Question 1

In a basic will the clause that enables your executor to exercise various powers in the management of your estate without the approval of the court is the ____________

Accepted Answer

A)   identification and revocation clause
B)   specific bequests clause
C)   legacies clause
D)   power clause
E)   testimonium and attestation clauseF) C) and D)
G) A) and B)

Question 2

Under provincial family law, getting married does not usually void a will made prior to the wedding.

Accepted Answer

A) True 
 B)False

Question 3

A pre-nuptial agreement is a documentary agreement between spouses before marriage.

Accepted Answer

A) True 
 B)False

Question 4

Making any changes on the face of your will can invalidate it.

Accepted Answer

A) True 
 B)False

Question 5

In the year of death, the estate's executor must file a final (terminal) tax return.

Accepted Answer

A) True 
 B)False

Question 6

In a basic will the clause that directs specific cash amounts to be paid is the ____________

Accepted Answer

A)   identification and revocation clause
B)   specific bequests clause
C)   legacies clause
D)   power clause
E)   testimonium and attestation clauseF) B) and E)
G) All of the above

Question 7

Estate planning is not an essential part of retirement planning.

Accepted Answer

A) True 
 B)False

Question 8

Which document explains, adds, or deletes provisions in your existing will?

Accepted Answer

A)   codicil
B)   tracer
C)   addendum
D)   rider
E)   bank statementF) None of the above
G) B) and E)

Question 9

Your estate consists of everything you own.

Accepted Answer

A) True 
 B)False

Question 10

A living will _______________

Accepted Answer

A)   is 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 be signed by witnessesF) A) and E)
G) None of the above

Question 11

The creator of the trust is called the settlor or grantor.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

A legal document authorizing someone to act on your behalf is called a

Accepted Answer

A)   codicil.
B)   rider.
C)   power of attorney.
D)   trustor.
E)   proxy.F) B) and D)
G) A) and D)

Question 14

Income reported in the final tax return must include any income earned by the deceased up to the date of death but need not include any net capital gain recognized under the deemed disposition rules.

Accepted Answer

A) True 
 B)False

Question 15

At death, it is necessary to deregister any registered assets, such as RSPs or RIFs.

Accepted Answer

A) True 
 B)False

Question 16

If you die without a will, you die intestate.

Accepted Answer

A) True 
 B)False

Question 17

An inheritance tax is levied on the right of an heir to receive all or part of the estate and life insurance proceeds of a deceased person.

Accepted Answer

A) True 
 B)False

Question 18

In a basic will the clause that outlines the distribution of specific personal property, such as furniture, jewellery, cars, RRSPs, RRIFs, and pensions is the __________________

Accepted Answer

A)   identification and revocation clause
B)   specific bequests clause
C)   legacies clause
D)   power clause
E)   testimonium and attestation clauseF) All of the above
G) C) and E)

Question 19

There is no tax levied on the life insurance proceeds of a deceased person.

Accepted Answer

A) True 
 B)False

Question 20

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) A) and B)
G) A) and C)

Exam 15: Estate Planning

The creator of the trust is called the settlor or grantor.

Correct AnswerverifiedShow Answer

A legal document authorizing someone to act on your behalf is called a

Correct AnswerverifiedShow Answer

Which document explains, adds, or deletes provisions in your existing will?

Correct AnswerverifiedShow Answer

Estate planning is not an essential part of retirement planning.

Correct AnswerverifiedShow Answer

An inheritance tax is levied on the right of an heir to receive all or part of the estate and life insurance proceeds of a deceased person.

Correct AnswerverifiedShow Answer

At death, it is necessary to deregister any registered assets, such as RSPs or RIFs.

Correct AnswerverifiedShow Answer

There is no tax levied on the life insurance proceeds of a deceased person.

Correct AnswerverifiedShow Answer

In the year of death, the estate's executor must file a final (terminal) tax return.

Correct AnswerverifiedShow Answer

Your estate consists of everything you own.

Correct AnswerverifiedShow Answer

Income reported in the final tax return must include any income earned by the deceased up to the date of death but need not include any net capital gain recognized under the deemed disposition rules.

Correct AnswerverifiedShow Answer

In a basic will the clause that directs specific cash amounts to be paid is the ____________

Correct AnswerverifiedShow Answer

Under provincial family law, getting married does not usually void a will made prior to the wedding.

Correct AnswerverifiedShow Answer

A living will _______________

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

In a basic will the clause that enables your executor to exercise various powers in the management of your estate without the approval of the court is the ____________

Correct AnswerverifiedShow Answer

Making any changes on the face of your will can invalidate it.

Correct AnswerverifiedShow Answer

In a basic will the clause that outlines the distribution of specific personal property, such as furniture, jewellery, cars, RRSPs, RRIFs, and pensions is the __________________

Correct AnswerverifiedShow Answer

A pre-nuptial agreement is a documentary agreement between spouses before marriage.

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

If you die without a will, you die intestate.

Correct AnswerverifiedShow Answer

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