Question 1

If you wish to be cremated when you die,this request should be included in a

Accepted Answer

A) durable power of attorney. 
B) letter of last instruction. 
C) codicil. 
D) letter of last rites. 
A) durable power of attorney. 
B) letter of last instruction. 
C) codicil. 
D) letter of last rites.

Question 2

Which of the following is the start of the probate process?

Accepted Answer

A) Payment of claims against the estate 
B) The validation of the will 
C) Determination of legal heirs 
D) Filing the will and probate form with the court 
A) Payment of claims against the estate 
B) The validation of the will 
C) Determination of legal heirs 
D) Filing the will and probate form with the court

Question 3

Estate planning commonly involves trusts,gifts,and charitable contributions for the purpose of avoiding taxes.

Accepted Answer

A) True 
 B)False

Question 4

If your spouse has predeceased you,RRSPs

Accepted Answer

A) can pass to registered charities with no tax liability. 
B) are fully taxable. 
C) can pass to a dependent child with no tax liability. 
D) are taxed as capital gains. 
A) can pass to registered charities with no tax liability. 
B) are fully taxable. 
C) can pass to a dependent child with no tax liability. 
D) are taxed as capital gains.

Question 5

A legal document in which individuals specify their preferences in the event that they become mentally or physically disabled is called a(n)

Accepted Answer

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

Question 6

Name and explain the different features of three types of trusts and give circumstance where they would be applicable.

Accepted Answer

Living trust,revocable living,irrevocabl

Question 7

The primary purpose of a preferential share is to

Accepted Answer

A) give each former spouse a share of the assets in the case of multiple marriages. 
B) provide for the appropriate distribution of matrimonial property. 
C) ensure dependents are looked after. 
D) divide assets fairly between the spouse and progeny. 
A) give each former spouse a share of the assets in the case of multiple marriages. 
B) provide for the appropriate distribution of matrimonial property. 
C) ensure dependents are looked after. 
D) divide assets fairly between the spouse and progeny.

Question 8

If a spouse dies intestate all their assets will transfer to the surviving spouse.

Accepted Answer

A) True 
 B)False

Question 9

If a person dies and two wills are discovered in the safety deposit box,

Accepted Answer

A) there is a complicated legal process to determine the valid will. 
B) the will with the most recent date will be the valid will. 
C) the earliest dated will is valid. 
D) the courts will determine the valid will. 
A) there is a complicated legal process to determine the valid will. 
B) the will with the most recent date will be the valid will. 
C) the earliest dated will is valid. 
D) the courts will determine the valid will.

Question 10

The first clause in a will

Accepted Answer

A) appoints the executor. 
B) identifies the beneficiaries. 
C) appoints the administrator. 
D) identifies the deceased. 
A) appoints the executor. 
B) identifies the beneficiaries. 
C) appoints the administrator. 
D) identifies the deceased.

Question 11

If Mary is not sure her primary beneficiary will survive her,she should

Accepted Answer

A) name a contingent beneficiary. 
B) name joint beneficiaries. 
C) change her beneficiary. 
D) name her estate as beneficiary. 
A) name a contingent beneficiary. 
B) name joint beneficiaries. 
C) change her beneficiary. 
D) name her estate as beneficiary.

Question 12

Inter vivos trusts

Accepted Answer

A) are formed to protect assets for a dependent child. 
B) may not be used for fixed assets such as a cottage. 
C) are continually and actively managed by the settlor. 
D) pay taxes on earnings at the highest marginal rate. 
A) are formed to protect assets for a dependent child. 
B) may not be used for fixed assets such as a cottage. 
C) are continually and actively managed by the settlor. 
D) pay taxes on earnings at the highest marginal rate.

Question 13

What is the primary problem with dying intestate?

Accepted Answer

A) An administrator will be appointed to distribute the estate according to law. 
B) Any children will become wards of the state. 
C) Medical personnel will be responsible for decisions about your care. 
D) Your estate will flow to the government. 
A) An administrator will be appointed to distribute the estate according to law. 
B) Any children will become wards of the state. 
C) Medical personnel will be responsible for decisions about your care. 
D) Your estate will flow to the government.

Question 14

A notarial will is a formal type of will that is

Accepted Answer

A) most commonly used in Quebec. 
B) the most common form across Canada. 
C) not valid in a number of provinces. 
D) written fully in the handwriting of the testator. 
A) most commonly used in Quebec. 
B) the most common form across Canada. 
C) not valid in a number of provinces. 
D) written fully in the handwriting of the testator.

Question 15

As long as a holograph is in the handwriting of the testator,it is valid in Canada.

Accepted Answer

A) True 
 B)False

Question 16

Probate is the legal process that ensures orderly distribution of assets and guardians of children are appointed as the testator wished.

Accepted Answer

A) True 
 B)False

Question 17

Inter vivos trusts usually

Accepted Answer

A) form part of your assets upon death and need to be probated. 
B) are challenged through the court system when made public at death. 
C) result in arguments about who owns the assets upon death. 
D) distribute all income to beneficiaries annually to avoid high tax rates. 
A) form part of your assets upon death and need to be probated. 
B) are challenged through the court system when made public at death. 
C) result in arguments about who owns the assets upon death. 
D) distribute all income to beneficiaries annually to avoid high tax rates.

Question 18

If an administrator is appointed to settle an estate,this can cause delays,additional expenses and decisions the testator would not have wished.

Accepted Answer

A) True 
 B)False

Question 19

The document that describes funeral preferences and indicates where key financial records are kept is called the letter of last rites.

Accepted Answer

A) True 
 B)False

If you wish to be cremated when you die,this request should be included in a

Which of the following is the start of the probate process?

Estate planning commonly involves trusts,gifts,and charitable contributions for the purpose of avoiding taxes.

If your spouse has predeceased you,RRSPs

A legal document in which individuals specify their preferences in the event that they become mentally or physically disabled is called a(n)

Name and explain the different features of three types of trusts and give circumstance where they would be applicable.

The primary purpose of a preferential share is to

If a spouse dies intestate all their assets will transfer to the surviving spouse.

If a person dies and two wills are discovered in the safety deposit box,

The first clause in a will

If Mary is not sure her primary beneficiary will survive her,she should

Inter vivos trusts

What is the primary problem with dying intestate?

A notarial will is a formal type of will that is

As long as a holograph is in the handwriting of the testator,it is valid in Canada.

Probate is the legal process that ensures orderly distribution of assets and guardians of children are appointed as the testator wished.

Inter vivos trusts usually

If an administrator is appointed to settle an estate,this can cause delays,additional expenses and decisions the testator would not have wished.

The document that describes funeral preferences and indicates where key financial records are kept is called the letter of last rites.

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

If you wish to be cremated when you die,this request should be included in a

Which of the following is the start of the probate process?

Estate planning commonly involves trusts,gifts,and charitable contributions for the purpose of avoiding taxes.

If your spouse has predeceased you,RRSPs

A legal document in which individuals specify their preferences in the event that they become mentally or physically disabled is called a(n)

Name and explain the different features of three types of trusts and give circumstance where they would be applicable.

The primary purpose of a preferential share is to

If a spouse dies intestate all their assets will transfer to the surviving spouse.

If a person dies and two wills are discovered in the safety deposit box,

The first clause in a will

If Mary is not sure her primary beneficiary will survive her,she should

Inter vivos trusts

What is the primary problem with dying intestate?

A notarial will is a formal type of will that is

As long as a holograph is in the handwriting of the testator,it is valid in Canada.

Probate is the legal process that ensures orderly distribution of assets and guardians of children are appointed as the testator wished.

Inter vivos trusts usually

If an administrator is appointed to settle an estate,this can cause delays,additional expenses and decisions the testator would not have wished.

The document that describes funeral preferences and indicates where key financial records are kept is called the letter of last rites.

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