Question 1

What is estate planning? What are the personal aspects of estate planning?

Accepted Answer

Estate planning is a definite plan for t...

Question 2

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 3

Which type of will is usually prepared with an attorney's assistance?

Accepted Answer

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

Question 4

The second part of estate planning consists of:

Accepted Answer

A)   building your estate through savings.
B)   transferring your estate in the manner you have specified.
C)   deciding who should be your attorney.
D)   evaluating your assets and liabilities.
E)   Ensuring your retirement plan is complete.F) A) and D)
G) A) and C)

Question 5

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) C) and D)
G) All of the above

Question 6

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

Question 7

How do wills and trusts help in planning your estate?

Accepted Answer

Wills and trusts are tools of estate pla...

Question 8

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) B) and E)
G) A) and D)

Question 9

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) C) and D)
G) All of the above

Question 10

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

Question 11

Your estate consists of everything you own.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A)   codicil
B)   tracer
C)   addendum
D)   rider
E)   bank statementF) B) and E)
G) B) and D)

Question 14

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 15

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

Accepted Answer

A) True 
 B)False

Question 16

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 17

A will is:

Accepted Answer

A)   a legal arrangement through which your assets are held by someone.
B)   a synonym for a prenuptial agreement.
C)   a legal document authorizing someone to act on your behalf.
D)   a synonym for a letter of last instruction.
E)   the legal declaration of a person's mind as to the disposition of his or her property after his or her death.F) A) and D)
G) A) and E)

Question 18

Which one of the following statements is correct?

Accepted Answer

A)   A large percentage of people do little or nothing to provide for those who will survive them.
B)   Most people do plan their estates.
C)   Most people think that they will live forever.
D)   Most people don't worry about estate planning until they are 65.
E)   Estate planning is mandatory in some provinces.F) None of the above
G) D) and E)

Question 19

A formal will creates lower overall taxation.

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

A) True 
 B)False

Exam 15: Daily Spending Diary

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

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

Correct AnswerverifiedShow Answer

Which type of will is usually prepared with an attorney's assistance?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The second part of estate planning consists of:

Correct AnswerverifiedShow Answer

If you die without a valid will,

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

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

Correct AnswerverifiedShow Answer

A formal will creates lower overall taxation.

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

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

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

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

At death,it is necessary to ____________________________.

Correct AnswerverifiedShow Answer

You should review your will if:

Correct AnswerverifiedShow Answer

Which one of the following statements is correct?

Correct AnswerverifiedShow Answer

Your estate consists of everything you own.

Correct AnswerverifiedShow Answer

A will is:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

What is estate planning? What are the personal aspects of estate planning?

Correct AnswerverifiedEstate planning is a definite plan for t...View AnswerShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Estate planning is a definite plan for t...
View Answer