Wills, Trusts & Estates Quiz

You've worked hard to achieve your assets – are they protected? Take our Wills, Trusts & Estates IQ Test to see how savvy you are!

Question One

What are the advantages of a funded Living Trust?

  1. Helps avoid probate of the estate of the maker of the Living Trust
  2. Allows the family to keep the estate private at the death of the maker of the Living Trust
  3. Can avoid the appointment of a Probate Court guardian over the financial estate of an incompetent maker of the Living Trust
  4. All of the above
  5. None of the above

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Question Two

Which of the following individuals may NOT make a valid Will?

  1. A competent, retired eighty year old woman
  2. A competent sixteen year old high school student
  3. A competent thirty year old unemployed man
  4. All of the above
  5. None of the above

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Question Three

Which event should trigger a review and possible update of an existing Estate Plan?

  1. An inter-state move
  2. Death or incompetency of an adult child, who has children of their own
  3. Engagement to be married of a single-parent
  4. Divorce
  5. Death of a spouse
  6. All of the above
  7. None of the above

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Question Four

Which of these provisions for distribution of an asset at the death of an owner are changed by the general beneficiary designations of the owner’s Last Will and Testament?

  1. The Joint & Survivorship provisions of a real estate deed
  2. The Joint & Survivorship designation on a bank account
  3. The Transfer on Death designation of an interest in a Limited Liability Company agreement
  4. The Transfer on Death provisions in a real estate deed
  5. The death beneficiary designations in life insurance policy
  6. The death beneficiary designations regarding a pension plan
  7. None of the above

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Question Five

What is the primary purpose of a Living Will in Ohio?

  1. A document that designates an agent for making medical care decisions for someone who is too ill to discuss, understand, and validly give instructions regarding their medical care options
  2. A document that designates persons to be contacted by the Probate Court to testify regarding a controversy involving the termination of medical care, the withdrawal of which is anticipated to end someone’s life
  3. A directive issued by a physician specifying that CPR should not be administered to someone
  4. All of the above
  5. None of the above

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