Estate Planning Pop Quiz

By Bryan R. Bishop, Living Trust Attorney Ltd.

1. A power of attorney is useful after its maker dies.
2. A “living will” (medical directive) that addresses terminal illness covers coma too.
3. The creditors of an adult child whose name has been added to his/her surviving parents’ bank account cannot garnish that bank account to satisfy debts owed by the adult child.
4. A will is an estate plan.
5. When the surviving spouse in a remarriage dies without a will, the probate estate is divided equally among all the children on both sides of the remarriage.
6. One probate accomplishes the administration of all real estate.
7. Only one person at a time can serve as fiduciary (executor, trustee, etc.).
8. Debt – just like wealth – descends by law to heirs.
9. Living trusts outperform wills only when there is estate-tax exposure.
10. For life insurance policies owned by married persons with typical circumstances, the best death-beneficiary-endorsement strategy is spouse as sole primary death beneficiary and then children as equal contingent beneficiaries.

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