Question 1

A codicil is a document that explains, adds, or deletes provisions in your existing will.

Accepted Answer

A) True 
 B)False

Question 2

A ______________ describes the legal directives each province sanctions with respect to your medical care wishes, should you become unable to communicate them

Accepted Answer

A)  formal will
B)  holographic will
C)  legacies clause
D)  living will
E)  testimonium and attestation clausesF) A) and C)
G) C) and D)

Question 3

Even if your assets such as life insurance, annuities, or RRSPs already have a named beneficiary, they will not be transferred independently of your will.

Accepted Answer

A) True 
 B)False

Question 4

A handwritten will is called a(n) :

Accepted Answer

A)  formal will.
B)  holographic will.
C)  statutory will.
D)  letter of last instruction.
E)  informal will.F) C) and D)
G) A) and E)

Question 5

Every adult should have a written will.

Accepted Answer

A) True 
 B)False

Question 6

A prenuptial agreement is a documentary agreement between spouses after marriage.

Accepted Answer

A) True 
 B)False

Question 7

Under what type of ownership is the property considered owned 50-50 for estate tax purposes and passed automatically to your spouse at your death?

Accepted Answer

A)  tenants in common
B)  tenancy by the entirety
C)  joint tenancy
D)  tenancy by default
E)  tenants by birthF) C) and D)
G) A) and C)

Question 8

A person or institution that holds or generally manages property for the benefit of someone else under a trust agreement is called a(n)

Accepted Answer

A)  beneficiary.
B)  executor.
C)  trustee.
D)  guardian.
E)  executrix.F) None of the above
G) B) and D)

Question 9

It is not necessary for every adult to have a written will.

Accepted Answer

A) True 
 B)False

Question 10

You should review your will if:

Accepted Answer

A)  you move to a different province.
B)  you have sold property mentioned in the will.
C)  the size and composition of your estate has changed.
D)  you have married, divorced, or remarried.
E)  moving to a different province; selling property; changes to the size of one's estate; and marrying, divorcing, or remarrying are all good reasons to review your will.F) A) and E)
G) None of the above

Question 11

Per stirpes means that the inheritances for his or her children will go to them in what ratio?

Accepted Answer

A)  Equally
B)  Oldest gets 100%
C)  Oldest gets 50% and the rest shared equally
D)  Oldest gets the most based on a weighted average model set out in legislation
E)  Based on the children's agesF) B) and E)
G) All of the above

Question 12

A holographic will should be witnessed by at least two persons.

Accepted Answer

A) True 
 B)False

Question 13

If the purpose of the clause in a will is to directs specific cash amounts to be paid.(common clause) ?

Accepted Answer

A)  Identification and Revocation Clause
B)  Payment of Debts
C)  Specific Bequests
D)  Legacies
E)  Life Interest ClauseF) None of the above
G) A) and E)

Question 14

Under provincial family law, getting married usually voids a will made prior to the wedding.

Accepted Answer

A) True 
 B)False

Question 15

A living will _______________

Accepted Answer

A)  is not a legal term in Canada
B)  is also called a holographic will
C)  is part of a formal will
D)  is also called an ethical will
E)  should not be signed by witnessesF) B) and D)
G) B) and C)

Question 16

A guardian is a person who assumes the responsibilities of providing the children with personal care and of managing the estate for them.

Accepted Answer

A) True 
 B)False

Question 17

At death, it is necessary to _____________.

Accepted Answer

A)  to file a final (terminal)  tax return.
B)  pay estate taxes in Canada.
C)  report only the earned income of the deceased up to the date of death.
D)  report only the partial value of any registered assets.
E)  ensure your survivors have money.F) A) and B)
G) B) and D)

Question 18

A formal will leaves one half of your adjusted gross estate to your spouse.

Accepted Answer

A) True 
 B)False

Question 19

A trustee is a person or an institution that holds property for the benefit of someone else under a trust agreement.

Accepted Answer

A) True 
 B)False

Question 20

Upon your death, your beneficiary will meet people who offer specific types of assistance.These people will probably be:

Accepted Answer

A)  strangers.
B)  sympathetic.
C)  courteous.
D)  disinterested.
E)  Your beneficiary will meet people, some of whom will be strangers, who are sympathetic, courteous and disinterested.F) A) and C)
G) B) and C)

Exam 15: Estate Planning

Per stirpes means that the inheritances for his or her children will go to them in what ratio?

Correct AnswerverifiedShow Answer

At death, it is necessary to _____________.

Correct AnswerverifiedShow Answer

A prenuptial agreement is a documentary agreement between spouses after marriage.

Correct AnswerverifiedShow Answer

Every adult should have a written will.

Correct AnswerverifiedShow Answer

A holographic will should be witnessed by at least two persons.

Correct AnswerverifiedShow Answer

Even if your assets such as life insurance, annuities, or RRSPs already have a named beneficiary, they will not be transferred independently of your will.

Correct AnswerverifiedShow Answer

A ______________ describes the legal directives each province sanctions with respect to your medical care wishes, should you become unable to communicate them

Correct AnswerverifiedShow Answer

A trustee is a person or an institution that holds property for the benefit of someone else under a trust agreement.

Correct AnswerverifiedShow Answer

You should review your will if:

Correct AnswerverifiedShow Answer

A living will _______________

Correct AnswerverifiedShow Answer

If the purpose of the clause in a will is to directs specific cash amounts to be paid.(common clause) ?

Correct AnswerverifiedShow Answer

A guardian is a person who assumes the responsibilities of providing the children with personal care and of managing the estate for them.

Correct AnswerverifiedShow Answer

Upon your death, your beneficiary will meet people who offer specific types of assistance.These people will probably be:

Correct AnswerverifiedShow Answer

A handwritten will is called a(n) :

Correct AnswerverifiedShow Answer

A codicil is a document that explains, adds, or deletes provisions in your existing will.

Correct AnswerverifiedShow Answer

Under provincial family law, getting married usually voids a will made prior to the wedding.

Correct AnswerverifiedShow Answer

It is not necessary for every adult to have a written will.

Correct AnswerverifiedShow Answer

A formal will leaves one half of your adjusted gross estate to your spouse.

Correct AnswerverifiedShow Answer

Under what type of ownership is the property considered owned 50-50 for estate tax purposes and passed automatically to your spouse at your death?

Correct AnswerverifiedShow Answer

A person or institution that holds or generally manages property for the benefit of someone else under a trust agreement is called a(n)

Correct AnswerverifiedShow Answer

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