Question 1

Your estate consists of everything you own.

Accepted Answer

A) True 
 B)False

Question 2

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 3

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

Accepted Answer

A) True 
 B)False

Question 4

If you die without a will, you die intestate.

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

A living will _______________

Accepted Answer

A)  is 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 be signed by witnesses 
A)  is 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 be signed by witnesses

Question 7

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 8

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

Accepted Answer

A) True 
 B)False

Question 9

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 10

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 11

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 12

Estate planning is not an essential part of retirement planning.

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

In a basic will the clause that outlines the distribution of specific personal property, such as furniture, jewellery, 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 15

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

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

Income reported in the final tax return must include any income earned by the deceased up to the date of death but need not include any net capital gain recognized under the deemed disposition rules.

Accepted Answer

A) True 
 B)False

Question 18

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

Question 19

There is no tax levied on the life insurance proceeds of a deceased person.

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

A) True 
 B)False

Your estate consists of everything you own.

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

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

If you die without a will, you die intestate.

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

A living will _______________

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.

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

Which document explains, adds, or deletes provisions in your existing 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)

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 ____________

Estate planning is not an essential part of retirement planning.

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

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

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

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

Income reported in the final tax return must include any income earned by the deceased up to the date of death but need not include any net capital gain recognized under the deemed disposition rules.

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

There is no tax levied on the life insurance proceeds of a deceased person.

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

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

Exam 15: Estate Planning

Your estate consists of everything you own.

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

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

If you die without a will, you die intestate.

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

A living will _______________

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.

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

Which document explains, adds, or deletes provisions in your existing 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)

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 ____________

Estate planning is not an essential part of retirement planning.

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

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

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

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

Income reported in the final tax return must include any income earned by the deceased up to the date of death but need not include any net capital gain recognized under the deemed disposition rules.

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

There is no tax levied on the life insurance proceeds of a deceased person.

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

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