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PLEG155 - Introduction to Estate Planning - Lesson 1

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PLEG155 - Introduction to Estate Planning - Lesson 1

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Questions and Answers

What is the purpose of an estate plan?

Ensuring tax exemptions only

Distributing property only

Managing finances and protecting heirs (correct)

Appointing someone to make investment decisions

In what scenario can estate planning be beneficial?

When there are no family members to inherit assets

When one wants to avoid paying taxes

When faced with incapacity or inability to make decisions (correct)

When planning a vacation

What can lead to conflicts in estate planning?

Leaving everything to charity

Changing circumstances or beneficiaries (correct)

Making frequent updates to documents

Having multiple beneficiaries

What was the value of Michael Jackson's estate upon his death?

$235 million Signup and view all the answers

How many pages was Michael Jackson's will?

5 pages Signup and view all the answers

Who was the sole beneficiary listed in Anna Nicole Smith's will?

Her son Signup and view all the answers

What is the main purpose of an estate plan?

To decide who receives property after death Signup and view all the answers

Why did Michael Jackson appoint Diana Ross in his will?

As a guardian for his children Signup and view all the answers

What is the difference between probate and non-probate property?

Probate requires court proceedings, while non-probate does not. Signup and view all the answers

What happens if someone fails to update their will to include additional beneficiaries?

The estate is distributed among existing heirs only Signup and view all the answers

How does a will aid in disposing of tangible personal property?

By distributing it based on the wishes of the deceased Signup and view all the answers

Why does one need to appraise the value of assets in an estate?

To ensure fair distribution among heirs Signup and view all the answers