Estate planning not only includes deciding who will inherit your assets but also how your heirs will receive them. One method is to transfer your property by contracts that you sign as part of your estate plan.

Amy recently died.

True or False: Since she had a relatively small estate, her family is allowed by law to bypass the probate process, get together for a family meeting. and vote on how her assets will be distributed.

False

True

Maria has a $401(k)$ plan. She designated her mother as her primary beneficiary and her best friend as the contingerit beneficiary.

True or False: If Maria dies before her mother or best friend, the $401(k)$ will go to her best friend.

False

True

Eileen and Alison are best friends and have lived in the same house for many years. Eileen died suddenly. The following day Alison executed a contract to list the house for sale and within a couple days sold the house.

True or False: She was able to do this because she owned the house with Alison as joint tenants with right of survivorship.

False

True

Ginny is single and has an emergency bank account, In the event of her death, she wants funds quickly available to a trusted survivor to pay any immediate expenses there may be$.$ She designated her father as her primary beneficiary and her best friend as the contingent beneficiary.

True or False: Ginny executed a payable$-$on$-$death designation.

False

True