Question 1

A spousal trust can be classified as either an inter vivos trust or a testamentary trust.

Accepted Answer

A) True 
 B)False  True

Question 2

A living or inter vivos trust is a property management arrangement that you establish while you are alive.

Accepted Answer

A) True 
 B)False  True

Question 3

Estate planning is a definite plan for the administration and disposition of one's property during one's lifetime and at one's death.

Accepted Answer

A) True 
 B)False  True

Question 4

Which will should not be witnessed?

Accepted Answer

A) informal will 
B) letter of last instruction 
C) formal will 
D) statutory will 
E) holographic will 
A) informal will 
B) letter of last instruction 
C) formal will 
D) statutory will 
E) holographic will

Question 5

A will is a way to transfer your property according to your wishes after you die.

Accepted Answer

A) True 
 B)False

Question 6

A inter visos trust is know as what type of trust?

Accepted Answer

A) Living 
B) Dying 
C) Legal 
D) Royal 
E) Holographic 
A) Living 
B) Dying 
C) Legal 
D) Royal 
E) Holographic

Question 7

Which of the following statements is correct regarding wills?

Accepted Answer

A) Only married people need a will. 
B) Only married people with dependents need a will. 
C) Only the rich with a considerable estate needs a will. 
D) Every adult needs a will. 
E) Only senior citizens need a will. 
A) Only married people need a will. 
B) Only married people with dependents need a will. 
C) Only the rich with a considerable estate needs a will. 
D) Every adult needs a will. 
E) Only senior citizens need a will.

Question 8

A hand written will is known as what type of will?

Accepted Answer

A) Holographic 
B) Formal 
C) Informal 
D) Notarial 
E) Living 
A) Holographic 
B) Formal 
C) Informal 
D) Notarial 
E) Living

Question 9

At death, it is necessary to deregister any registered assets, such as RSPs or RIFs.

Accepted Answer

A) True 
 B)False

Question 10

A testamentary trust is a trust established by your will that becomes effective upon your death.

Accepted Answer

A) True 
 B)False

Question 11

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

Question 12

In a basic will the clause that identifies you and your residence and declares that this is your last will, which revokes all prior wills is the ___________________

Accepted Answer

A) identification and revocation clause 
B) specific bequests clause 
C) legacies clause 
D) power clause 
E) testimonium and attestation clause 
A) identification and revocation clause 
B) specific bequests clause 
C) legacies clause 
D) power clause 
E) testimonium and attestation clause

Question 13

In what type of ownership is each individual considered to own a proportionate share for tax purposes with only your share being included in your estate?

Accepted Answer

A) tenancy by default 
B) tenancy by the entirety 
C) tenancy in common 
D) joint tenancy 
E) tenants by birth 
A) tenancy by default 
B) tenancy by the entirety 
C) tenancy in common 
D) joint tenancy 
E) tenants by birth

Question 14

In a basic will these clauses are found at the end of your will.They ensure the legal requirements for a validly executed will are met.

Accepted Answer

A) identification and revocation clauses 
B) specific bequests clauses 
C) legacies clauses 
D) encroachment clauses 
E) testimonium and attestation clauses 
A) identification and revocation clauses 
B) specific bequests clauses 
C) legacies clauses 
D) encroachment clauses 
E) testimonium and attestation clauses

Question 15

A trust established by your will that becomes effective upon your death is called a(n) ____________ trust.

Accepted Answer

A) testamentary 
B) living 
C) general 
D) formal 
E) insurance 
A) testamentary 
B) living 
C) general 
D) formal 
E) insurance

Question 16

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 17

A(n) ____________ trust is a property management arrangement that you establish while you are alive.

Accepted Answer

A) guardian 
B) testamentary 
C) living 
D) power of attorney 
E) estate 
A) guardian 
B) testamentary 
C) living 
D) power of attorney 
E) estate

Question 18

Never having been married does not eliminate the need to organize your papers.

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

In a basic will the clause that directs specific cash amounts to be paid is the ____________

Accepted Answer

A) identification and revocation clause 
B) specific bequests clause 
C) legacies clause 
D) power clause 
E) testimonium and attestation clause 
A) identification and revocation clause 
B) specific bequests clause 
C) legacies clause 
D) power clause 
E) testimonium and attestation clause

A spousal trust can be classified as either an inter vivos trust or a testamentary trust.

A living or inter vivos trust is a property management arrangement that you establish while you are alive.

Estate planning is a definite plan for the administration and disposition of one's property during one's lifetime and at one's death.

Which will should not be witnessed?

A will is a way to transfer your property according to your wishes after you die.

A inter visos trust is know as what type of trust?

Which of the following statements is correct regarding wills?

A hand written will is known as what type of will?

At death, it is necessary to deregister any registered assets, such as RSPs or RIFs.

A testamentary trust is a trust established by your will that becomes effective upon your death.

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

In a basic will the clause that identifies you and your residence and declares that this is your last will, which revokes all prior wills is the ___________________

In what type of ownership is each individual considered to own a proportionate share for tax purposes with only your share being included in your estate?

In a basic will these clauses are found at the end of your will.They ensure the legal requirements for a validly executed will are met.

A trust established by your will that becomes effective upon your death is called a(n) ____________ trust.

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.

A(n) ____________ trust is a property management arrangement that you establish while you are alive.

Never having been married does not eliminate the need to organize your papers.

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

In a basic will the clause that directs specific cash amounts to be paid is the ____________

Personal Financial Planning: An Introduction

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Banking Services of Financial Institutions

Introduction to Consumer Credit

Choosing a Source of Credit: The Costs of Credit Alternatives

The Finances of Housing

Home and Automobile Insurance

Life, Health, and Disability Insurance

Fundamentals of Investing

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Retirement Planning

Filters

Exam 15: Estate Planning

A spousal trust can be classified as either an inter vivos trust or a testamentary trust.

A living or inter vivos trust is a property management arrangement that you establish while you are alive.

Estate planning is a definite plan for the administration and disposition of one's property during one's lifetime and at one's death.

Which will should not be witnessed?

A will is a way to transfer your property according to your wishes after you die.

A inter visos trust is know as what type of trust?

Which of the following statements is correct regarding wills?

A hand written will is known as what type of will?

At death, it is necessary to deregister any registered assets, such as RSPs or RIFs.

A testamentary trust is a trust established by your will that becomes effective upon your death.

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

In a basic will the clause that identifies you and your residence and declares that this is your last will, which revokes all prior wills is the ___________________

In what type of ownership is each individual considered to own a proportionate share for tax purposes with only your share being included in your estate?

In a basic will these clauses are found at the end of your will.They ensure the legal requirements for a validly executed will are met.

A trust established by your will that becomes effective upon your death is called a(n) ____________ trust.

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.

A(n) ____________ trust is a property management arrangement that you establish while you are alive.

Never having been married does not eliminate the need to organize your papers.

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

In a basic will the clause that directs specific cash amounts to be paid is the ____________

Personal Financial Planning: An Introduction

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Banking Services of Financial Institutions

Introduction to Consumer Credit

Choosing a Source of Credit: The Costs of Credit Alternatives

The Finances of Housing

Home and Automobile Insurance

Life, Health, and Disability Insurance

Fundamentals of Investing

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Retirement Planning

Filters