Estate Planning Quiz

Estate Planning Quiz

Answer the following True/False questions to evaluate your current Estate Plan. Anything you cannot answer due to either an incomplete plan or unknown, answer FALSE. If something does not apply to your situation answer TRUE.

 

1. I have a will.

2. My marital status hasn’t changed since my will was drafted/reviewed.

3. Having a will does not prevent probate.

4. I’m aware of how much I may leave to my beneficiaries, tax-free.

5. My Will states that my spouse will receive all of my property unless otherwise specified.

6. The person I have selected as my Executor is still willing and able to serve.

7. Beneficiaries of my life insurance and retirement plans, are not decided by my Will.

8. My Estate plan specifies who is responsible for paying debts and taxes.

9. I’ve shared my wishes, regarding extra ordinary medical measures, with my family.

10. My financial records are up to date and easy to find.

 

Add up your score and let’s see how you did!

1- True= 10
2- True= 8
3- True= 8
4- True=5
5- True=5
6- True=2
7- True=4
8- True=3
9- True=8
10 True=2

RESULTS:

More than 47. Excellent! Your loved ones will probably be happy with you as you’ve taken a proactive approach to your Estate planning needs.

 

Between 31-47. Above Average, but you may want to have your Estate Plan reviewed to make sure nothing needs to be updated or changed.

 

Between 16-31. You hit Average! Which means you, like most Americans need to reconsider the plan you have in place or get an estate plan INTO place.

 

Between 0-30. Time to take Action: You’ve left your loved ones in a precarious situation that could cost them thousands of dollars in legal fees and months in years.

 

If you scored below a 47 we welcome you to contact our office at 469-40-3030 to schedule your complimentary consultation. Let our attorney Jeff Butler, go over your situation and help you devise a plan that will allow you to be at ease.