Will Basics
This document directs who receives your property when you die.
A Will
This type of trust avoids probate by holding your assets during your lifetime.
A revocable living trust
Parents of minor children should name _________ in case something happens to the parents
This document allows someone to manages your financial affairs if you can't
Power of Attorney for finances
This bird is the symbol of the United States
A bald eagle
If you die with a Will in Washington, your assets are distribute through what process?
A probate
True or false, a revocable living trust can be amended by the trustmaker as long as they have capacity
True
How would a parent name a guardian for their minor child?
Through their estate plan/Will/Power of Attorney
This document allows someone to make medical decisions for you
Power of attorney for healthcare
This singer performed the 2023 Super Bowl halftime show while pregnant
Rihanna
True or False, generally people want to avoid probate.
True
This type of trust cannot be changed once created
An irrevocable trust
If a parent does not name a guardian, this government body will decide who raises a minor child
Courts
True or False, Washington does not have an estate tax?
False
Who plays Captain America in the Marvel movies?
Chris Evans
To be valid, a Will must be signed by the testator and witnessed by how many people?
Two
What is the most important step after creating a living revocable trust?
Funding it with assets/house
True or false, a special type of trust is not needed for individuals on state benefits such as Medicaid
False
What is the estate tax exemption amount in WA?
$3 million
What drink was originally medicine in 1886
Coca-Cola
How much have I said a typical probate can cost?
$7,000 to $12,000
What is a reason why someone wouldn't be able to create a living revocable trust?
Lost capacity/dementia; undue influence
When parents die leaving minor children, what process is used to appoint a guardian to care for the children?
A guardianship proceeding
What happens if someone is worth more than the estate tax exemption and doesn't have the right documents in place when they die?
Their family pays a lot of taxes
What country is both a continent and an island?
Australia