Question 1

A guardian is a person who assumes the responsibilities of providing the children with personal care and of managing the estate for them.

Accepted Answer

A) True 
 B)False

Question 2

Even if your assets such as life insurance, annuities, or RRSPs already have a named beneficiary, they will not be transferred independently of your will.

Accepted Answer

A) True 
 B)False

Question 3

Per stirpes means that the inheritances for his or her children will go to them in what ratio?

Accepted Answer

A) Equally 
B) Oldest gets 100% 
C) Oldest gets 50% and the rest shared equally 
D) Oldest gets the most based on a weighted average model set out in legislation 
E) Based on the children's ages 
A) Equally 
B) Oldest gets 100% 
C) Oldest gets 50% and the rest shared equally 
D) Oldest gets the most based on a weighted average model set out in legislation 
E) Based on the children's ages

Question 4

You should review your will if:

Accepted Answer

A) you move to a different province. 
B) you have sold property mentioned in the will. 
C) the size and composition of your estate has changed. 
D) you have married, divorced, or remarried. 
E) moving to a different province; selling property; changes to the size of one's estate; and marrying, divorcing, or remarrying are all good reasons to review your will. 
A) you move to a different province. 
B) you have sold property mentioned in the will. 
C) the size and composition of your estate has changed. 
D) you have married, divorced, or remarried. 
E) moving to a different province; selling property; changes to the size of one's estate; and marrying, divorcing, or remarrying are all good reasons to review your will.

Question 5

Upon your death, your beneficiary will meet people who offer specific types of assistance.These people will probably be:

Accepted Answer

A) strangers. 
B) sympathetic. 
C) courteous. 
D) disinterested. 
E) Your beneficiary will meet people, some of whom will be strangers, who are sympathetic, courteous and disinterested. 
A) strangers. 
B) sympathetic. 
C) courteous. 
D) disinterested. 
E) Your beneficiary will meet people, some of whom will be strangers, who are sympathetic, courteous and disinterested.

Question 6

A trustee is a person or an institution that holds property for the benefit of someone else under a trust agreement.

Accepted Answer

A) True 
 B)False

Question 7

A codicil is a document that explains, adds, or deletes provisions in your existing will.

Accepted Answer

A) True 
 B)False

Question 8

It is not necessary for every adult to have a written will.

Accepted Answer

A) True 
 B)False

Question 9

Under what type of ownership is the property considered owned 50-50 for estate tax purposes and passed automatically to your spouse at your death?

Accepted Answer

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

Question 10

A living will _______________

Accepted Answer

A) is not a legal term in Canada 
B) is also called a holographic will 
C) is part of a formal will 
D) is also called an ethical will 
E) should not be signed by witnesses 
A) is not a legal term in Canada 
B) is also called a holographic will 
C) is part of a formal will 
D) is also called an ethical will 
E) should not be signed by witnesses

Question 11

A person or institution that holds or generally manages property for the benefit of someone else under a trust agreement is called a(n)

Accepted Answer

A) beneficiary. 
B) executor. 
C) trustee. 
D) guardian. 
E) executrix. 
A) beneficiary. 
B) executor. 
C) trustee. 
D) guardian. 
E) executrix.

Question 12

A handwritten will is called a(n):

Accepted Answer

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

Question 13

A ______________ describes the legal directives each province sanctions with respect to your medical care wishes, should you become unable to communicate them

Accepted Answer

A) formal will 
B) holographic will 
C) legacies clause 
D) living will 
E) testimonium and attestation clauses 
A) formal will 
B) holographic will 
C) legacies clause 
D) living will 
E) testimonium and attestation clauses

Question 14

A holographic will should be witnessed by at least two persons.

Accepted Answer

A) True 
 B)False

Question 15

Under provincial family law, getting married usually voids a will made prior to the wedding.

Accepted Answer

A) True 
 B)False

Question 16

A prenuptial agreement is a documentary agreement between spouses after marriage.

Accepted Answer

A) True 
 B)False

Question 17

At death, it is necessary to _____________.

Accepted Answer

A) to file a final (terminal) tax return. 
B) pay estate taxes in Canada. 
C) report only the earned income of the deceased up to the date of death. 
D) report only the partial value of any registered assets. 
E) ensure your survivors have money. 
A) to file a final (terminal) tax return. 
B) pay estate taxes in Canada. 
C) report only the earned income of the deceased up to the date of death. 
D) report only the partial value of any registered assets. 
E) ensure your survivors have money.

Question 18

If the purpose of the clause in a will is to directs specific cash amounts to be paid.(common clause)?

Accepted Answer

A) Identification and Revocation Clause 
B) Payment of Debts 
C) Specific Bequests 
D) Legacies 
E) Life Interest Clause 
A) Identification and Revocation Clause 
B) Payment of Debts 
C) Specific Bequests 
D) Legacies 
E) Life Interest Clause

Question 19

Every adult should have a written will.

Accepted Answer

A) True 
 B)False

Question 20

A formal will leaves one half of your adjusted gross estate to your spouse.

Accepted Answer

A) True 
 B)False

A guardian is a person who assumes the responsibilities of providing the children with personal care and of managing the estate for them.

Even if your assets such as life insurance, annuities, or RRSPs already have a named beneficiary, they will not be transferred independently of your will.

Per stirpes means that the inheritances for his or her children will go to them in what ratio?

You should review your will if:

Upon your death, your beneficiary will meet people who offer specific types of assistance.These people will probably be:

A trustee is a person or an institution that holds property for the benefit of someone else under a trust agreement.

A codicil is a document that explains, adds, or deletes provisions in your existing will.

It is not necessary for every adult to have a written will.

Under what type of ownership is the property considered owned 50-50 for estate tax purposes and passed automatically to your spouse at your death?

A living will _______________

A person or institution that holds or generally manages property for the benefit of someone else under a trust agreement is called a(n)

A handwritten will is called a(n):

A ______________ describes the legal directives each province sanctions with respect to your medical care wishes, should you become unable to communicate them

A holographic will should be witnessed by at least two persons.

Under provincial family law, getting married usually voids a will made prior to the wedding.

A prenuptial agreement is a documentary agreement between spouses after marriage.

At death, it is necessary to _____________.

If the purpose of the clause in a will is to directs specific cash amounts to be paid.(common clause)?

Every adult should have a written will.

A formal will leaves one half of your adjusted gross estate to your spouse.

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

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Exam 15: Estate Planning

A guardian is a person who assumes the responsibilities of providing the children with personal care and of managing the estate for them.

Even if your assets such as life insurance, annuities, or RRSPs already have a named beneficiary, they will not be transferred independently of your will.

Per stirpes means that the inheritances for his or her children will go to them in what ratio?

You should review your will if:

Upon your death, your beneficiary will meet people who offer specific types of assistance.These people will probably be:

A trustee is a person or an institution that holds property for the benefit of someone else under a trust agreement.

A codicil is a document that explains, adds, or deletes provisions in your existing will.

It is not necessary for every adult to have a written will.

Under what type of ownership is the property considered owned 50-50 for estate tax purposes and passed automatically to your spouse at your death?

A living will _______________

A person or institution that holds or generally manages property for the benefit of someone else under a trust agreement is called a(n)

A handwritten will is called a(n):

A ______________ describes the legal directives each province sanctions with respect to your medical care wishes, should you become unable to communicate them

A holographic will should be witnessed by at least two persons.

Under provincial family law, getting married usually voids a will made prior to the wedding.

A prenuptial agreement is a documentary agreement between spouses after marriage.

At death, it is necessary to _____________.

If the purpose of the clause in a will is to directs specific cash amounts to be paid.(common clause)?

Every adult should have a written will.

A formal will leaves one half of your adjusted gross estate to your spouse.

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