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Basic Knowledge for Estate Planning

A visually appealing illustration that represents estate planning, featuring elements like a will, a gavel, a family tree, and icons representing guardianship and asset distribution in a harmonious design.

Estate Planning Knowledge Quiz

Test your understanding of estate planning with our specially crafted quiz! Whether you're a beginner or looking to brush up on your knowledge, this quiz is designed for you.

Explore the critical aspects of creating wills, understanding legal terms, and the responsibilities of executors and guardians. Key topics covered include:

Legal responsibilities in estate planning
Understanding the role of executors and guardians
Distribution of assets
Requirements for witnesses

16 Questions4 MinutesCreated by PlanningTree342

When a person passed away, the representative is needed to assist in transferring asset. What is the representative call?

Executor (without Will)

Administrator (with Will)

Administrator (without Will)

Executor (with Will)

What is the legal age of becoming an executor?

16 years old

21 years old

18 years old

20 years old

23 years old

When does Guardian needed? When child is....

Below 21 years old

Below 18 years old

Below 16 years old

Below 20 years old

What is the legal age to own asset?

16 years old

21 years old

18 years old

20 years old

Below are the requirement to be witness of Will except:-

Above 21 years old

Not the beneficiary

Must be sound mind

Not the spouse of beneficiary

Not the sibings of beneficiary

Not the close friends

Not the Executor

I have my insurance policy and also EPF. Should I put it into my will? If yes, why? If no, why?

Mr. A (single) pass away without leaving parents. Write down all the sequence of distribution under Distribution Act 1959.

Below are the MOST IMPORTANT DETAILS when doing Will Review with client except:-

Date

Beneficiary Name & IC

Executor Name & IC

Signature of Testator & Witness

Address of Testator

Below are the different of having Will and without Will except:-

Cost of the process

Lesser debt to pay

Freedom of choice for beneficiary

Processing Period

Amount of Hassle in Family

I have my watch collection / handbag collection. Can I write it down into Will?

Yes

No. Because it can't be executed in Will

"I have not settle down in acquiring asset. Let me settle down first then I'll write in future". How would you handle this rejection using Will advantage?

Who can be the legal beneficiaries in the Will?

Parents

Spouse

Children

Siblings

Friends

Affairs

Pets

What happen if the nominee in insurance predeceased the insured?

If it is trust nomination, sum assured will pay to nominee estate

The sum assured will goes to the spouse of the insured first, then only children of the insured.

The sum assured will pay to the children directly since spouse is predeceased

The sum assured will fall to the estate of insured

I wish to give my insurance sum assured to my brother. What should it do?

Can executor and guardian be the same person?

Yes

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