Question 1

Estate planning is useful only to rich and elderly people.

Accepted Answer

A) True 
 B)False

Question 2

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) B) and D)
G) None of the above

Question 3

A person who assumes the responsibilities of providing the children with personal care and managing the estate for them is called a(n) :

Accepted Answer

A)   beneficiary.
B)   executor.
C)   trustee.
D)   guardian.
E)   executrix.F) B) and C)
G) B) and D)

Question 4

Every adult should have a written will.

Accepted Answer

A) True 
 B)False

Question 5

Never having been married does not eliminate the need to organize your papers.

Accepted Answer

A) True 
 B)False

Question 6

A large percentage of people do little or nothing to provide for those who will survive them.

Accepted Answer

A) True 
 B)False

Question 7

If you die without a valid will,

Accepted Answer

A)   the government confiscates your property.
B)   the federal court decides how the property should be distributed.
C)   your relatives or friends will get the property.
D)   your local custom will determine how the property is distributed.
E)   the province's law of descent and distribution becomes your will.F) C) and E)
G) A) and E)

Question 8

A trustee 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 9

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) None of the above
G) A) and B)

Question 10

In what type of ownership is each individual considered to own a proportionate share for tax purposes with only your share being included in your estate?

Accepted Answer

A)   tenancy by default
B)   tenancy by the entirety
C)   tenancy in common
D)   joint tenancy
E)   tenants by birthF) A) and C)
G) None of the above

Question 11

Estate planning involves

Accepted Answer

A)   handling your property while you are alive.
B)   dealing with what happens to your property after your death.
C)   your family's financial security in the event of your death.
D)   your family's financial security in the event of your spouse's death.
E)   handling your property while you are alive; planning how your property will be distributed after your death; and planning your family's financial security in the event of your death or your spouse's death are all part of estate planning.F) A) and D)
G) A) and B)

Question 12

It is always easy to plan for your family's financial security in the event of your death.

Accepted Answer

A) True 
 B)False

Question 13

How do wills and trusts help in planning your estate?

Accepted Answer

Wills and trusts are tools of estate pla...

Question 14

A person who will follow your instructions specified in your will is called a(n)

Accepted Answer

A)   beneficiary.
B)   trustor.
C)   witness.
D)   executor or executrix.
E)   codicil.F) A) and D)
G) A) and C)

Question 15

Canadians are considering pre-planned funeral arrangements are part of their estate planning.

Accepted Answer

A) True 
 B)False

Question 16

In a basic will the clause that identifies you and your residence and declares that this is your last will, which revokes all prior wills is the ___________________

Accepted Answer

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

Question 17

Which will should not be witnessed?

Accepted Answer

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

Question 18

You can structure charitable gift giving both during your lifetime and in your will to further your estate planning goals and make the most of available tax credits.

Accepted Answer

A) True 
 B)False

Question 19

The least important characteristic of an executor is

Accepted Answer

A)   reliable
B)   trustworthy,
C)   responsible
D)   organized
E)   a family memberF) B) and D)
G) B) and C)

Question 20

A spousal trust can be classified as either an inter vivos trust or a testamentary trust.

Accepted Answer

A) True 
 B)False

Exam 15: Estate Planning

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 who assumes the responsibilities of providing the children with personal care and of managing the estate for them.

Correct AnswerverifiedShow Answer

In a basic will the clause that identifies you and your residence and declares that this is your last will, which revokes all prior wills is the ___________________

Correct AnswerverifiedShow Answer

It is always easy to plan for your family's financial security in the event of your death.

Correct AnswerverifiedShow Answer

How do wills and trusts help in planning your estate?

Correct AnswerverifiedWills and trusts are tools of estate pla...View AnswerShow Answer

In what type of ownership is each individual considered to own a proportionate share for tax purposes with only your share being included in your estate?

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

Estate planning is useful only to rich and elderly people.

Correct AnswerverifiedShow Answer

Never having been married does not eliminate the need to organize your papers.

Correct AnswerverifiedShow Answer

If you die without a valid will,

Correct AnswerverifiedShow Answer

A spousal trust can be classified as either an inter vivos trust or a testamentary trust.

Correct AnswerverifiedShow Answer

Every adult should have a written will.

Correct AnswerverifiedShow Answer

Which will should not be witnessed?

Correct AnswerverifiedShow Answer

A person who assumes the responsibilities of providing the children with personal care and managing the estate for them is called a(n) :

Correct AnswerverifiedShow Answer

You can structure charitable gift giving both during your lifetime and in your will to further your estate planning goals and make the most of available tax credits.

Correct AnswerverifiedShow Answer

The least important characteristic of an executor is

Correct AnswerverifiedShow Answer

Canadians are considering pre-planned funeral arrangements are part of their estate planning.

Correct AnswerverifiedShow Answer

A large percentage of people do little or nothing to provide for those who will survive them.

Correct AnswerverifiedShow Answer

Estate planning involves

Correct AnswerverifiedShow Answer

A person who will follow your instructions specified in your will is called a(n)

Correct AnswerverifiedShow Answer

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Wills and trusts are tools of estate pla...
View Answer

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