Exam 15: Retirement and Estate Planning - Estate Planning

If no named executor is able to perform the appointed tasks,

If you die intestate,your surviving spouse,or if you do not have a spouse,then your child,if over the age of 19,will become executor of your estate.

There will be no tax on capital property held jointly with a surviving spouse.

RRSPs can be rolled over to certain beneficiaries without being subject to tax.

The person who establishes and funds a trust is the

If John is going to have his first child,which of the following should he do for his estate planning?

Indicate five personal situations where having a will and estate plan is most essential and two where having a will would not be as important.

A testamentary trust comes into force upon death.

Even a parent without significant net worth needs a will to appoint a guardian for their children.

You may want to execute a codicil to your existing will

A trust involves the transfer of assets to a third party who manages these assets for a beneficiary.

The residue of an estate is the amount of assets you own before taxes.

A living will is a simple legal document in which individuals specify their preferences if they become mentally or physically disabled.

There may be a need to distribute half of the estate to the spouse and the other half to any other beneficiaries due to

An English form will requires the signatures of the

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

A living will is a health care directive for individuals to specify their preferences if they become mentally or physically disabled.

The value of the estate is calculated using

If you get married,your will is cancelled in some provinces but not in others.

You are recently divorced and have relocated to another province,you should