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California Probate Quiz
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Choose an asset that you own and answer this question: does the asset name a beneficiary?
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Yes, the asset names a beneficiary
No, the asset does not name a beneficiary
I'm not sure
Examples of assets that may allow you to name a beneficiary(ies) include: 401(Ks), IRAs, Roth IRAs, Life Insurance, Brokerage Accounts, "Payable on Death" or "Transfer on Death" Bank Accounts, etc.
For that same asset, is it owned by more than one person (i.e. jointly owned)?
Yes, the asset it owned jointly
No, the asset is solely owned
I'm not sure
Examples of assets that are owned jointly are: Jointly owned real property / real estate (e.g. your home), jointly owned bank accounts, jointly owned automobiles, jointly owned brokerage accounts, jointly owned businesses, etc.
Sticking with that same asset, is it owned by a trust?
Yes, the asset is owned by a trust
No, the asset is not owned by a trust
I'm not sure
For example, is the title to the asset (your home, bank account, brokerage account, or other property) held under the name of a trust? If there is no trust in place, please check "no". Keep in mind, a trust is different than a "Last Will and Testament". For the purpose of this question, we are only asking about the trust.
Is that same asset real property (i.e. real estate)?
Yes, the asset is real property and worth more than $50,000?
Yes, the asset is real property and worth less than $50,000?
No, the asset is not real property
I'm not sure?
Finally, does that same asset have a fair market value of less than $166,250?
Yes, the asset value is under $166,250
No, the asset value is more than $166,250
I'm not sure
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