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FP/101 FP101 FP 101 Week 5 QUIZ

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FP 101 Week 5 QUIZ 1. Why should you never designate minor children as your primary beneficiary, but instead put assets intended for them into a trust? 2. 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? 3. Having a durable power of attorney for health care (PoA) in place is a good idea in the event that 4. How are an advance directive and durable power of attorney (PoA) for health care related? 5. What is the main difference between a will and a living will? 6. The person who creates a durable power of attorney for health care is known as the 7. How does a durable power of attorney for health care (PoA) differ from a traditional power of attorney? 8. Funding a revocable living trust involves which of the following: 9. What is the difference between a will and an advance directive? 10. The legal document that lets you transfer assets to your beneficiaries without having those assets pass through probate is called

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