T & F questions

1. True False Estate planning is one of the key elements of personal financial planning.

2. True False The wealthy are the only ones who need to make out wills.

3. True False Due to recent changes in the law, a person no longer has to be mentally competent in order to draw up a valid will.

4. True False Once a will is drawn up, it is relatively simple to make minor changes to it.

5. True False In order for a living trust to be legally enforceable, it must be irrevocable.