Estate Planning
Date Started: 07 Aug, 2008
Date Completed: 07 Aug, 2008
Results: 1/10 questions answered correctly.

QUESTION 1: The definition of a Beneficiary is:
You answered this question INCORRECT
Your answer was The person that died.. The correct answer was: Someone who will benefit from the Estate.

QUESTION 2: Which one of the following circumstances would not necessarily make a Will invalid:
You answered this question INCORRECT
Your answer was It was not witnessed.. The correct answer was: You left out a guitar you owned.

QUESTION 3: If I die without a Will (Intestate) how will the distribution of my assets be determined:
You answered this question INCORRECT
Your answer was It will always be paid to my kids.. The correct answer was: In accordance with defined procedures that vary for each state/territory in Australia.

QUESTION 4: A Testamentary Trust has the following benefit:
You answered this question INCORRECT
Your answer was It may protect Estate assets from divorce proceedings.. The correct answer was: All of the above.

QUESTION 5: An Estate can be administered for how many financial years before higher tax rates apply (assuming beneficiaries are not legally entitled to benefits)?
You answered this question INCORRECT
Your answer was It can go for ever.. The correct answer was: 3 years.

QUESTION 6: If you have left a home after you pass away, within what timeframe must the Estate sell the property, or must the property be lived in by a beneficiary, before capital gains tax might apply?
You answered this question INCORRECT
Your answer was 3 years.. The correct answer was: 2 years.

QUESTION 7: Which Power of Attorney continues to operate if the person is in a coma?
You answered this question INCORRECT
Your answer was Guardianship.. The correct answer was: Enduring Power of Attorney.

QUESTION 8: An Estate will have to pay tax on investment income it receives?
You answered this question INCORRECT
Your answer was False.. The correct answer was: True.

QUESTION 9: Does your superannuation always get distributed to your beneficiaries via the Will?
You answered this question INCORRECT
Your answer was Yes.. The correct answer was: No.

QUESTION 10: The definition of the Executor is:
You answered this question CORRECT