Basic Knowledge for Estate Planning
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
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
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?
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
Can executor and guardian be the same person?
Yes
No
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