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Minnewaska Home Development Foundation Planned Giving Wills Quiz 1.  What percentage of Americans have current wills?       A.  40%       B.  75%       C.  30%       D.  60%       Answer:  A 2.   If you die intestate (without a will), who decides to whom       your assets are left and how they are divided?       A.  Your spouse, based on a legal formula       B.  Your spouse, based on a lawyer's review of your assets       C.  Your closest living blood relative, based on a legal formula       D.  The state where you legally reside, based on a legal formula       Answer:  D 3.   True or False - An out-of-date will can be as bad as, or       worse than, not having a will at all.       Answer:  True. Many changes in circumstances can result in the       terms of an old will causing a very different situation than what is       currently intented. 4.   Why do some people not take the time to create current       wills?       A.  They are uncomfortable with their own mortality       B.  They believe their estates are too small       C.  They do not want to take the time or spend the money to             create a will       D.  All of the above       Answer:  D 5.   If you have a will,       A.  You can make special financial arrangements for family            members who are minors, disabled, or unable to effectively            manage money       B.  You can minimize estate taxes by creating trusts       C.  You can provide support for your favorite charitable            organizations       D.  All of the above.       Answer:  D 6.  True or False - Whether or not you have a will, much of       your property still passes in other ways. Joint property       generally goes to the other owner and property with a       named beneficiary passes directly to that person.       Therefore, one doesn't need a will.       Answer:  False. Chances are very slim that everything you own       is covered.   7.   How do you update your will if there are only minor       changes?       A.  You can leave your will as it is, because any joint             property you have goes to the other person anyway       B.  Mark any changes on the will in pen and initial them       C.  Ask your attorney to prepare a codicil       D.  You need to create a new will       Answer:  C 8.   Which of the following changes may trigger an update to       your will?       A.  A marriage, birth, divorce, or death in your family       B.  Purchasing your first home       C.  Acquiring or disposing of assets       D.  All of the above       Answer:  D 9.   Why should your will include a specific gift distribution list?       A.  To fulfill the legal requirements for drafting a valid will       B.  To avoid confusion and wrangling amongst the heirs       C.  To conform to the laws of your place of residency       D.  To save your attorney time when drafting your will       Answer:  B 10.  True or False - It is important to include a personal and       domicile identification article in your will because property       has similar consequences in all states.       Answer:  False. There are different tax consequences for       property in different states and if property is held in more than       one state. The information provides is not intended as legal, tax, or investment advice. Please consult an attorney, tax or financial planning professional for questions specific to your financial situation.

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