Think you know who gets your money when you die? This quiz presents 10 real-world scenarios where common sense clashes with contract law. Test your knowledge to ensure your assets actually go where you intend.
Scenario Examples
The quiz covers the most frequent errors estate attorneys see in practice.
The Ex-Spouse
Your will says everything goes to your new wife, but your IRA still names your ex. Who gets the IRA?
The Minor Child
You name your 10-year-old as the beneficiary of a $500k life insurance policy. What happens?
The Estate Default
You name 'My Estate' as the beneficiary of your 401(k). Why is this a terrible idea?
The Takeaway
If you scored poorly on this quiz, it's time to log into every financial account you own and verify your primary and contingent beneficiaries.
Tip
Annual Review
Make it a habit to review all beneficiary designations annually, perhaps during open enrollment or tax season.