loved ones who may survive you.
Beginning or improving an estate plan is easier if you have an idea of how estate planning can help you reach your goals. With that thought in mind, the following quiz has been prepared by an estate planning expert.
The Questions
Answer each question TRUE or FALSE, then total your score using the table at the end of this quiz. Any question you cannot answer due to incomplete estate planning should be answered as FALSE. If a question does not apply to your situation, answer TRUE.
1) I have a will.
2) I have not moved to a different state since last reviewing my estate plan (including my will).
3) My marital status has not changed since I last reviewed my estate plan.
4) I have taken steps necessary to suggest a guardian for my minor child(ren) or other dependents, should this be necessary.
5) Children or grandchildren have not been added to my family since my plans were last reviewed.
6) My children and/or spouse would need no assistance in managing property left to them by me.
7) I have not experienced a significant increase or decrease in wealth since my last estate planning review.
8) I have not given away or sold property that is named in my will to go to an heir.
9) My special friends have been provided for in my will.
10) Everyone I have provided for in previous plans still needs the same amount and type of assistance.
11) I have made adequate provisions for transferring business interest I may own.
12) There are no persons for whom I would like to provide temporary help (e.g., education of children or grandchildren).
13) I am aware of the amount of property I may leave tax free under current federal and state law.
14) I have a good idea of the amount of estate taxes that will be due at my death and have specified how each heir's share should be reduced as a result.
15) I am confident that the life insurance coverage I have is both necessary and adequate for the support of loved ones, payment of taxes (if applicable), and other estate settlement expenses.
16) I am aware that my will may not determine who receives any balances remaining in my retirement accounts and have ensured that the proper beneficiary forms have been completed and are up to date.
17) The person I have chosen to handle my estate settlement is still willing and able to serve.
18) I am relying on joint ownership arrangements to handle some of my estate planning needs.
19) I am aware that all professional advisors will furnish fee estimates upon request.
20) My financial records are easily accessible and readily understandable.
21) I have discussed my estate plan with my spouse, children, or other family member(s).
22) I have made my burial wishes known to my loved ones.
23) I am aware that in most states my heirs will not be allowed to remove the contents of my safe deposit box without court supervision.
24) The charitable causes and institutions I support are remembered in my estate plan as I wish.
25) I realize that by planning properly, it is possible to reduce estate settlement costs.
How Did You Do?
Each FALSE answer is worth:
1) 10 pts
2) 2 pts
3) 5 pts
4) 5 pts
5) 5 pts
6) 4 pts
7) 4 pts
8) 4 pts
9) 2 pts
10) 2 pts
11) 5 pts
12) 3 pts
13) 4 pts
14) 5 pts
15) 3 pts
16) 5 pts
17) 3 pts
18) 2 pts
19) 2 pts
20) 4 pts
21) 3 pts
22) 2 pts
23) 3 pts
24) 3 pts
25) 4 pts
If the values of your False answers totaled:
0-15:
You are unusually prudent in your financial affairs. Congratulations!
16-30:
You are above average as a manager of personal finances and estate planning. Review your plans to be sure they still reflect your wishes.
31-50:
You are about average, in that you need to seriously reconsider your estate plan. Take time now to review or begin your estate plan with professional help.
Over 50:
Your loved ones will probably experience significant difficulties, delays, and expense in settling your estate. Act now, for their sake as well as yours.
The Next Step:
For additional information or a copy/brochure of this Quiz, please email us: edossa@mercyburl.org. Remember to consult professional advisors when making specific plans.
|
|
|
|
