A Will Is Not a Legal Document. True False

A Will Is Not a Legal Document. True False

For more information about estate or how to make a will or trust, contact the estate planning lawyers at Scott C. Soady, A Professional Corporation. 3. If you have a revocable living trust, always avoid discounts. Answer: FALSE assets transferred to your revocable trust avoid estate, but many people create a trust and do not fund it properly because they forget to title their assets on behalf of the trust. The escrow document is useless if you die with assets that should be in the name of your trust and are not. Omitted assets over $100,000 are subject to succession. 4. If you die without a will and you are married, everything goes to your spouse. Answer: FALSE. If you die in California without a will (e.g., intestate), your estate will be divided between your spouse and children.

5. A will is cheaper than a trust. The answer to this question is FALSE in most cases. It is true that a will is generally cheaper to make than a trust, but a will has future costs. If you die with a will, your estate will be distributed by the probate courts. Your estate incurs legal estate costs for the estate attorney and executor. A trust is initially a little more expensive to prepare, but your beneficiaries don`t have the expenses of the estate. 1.

The discount only applies if you have a will. Answer: FALSE If you die with a will, there will be an estate. If you die without a will and have no confidence, there will be an estate. As you probably know, estate is the court-supervised process of transferring an estate to the beneficiaries of a will or transferring an estate to the heirs of a deceased person without a will or trust. Take the following quiz to see what you know about wills and estates: Northwest Technical College – Bemidji • ACCT 1000 2. The succession is valid for your entire estate. Answer: A FALSE probate is required for your estate assets. Some assets are not considered estate assets. Examples include assets that have a designated beneficiary, such as life insurance, payable in death accounts, and property that you own in co-tenancy with the right of a survivor.

California State University, Northridge • FIN 446.

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