Week 5 Quiz
Please select and highlight the BEST answer for each question.   Then upload to the Assignments Tab.

Why should you never designate minor children as your primary beneficiary, but instead put assets intended for them into a trust?
Because they cannot be trusted to manage their own money
Because their guardians will likely mismanage the funds
Because minors cannot legally inherit money
Because the money will be held in probate court for over a year

When you have a will, what is the name of the court procedure that the will has to go through before assets are giving to the beneficiaries?
Beneficiaries court
Death court
Probate court
Estate court

  What is the main difference between a will and a living will?
A will outlines how your belongings are passed on to others, and a living will outlines how the people mentioned in your will can use those belongings.
A living will explains who will make decisions for you in medical situations, and a will explains who should receive your assets.
A will lists all your personal belongings, and a living will lists all your medical contacts.
A living will outlines what medical treatments you want, and a will outlines how your belongings are passed on to others.

How does a durable power of attorney for health care (PoA) differ from a traditional power of
A durable PoA needs to be witnessed or notarized, but a traditional PoA does not.
A traditional PoA terminates when a person dies or becomes incompetent, but a durable PoA remains in effect even after a person becomes incapacitated.
A durable PoA does not need to be written by an attorney; however, a traditional PoA is only binding if it is drafted by an attorney.
A traditional PoA only grants authority over financial decisions, while a durable PoA allies to both financial and health care decisions.

5.     What is the difference between a will and an advance directive?
A will is used to distribute your property after your...