Question 1

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. A

Question 2

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 C

Question 3

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. D

Question 4

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 5

Estate planning is not 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

Question 6

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 7

Your executor can be a family member, a friend, an attorney, an accountant, or the trust department of a bank.

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

Estate planning has two parts. The first part consists of

Accepted Answer

A)  deciding on who is going to get what. 
B)  transferring your estate in the manner you have specified. 
C)  building your estate through savings, investments, and insurance. 
D)  evaluating your assets and liabilities. 
E)  Meeting your financial planner. 
A)  deciding on who is going to get what. 
B)  transferring your estate in the manner you have specified. 
C)  building your estate through savings, investments, and insurance. 
D)  evaluating your assets and liabilities. 
E)  Meeting your financial planner.

Question 10

If you never married, you don't need to organize your personal and financial documents.

Accepted Answer

A) True 
 B)False

Question 11

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 12

The second part of estate planning consists of:

Accepted Answer

A)  building your estate through savings. 
B)  transferring your estate in the manner you have specified. 
C)  deciding who should be your attorney. 
D)  evaluating your assets and liabilities. 
E)  Ensuring your retirement plan is complete. 
A)  building your estate through savings. 
B)  transferring your estate in the manner you have specified. 
C)  deciding who should be your attorney. 
D)  evaluating your assets and liabilities. 
E)  Ensuring your retirement plan is complete.

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

An ethical will is

Accepted Answer

A)  not a legally binding document, however it can help with estate planning. 
B)  also called a holographic will. 
C)  part of a formal will. 
D)  also called an intestate will. 
E)  a legally binding document. 
A)  not a legally binding document, however it can help with estate planning. 
B)  also called a holographic will. 
C)  part of a formal will. 
D)  also called an intestate will. 
E)  a legally binding document.

Question 15

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 16

The legal procedure of proving a valid or invalid will is called a _________________

Accepted Answer

A)  lawsuit 
B)  trust 
C)  probate 
D)  rider 
E)  codicil 
A)  lawsuit 
B)  trust 
C)  probate 
D)  rider 
E)  codicil

Question 17

If your assets such as life insurance, annuities, or RRSPs already have a named beneficiary, they will be transferred independently of your will.

Accepted Answer

A) True 
 B)False

Question 18

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 19

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

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

A) True 
 B)False

At death, it is necessary to _____________.

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?

In estate planning, if you are married:

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

Estate planning is not a definite plan for the administration and disposition of one's property during one's lifetime and at one's death.

Which of the following statements is correct regarding wills?

Your executor can be a family member, a friend, an attorney, an accountant, or the trust department of a bank.

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

Estate planning has two parts. The first part consists of

If you never married, you don't need to organize your personal and financial documents.

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

The second part of estate planning consists of:

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

An ethical will is

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

The legal procedure of proving a valid or invalid will is called a _________________

If your assets such as life insurance, annuities, or RRSPs already have a named beneficiary, they will be transferred independently of your will.

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

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

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

Personal Financial Planning: An Introduction

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

The Banking Services of Financial Institutions

Introduction to Consumer Credit

Choosing a Source 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

At death, it is necessary to _____________.

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?

In estate planning, if you are married:

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

Estate planning is not a definite plan for the administration and disposition of one's property during one's lifetime and at one's death.

Which of the following statements is correct regarding wills?

Your executor can be a family member, a friend, an attorney, an accountant, or the trust department of a bank.

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

Estate planning has two parts. The first part consists of

If you never married, you don't need to organize your personal and financial documents.

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

The second part of estate planning consists of:

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

An ethical will is

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

The legal procedure of proving a valid or invalid will is called a _________________

If your assets such as life insurance, annuities, or RRSPs already have a named beneficiary, they will be transferred independently of your will.

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

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

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

Personal Financial Planning: An Introduction

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

The Banking Services of Financial Institutions

Introduction to Consumer Credit

Choosing a Source 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