Question 1

Making any changes on the face of your will can invalidate it.

Accepted Answer

A) True 
 B)False

Question 2

A pre-nuptial agreement is a documentary agreement between spouses before marriage.

Accepted Answer

A) True 
 B)False

Question 3

The least important characteristic of an executor is

Accepted Answer

A) reliable 
B) trustworthy, 
C) responsible 
D) organized 
E) a family member 
A) reliable 
B) trustworthy, 
C) responsible 
D) organized 
E) a family member

Question 4

If you are married, your estate planning involves

Accepted Answer

A) fewer financial responsibilities. 
B) fewer legal requirements. 
C) the interest of at least two people. 
D) seeking the services of a securities broker. 
E) your pension plan. 
A) fewer financial responsibilities. 
B) fewer legal requirements. 
C) the interest of at least two people. 
D) seeking the services of a securities broker. 
E) your pension plan.

Question 5

Changes to your marital status can affect the validity of your will.

Accepted Answer

A) True 
 B)False

Question 6

In a basic will the clause that outlines the distribution of specific personal property, such as furniture, jewelry, cars, RRSPs, RRIFs, and pensions 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 7

In a basic will the clause that enables your executor to exercise various powers in the management of your estate without the approval of the court 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 8

Making any changes on the face of your will does not invalidate it.

Accepted Answer

A) True 
 B)False

Question 9

A legal document authorizing someone to act on your behalf is called a

Accepted Answer

A) codicil. 
B) rider. 
C) power of attorney. 
D) trustor. 
E) proxy. 
A) codicil. 
B) rider. 
C) power of attorney. 
D) trustor. 
E) proxy.

Question 10

A legal arrangement through which your assets are held by a trustee for your benefit or that of your beneficiaries is called a

Accepted Answer

A) codicil. 
B) power of attorney. 
C) proxy. 
D) rider. 
E) trust. 
A) codicil. 
B) power of attorney. 
C) proxy. 
D) rider. 
E) trust.

Question 11

In estate planning, if you are married:

Accepted Answer

A) you don't need much estate planning. 
B) your estate planning is rather easy. 
C) only your spouse should be concerned about estate planning. 
D) your situation becomes more complex, and the need for orderliness and clarity becomes greater. 
E) your will takes care of most of estate planning problems. 
A) you don't need much estate planning. 
B) your estate planning is rather easy. 
C) only your spouse should be concerned about estate planning. 
D) your situation becomes more complex, and the need for orderliness and clarity becomes greater. 
E) your will takes care of most of estate planning problems.

Question 12

Which of these statements is false? Provincial family law _______________,

Accepted Answer

A) varies across Canada. 
B) can have a significant impact on your estate planning. 
C) might impact your capacity to order the disposal of your estate. 
D) does not permit your will to be contested. 
E) does not obligate the deceased to provide for family members who were not financial dependents at the time of death. 
A) varies across Canada. 
B) can have a significant impact on your estate planning. 
C) might impact your capacity to order the disposal of your estate. 
D) does not permit your will to be contested. 
E) does not obligate the deceased to provide for family members who were not financial dependents at the time of death.

Question 13

A person who will follow your instructions specified in your will is called a(n)

Accepted Answer

A) beneficiary. 
B) trustor. 
C) witness. 
D) executor or executrix. 
E) codicil. 
A) beneficiary. 
B) trustor. 
C) witness. 
D) executor or executrix. 
E) codicil.

Question 14

A holographic will should be written, dated, and signed entirely in your handwriting.

Accepted Answer

A) True 
 B)False

Question 15

If you die without a valid will,

Accepted Answer

A) the government confiscates your property. 
B) the federal court decides how the property should be distributed. 
C) your relatives or friends will get the property. 
D) your local custom will determine how the property is distributed. 
E) the province's law of descent and distribution becomes your will. 
A) the government confiscates your property. 
B) the federal court decides how the property should be distributed. 
C) your relatives or friends will get the property. 
D) your local custom will determine how the property is distributed. 
E) the province's law of descent and distribution becomes your will.

Question 16

Which one of the following statements is true about estate planning?

Accepted Answer

A) Many people don't give a single thought to preparing for death. 
B) It is always easy to plan for your family's financial security in the event of your death. 
C) Most people do a lot to provide for those who will survive them. 
D) Most people give meticulous attention to estate planning. 
E) Estate planning is for the rich only 
A) Many people don't give a single thought to preparing for death. 
B) It is always easy to plan for your family's financial security in the event of your death. 
C) Most people do a lot to provide for those who will survive them. 
D) Most people give meticulous attention to estate planning. 
E) Estate planning is for the rich only

Question 17

What percentage of Canadians do not have a signed will?

Accepted Answer

A) 23% 
B) 29% 
C) 47% 
D) 56% 
E) 61% 
A) 23% 
B) 29% 
C) 47% 
D) 56% 
E) 61%

Question 18

In the year of death, the estate's executor must file a final (terminal) tax return.

Accepted Answer

A) True 
 B)False

Question 19

Which document explains, adds, or deletes provisions in your existing will?

Accepted Answer

A) codicil 
B) tracer 
C) addendum 
D) rider 
E) bank statement 
A) codicil 
B) tracer 
C) addendum 
D) rider 
E) bank statement

Question 20

The creator of the trust is called the settlor or grantor.

Accepted Answer

A) True 
 B)False

Making any changes on the face of your will can invalidate it.

A pre-nuptial agreement is a documentary agreement between spouses before marriage.

The least important characteristic of an executor is

If you are married, your estate planning involves

Changes to your marital status can affect the validity of your will.

In a basic will the clause that outlines the distribution of specific personal property, such as furniture, jewelry, cars, RRSPs, RRIFs, and pensions is the __________________

In a basic will the clause that enables your executor to exercise various powers in the management of your estate without the approval of the court is the ____________

Making any changes on the face of your will does not invalidate it.

A legal document authorizing someone to act on your behalf is called a

A legal arrangement through which your assets are held by a trustee for your benefit or that of your beneficiaries is called a

In estate planning, if you are married:

Which of these statements is false? Provincial family law _______________,

A person who will follow your instructions specified in your will is called a(n)

A holographic will should be written, dated, and signed entirely in your handwriting.

If you die without a valid will,

Which one of the following statements is true about estate planning?

What percentage of Canadians do not have a signed will?

In the year of death, the estate's executor must file a final (terminal) tax return.

Which document explains, adds, or deletes provisions in your existing will?

The creator of the trust is called the settlor or grantor.

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

Making any changes on the face of your will can invalidate it.

A pre-nuptial agreement is a documentary agreement between spouses before marriage.

The least important characteristic of an executor is

If you are married, your estate planning involves

Changes to your marital status can affect the validity of your will.

In a basic will the clause that outlines the distribution of specific personal property, such as furniture, jewelry, cars, RRSPs, RRIFs, and pensions is the __________________

In a basic will the clause that enables your executor to exercise various powers in the management of your estate without the approval of the court is the ____________

Making any changes on the face of your will does not invalidate it.

A legal document authorizing someone to act on your behalf is called a

A legal arrangement through which your assets are held by a trustee for your benefit or that of your beneficiaries is called a

In estate planning, if you are married:

Which of these statements is false? Provincial family law _______________,

A person who will follow your instructions specified in your will is called a(n)

A holographic will should be written, dated, and signed entirely in your handwriting.

If you die without a valid will,

Which one of the following statements is true about estate planning?

What percentage of Canadians do not have a signed will?

In the year of death, the estate's executor must file a final (terminal) tax return.

Which document explains, adds, or deletes provisions in your existing will?

The creator of the trust is called the settlor or grantor.

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