Estate planning can mean different things to different people. This quiz
may help you increase your understanding of estate planning.

Questions
1. What is the primary function of a last will and testament?
a. To provide legal instructions for the distribution of assets after death
b. To bypass the probate process entirely
c. To manage assets during the grantor's lifetime
d. To appoint a health care proxy for medical emergencies

2. If an individual dies intestate, what does that mean?
a. All assets were held in joint tenancy
b. He/she died without a valid will
c. The estate value is below the federal tax threshold
d. He/she died with a valid revocable living trust

3. What is a major advantage of a revocable living trust compared to a will?
a. It is a public document that anyone can view
b. It eliminates the need to pay any estate taxes
c. It cannot be changed once it is signed
d. It allows assets to bypass the probate process

4. Who is the person responsible for managing and settling the estate as specified in a will?
a. Grantor
b. Trustee
c. Beneficiary
d. Executor/personal representative

5. Each of the following assets typically bypasses probate because of its ownership structure except:
a. A house owned solely by the deceased
b. A checking account with a payable on death designation
c. Real estate owned as joint tenants
d. Life insurance proceeds with a named beneficiary

6. What is the purpose of a durable power of attorney?
a. To grant someone authority to act on your behalf if you become incapacitated
b. To guarantee that an estate will not be taxed
c. To provide instructions for funeral arrangements
d. To designate who will inherit real estate

7. In the context of a trust, who is the trustee?
a. The person who creates the trust
b. The person who manages the trust assets according to its terms
c. The judge who oversees the trust in court
d. The person who receives the income from the trust

8. The unlimited marital deduction does not apply to property you bequeath to someone other than your spouse.
a. True
b. False

Answers
1. a. The primary purpose of a will is to direct how a person's property should be managed and distributed upon death.
2. b. Intestacy occurs when there is no legally binding will, leaving the state's laws to determine how and to whom assets are to be distributed.
3. d. A properly constructed and funded revocable living trust controls the management and distribution of assets held by the trust, generally eliminating the need for probate relative to the trust assets.
4. d. The executor, or personal representative, is the individual or institution named in the will to carry out the deceased person's instructions according to the terms of the will.
5. a. Real estate owned solely by an individual will almost always have to go through the probate process upon the death of the individual owner.
6. a. A durable power of attorney allows an individual to appoint another person to act on his or her behalf, even if the individual is no longer mentally capable of making decisions.
7. b. The trustee is the individual or entity appointed by the person who creates the trust to manage trust assets according to the terms of the trust.
8. a. The unlimited marital deduction lets you deduct the value of property from your gross estate that you leave only to your spouse.

This content has been reviewed by FINRA.
Prepared by Broadridge Advisor Solutions. © 2026 Broadridge Financial Services, Inc.

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8/3/26