Regardless of age, wealth or health, everyone could stand some estate-planning tips. Test your knowledge -- and learn a few helpful hints -- with the Estate Planning quiz.
Most states require that the testator of a will be 18 years old.
A living will states, among other things, if you would want to be kept alive mechanically if you were to be declared brain dead.
Many people die intestate, or without a will. In that case, the state distributes your assets.
Details about life insurance policies should be restricted to the policies themselves. Putting them in the will could cause delays and tax disadvantages.
Someone with durable power of attorney can help you if you become incapacitated. "Regular" power of attorney doesn't cover that situation, so it would go out of effect. Your will remains valid, though.
Oral wills are valid in about 20 states -- but there are limited circumstances.
You don't have to be a millionaire to set up a trust for your kids, but it's more beneficial if you have an estate worth more than $100,000. If your estate is worth more than that, your case will probably have to go through probate court if you haven't set up a trust.
You'll probably be able to save about 2 to 4 percent of your estate's value (not to mention a lot of time) if your case can avoid the probate process.
The trustee is the one in charge of the assests. The grantor is the person who sets up the trust.
The gift tax is actually higher if you're leaving assets to grandchildren.
If you're worth more than $4 million, a whopping 46 percent of that will go to Uncle Sam -- unless you take advantage of trusts and loopholes.
"Inter vivos" means "among the living," so it refers to gifts passed between living people, as opposed to an inheritance.
One individual can give gifts totalling $12,000 per year to another individual. Double that for married couples.
A codicil is an amendment to a will -- it can be a tiny change or a major overhaul.
If you have a prenuptial agreement, it would be taken into consideration when you die, but it's not included in the estate-planning process.
Yes, you can stipulate just about anything.
You thought it was holographic, didn't you? Nope, holographic wills are real. Self-fulfilling was the fake.
It's nothing high-tech -- just a will written by the testator, often with no witnesses. They're valid in most states.
That is true. Unless you have a prenuptial agreement to the contrary, you can't totally cut off your spouse in your will.
George Bernard Shaw came up with this crazy idea. An Englishman named Kingsley Read shared the prize money with four other contestants among 400 entries.