Exam 15: Retirement and Estate Planning - Estate Planning

A power of attorney for health care can give someone you designate the power to make which of the following decisions?

With samples of valid wills being available on websites and in bookstores,it is not recommended that a person incur the additional expense of hiring a lawyer to write a will.

In many cases,the executor and the trustee is the same individual.

Which kind of trust allows assets to transfer into it on a tax deferred basis?

A document that specifies changes to an existing will is

An executor may be able to file more than one tax return for the deceased

English form wills must be dated,signed,and witnessed and are the most common in Canada.

To create a valid will,an individual must be

An executor may

If a person dies without a valid will,the court will appoint an administrator,who is an expert in estate settlement and tax minimization.

For which of the following events is a review of your will most essential?

In Canada the average tax paid at death is high due to deemed dispositions and probate fees.

On death the executor must sell all assets,thereby triggering taxes.

A general power of attorney

The purpose of probate is to ensure

If you die without a will,the court will appoint

When a testator dies in December,the tax return must be filed

Which of the following is not a good reason to have a will?

If you are involved in a common-law relationship,it is the same as being married regarding preferential share entitlement.

The initial part of the will is