Test your Arizona Estate Planning I.Q.

There are a lot of misconceptions about estate planning. Some are perpetuated online (everything online is true of course!) and some are because people don’t understand that different states have different laws.

AZ State Sign with the sky as a background Gilbert AZ

 

Take the following test to measure your Arizona estate planning I.Q..

  1. Only people with a lot of assets or money need a will.
    • True
    • False
  2. Less that 1% of families will pay an estate (or death) tax.
    • True
    • False
  3. If you have a will, your family will avoid probate.
    • True
    • False
  4. An Arizona Financial Power of Attorney is effective in every state.
    • True
    • False
  5. A will controls the distribution of all your assets even when there is a beneficiary form.
    • True
    • False
  6. Arizona recognizes common law marriage.
    • True
    • False
  7. If you don’t have a will, the government will get your money and your assets when you die.
    • True
    • False
  8. If your assets are in a revocable living trust, those assets are protected from lawsuits.
    • True
    • False

The answers are below. If you are curious about more estate planning information, check out my website where we have lots of short videos that explain many of these complicated estate planning issues.

1. False 2. True 3. False 4. False 5. False 6. False 7. False 8. False

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