Sunday, June 7, 2009

w) 312-498-6080 or f) 312-377-2480

Wills and Trusts Quiz

1. If I have a will, will I avoid a court procedure called probate?
o A) True
o B) False

Answer: B

2. What is Probate court?
o A) It is the court that creditors sue my family upon death
o B) It is a court where wills are probated
o C) It is public legal process used to transfer assets that were owned by a deceased person

Answer: B & C

3. What is a Revocable Living Trust?
o A) An estate plan that, like a will, is subject to probate
o B) A Trust to hide assets for the rich and wealthy
o C) An estate plan, that unlike a will, may avoid probate

Answer: C

4. Is Real Estate Outside the State of Illinois, subject to Probate Court in Every State That You Own Real Estate?
o A) True
o B) False

Answer: A. Real estate outside of Illinois is subject to probate court if you do not adequately plan your estate. A will is typically inadequate.

5. In Calculating Your Net Worth, What does the Government define as an Asset?
o A) A House, Stocks, Bonds, Annuities, and Bank Accounts
o B) Everything you own except for life insurance policies
o C) Everything you own including life insurance policies
o D) Everything you own except life insurance and business interests?

Answer: C

6. If you have children under 18 and the parent(s) are not alive, who will be the guardian of your children?
o A) A guardianship court procedure is required to determine who would be an appropriate guardian of your child or children
o B) A guardianship court procedure typically will involve court costs and attorney’s fees and possible, family discord.
o C) A Judge will determine who is guardian over my child or children.

Answer: All of Above

7. Do You Own Real Estate that is for investment purposes, that is in your personal name and not an LLC or Corporation?
o A) True
o B) False

Answer: If A, you should have an Incorporation to protect your assets.

8. If you own Real Estate that is titled in your individual name, are all of your assets subject to a lawsuit?
o A) True
o B) False

Answer: A is true if you don’t have any Corp/LLC liability protection

9. Do You Have A Loved One Such As A Child, Spouse, Brother, or Sister That Would Receive An Inheritance and Blow the Money?
o A) True
o B) False

Answer: If A, a Trust could prevent this

10. What is a Power of Attorney for Property?
o A) A document where you choose an agent (Person) that manages your finances for you in case of an incapacity
o B) A will that is created upon death

Answer: A

11. What is a Power of Attorney for Healthcare?
o A) A written document that chooses a person that will make healthcare decisions for you in case you are incapacitated
o B) A State law that grants the state your assets upon a death
Answer: B

Sean L. Robertson is Principal & Wealth Preservation Attorney for Robertson Law Group, LLC. Sean concentrates his law practice in Wills and Trusts, Advanced Estate Planning, Asset Protection, and Elder law. Sean can be reached at 312-498-6080 or

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