Question 1

In choosing a guardian for your children,you should

Accepted Answer

A) ensure he or she is also prepared to be the custodian. 
B) be sure to include this in the last letter of instruction. 
C) ensure that the person you select is willing to serve in this capacity. 
D) authorize this in a power of attorney. 
A) ensure he or she is also prepared to be the custodian. 
B) be sure to include this in the last letter of instruction. 
C) ensure that the person you select is willing to serve in this capacity. 
D) authorize this in a power of attorney. C

Question 2

Two key goals of estate planning are to ensure that your assets pass to your chosen beneficiaries and to minimize taxes to be paid.

Accepted Answer

A) True 
 B)False  True

Question 3

Discuss the characteristics and expertise you would look for in the person you want to appoint as your executor or attorney.

Accepted Answer

Students should demonstrate that they understand the importance of appointing financially astute individuals to handle complex personal affairs that can be diverse.This requires personal experience,certain levels of education,skill in managing financial assets and trustworthiness.
Executor: Skills,trustworthiness to manage and dispose of assets at reasonable values,complete all tax returns etc. ,minimize taxes where possible.This could more easily be done by a professional with limited personal relationship to the testator.
Attorney:For enduring and durable powers of attorney,utmost personal connection and trustworthiness are essential as well as competence.

Question 4

Minor changes to a will can be made with a simple document called a codicil.

Accepted Answer

A) True 
 B)False

Question 5

When considering holding assets as joint ownership with rights of survivorship for estate planning purposes,it is important to understand

Accepted Answer

A) that capital gains taxes will be deferred on this transaction until the survivor passes. 
B) how the spousal roll-over rules will impact capital gains taxation. 
C) the implications of giving up your decision making power over the asset. 
D) that naming a child as a joint owner of your principal residence will trigger capital gains taxes. 
A) that capital gains taxes will be deferred on this transaction until the survivor passes. 
B) how the spousal roll-over rules will impact capital gains taxation. 
C) the implications of giving up your decision making power over the asset. 
D) that naming a child as a joint owner of your principal residence will trigger capital gains taxes.

Question 6

To create a will,a person must be of legal age,be mentally competent,and not be subject to undue influence or threats by others.

Accepted Answer

A) True 
 B)False

Question 7

Granting a durable power of attorney gives the authorized individual power to make decisions about your medical treatment,rather than leaving it to the health care professionals.

Accepted Answer

A) True 
 B)False

Question 8

A holograph will

Accepted Answer

A) is the most common will in Quebec. 
B) remains in effect after a new marriage. 
C) does not require the signatures of witnesses. 
D) must be witnessed by a notary or lawyer. 
A) is the most common will in Quebec. 
B) remains in effect after a new marriage. 
C) does not require the signatures of witnesses. 
D) must be witnessed by a notary or lawyer.

Question 9

A trustee is an individual or organization that is responsible for

Accepted Answer

A) carrying out the administration involved in settling an estate. 
B) selling the assets to one or more of the beneficiaries of a will. 
C) distributing the assets to one or more of the beneficiaries of a will. 
D) managing the assets held in trust while the estate is settled. 
A) carrying out the administration involved in settling an estate. 
B) selling the assets to one or more of the beneficiaries of a will. 
C) distributing the assets to one or more of the beneficiaries of a will. 
D) managing the assets held in trust while the estate is settled.

Question 10

A type of trust that is created by a will is called a(n)

Accepted Answer

A) alter ego trust. 
B) testamentary trust. 
C) beneficial trust. 
D) inter vivos trust. 
A) alter ego trust. 
B) testamentary trust. 
C) beneficial trust. 
D) inter vivos trust.

Question 11

A legal document granting a person the power to make specific decisions for you in the event that you become incapacitated is called a(n)

Accepted Answer

A) durable power of attorney. 
B) enduring power of attorney. 
C) living will. 
D) general power of attorney. 
A) durable power of attorney. 
B) enduring power of attorney. 
C) living will. 
D) general power of attorney.

Question 12

A non-continuing power of attorney with a specified task

Accepted Answer

A) becomes enforceable as a will if the grantor dies. 
B) becomes transferable if the attorney is incapacitated. 
C) expires when the task or event has been completed. 
D) has all-encompassing power if the grantor becomes incapacitated. 
A) becomes enforceable as a will if the grantor dies. 
B) becomes transferable if the attorney is incapacitated. 
C) expires when the task or event has been completed. 
D) has all-encompassing power if the grantor becomes incapacitated.

Question 13

A preferential share claimed by a spouse may limit the amount granted to other beneficiaries.

Accepted Answer

A) True 
 B)False

Question 14

In the year of death,contributions to registered charitable organizations through your will

Accepted Answer

A) can be made to a family member. 
B) are restricted to 75 percent of gross income. 
C) can be 100 percent of net income and that of the preceding year. 
D) is capped at $75 000. 
A) can be made to a family member. 
B) are restricted to 75 percent of gross income. 
C) can be 100 percent of net income and that of the preceding year. 
D) is capped at $75 000.

Question 15

Enduring powers of attorney must only be granted to people of utmost trustworthiness because of their power.

Accepted Answer

A) True 
 B)False

Question 16

Explain the differences between and the importance of using continuing and non-continuing forms of a power of attorney in estate planning.

Accepted Answer

Non-continuing powers of attorney have a

Question 17

Which of the following is True regarding the evaluation of a deceased's estate for probate purposes?

Accepted Answer

A) All capital assets are listed and valued as of the date of death. 
B) All registered assets must be sold and deregistered. 
C) Taxation is based on the total value of all assets probated. 
D) The value of your home is never included in probate. 
A) All capital assets are listed and valued as of the date of death. 
B) All registered assets must be sold and deregistered. 
C) Taxation is based on the total value of all assets probated. 
D) The value of your home is never included in probate.

Question 18

A limited power of attorney for finances for a specific time while you are travelling outside the country can give someone you designate the power to make which of the following decisions?

Accepted Answer

A) Sell stock in your portfolio 
B) Make a new power of attorney for you 
C) Decide which assets should be sold if you pass away before returning 
D) Decide which care home you can afford if you become incapacitated during the trip 
A) Sell stock in your portfolio 
B) Make a new power of attorney for you 
C) Decide which assets should be sold if you pass away before returning 
D) Decide which care home you can afford if you become incapacitated during the trip

Question 19

A handwritten will is called a notarial will.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following is necessary for an English form will to be valid?

Accepted Answer

A) It must be written in the testator's handwriting. 
B) It must be dated within ten years of death. 
C) It must be signed by the testator and two witnesses. 
D) The person writing the will must be over age 21 at the time the will is written. 
A) It must be written in the testator's handwriting. 
B) It must be dated within ten years of death. 
C) It must be signed by the testator and two witnesses. 
D) The person writing the will must be over age 21 at the time the will is written.

In choosing a guardian for your children,you should

Two key goals of estate planning are to ensure that your assets pass to your chosen beneficiaries and to minimize taxes to be paid.

Discuss the characteristics and expertise you would look for in the person you want to appoint as your executor or attorney.

Minor changes to a will can be made with a simple document called a codicil.

When considering holding assets as joint ownership with rights of survivorship for estate planning purposes,it is important to understand

To create a will,a person must be of legal age,be mentally competent,and not be subject to undue influence or threats by others.

Granting a durable power of attorney gives the authorized individual power to make decisions about your medical treatment,rather than leaving it to the health care professionals.

A holograph will

A trustee is an individual or organization that is responsible for

A type of trust that is created by a will is called a(n)

A legal document granting a person the power to make specific decisions for you in the event that you become incapacitated is called a(n)

A non-continuing power of attorney with a specified task

A preferential share claimed by a spouse may limit the amount granted to other beneficiaries.

In the year of death,contributions to registered charitable organizations through your will

Enduring powers of attorney must only be granted to people of utmost trustworthiness because of their power.

Explain the differences between and the importance of using continuing and non-continuing forms of a power of attorney in estate planning.

Which of the following is True regarding the evaluation of a deceased's estate for probate purposes?

A limited power of attorney for finances for a specific time while you are travelling outside the country can give someone you designate the power to make which of the following decisions?

A handwritten will is called a notarial will.

Which of the following is necessary for an English form will to be valid?

Overview of a Financial Plan

Tools for Financial Planning - Applying Time Value Concepts

Tools for Financial Planning - Planning with Personal Financial Statements

Tools for Financial Planning - Using Tax Concepts for Planning

Managing Your Financial Resources - Banking Services and Managing Your Money

Managing Your Financial Resources - Assessing, Managing, and Securing Your Credit

Managing Your Financial Resources - Purchasing and Financing a Home

Protecting Your Wealth - Auto and Homeowner's Insurance

Protecting Your Wealth - Health and Life Insurance

Personal Investing - Investing Fundamentals

Personal Investing - Investing in Stocks

Personal Investing - Investing in Bonds

Personal Investing - Investing in Mutual Funds

Retirement and Estate Planning - Retirement Planning

Synthesis of Financial Planning - Integrating the Components of a Financial Plan

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Exam 15: Retirement and Estate Planning - Estate Planning

In choosing a guardian for your children,you should

Two key goals of estate planning are to ensure that your assets pass to your chosen beneficiaries and to minimize taxes to be paid.

Discuss the characteristics and expertise you would look for in the person you want to appoint as your executor or attorney.

Minor changes to a will can be made with a simple document called a codicil.

When considering holding assets as joint ownership with rights of survivorship for estate planning purposes,it is important to understand

To create a will,a person must be of legal age,be mentally competent,and not be subject to undue influence or threats by others.

Granting a durable power of attorney gives the authorized individual power to make decisions about your medical treatment,rather than leaving it to the health care professionals.

A holograph will

A trustee is an individual or organization that is responsible for

A type of trust that is created by a will is called a(n)

A legal document granting a person the power to make specific decisions for you in the event that you become incapacitated is called a(n)

A non-continuing power of attorney with a specified task

A preferential share claimed by a spouse may limit the amount granted to other beneficiaries.

In the year of death,contributions to registered charitable organizations through your will

Enduring powers of attorney must only be granted to people of utmost trustworthiness because of their power.

Explain the differences between and the importance of using continuing and non-continuing forms of a power of attorney in estate planning.

Which of the following is True regarding the evaluation of a deceased's estate for probate purposes?

A limited power of attorney for finances for a specific time while you are travelling outside the country can give someone you designate the power to make which of the following decisions?

A handwritten will is called a notarial will.

Which of the following is necessary for an English form will to be valid?

Overview of a Financial Plan

Tools for Financial Planning - Applying Time Value Concepts

Tools for Financial Planning - Planning with Personal Financial Statements

Tools for Financial Planning - Using Tax Concepts for Planning

Managing Your Financial Resources - Banking Services and Managing Your Money

Managing Your Financial Resources - Assessing, Managing, and Securing Your Credit

Managing Your Financial Resources - Purchasing and Financing a Home

Protecting Your Wealth - Auto and Homeowner's Insurance

Protecting Your Wealth - Health and Life Insurance

Personal Investing - Investing Fundamentals

Personal Investing - Investing in Stocks

Personal Investing - Investing in Bonds

Personal Investing - Investing in Mutual Funds

Retirement and Estate Planning - Retirement Planning

Synthesis of Financial Planning - Integrating the Components of a Financial Plan

Filters