Question 1

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 2

A person who assumes the responsibilities of providing the children with personal care and managing the estate for them 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 3

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

Accepted Answer

A) True 
 B)False

Question 4

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 5

Estate planning is useful only to rich and elderly people.

Accepted Answer

A) True 
 B)False

Question 6

You can structure charitable gift giving both during your lifetime and in your will to further your estate planning goals and make the most of available tax credits.

Accepted Answer

A) True 
 B)False

Question 7

Estate planning involves

Accepted Answer

A)  handling your property while you are alive. 
B)  dealing with what happens to your property after your death. 
C)  your family's financial security in the event of your death. 
D)  your family's financial security in the event of your spouse's death. 
E)  handling your property while you are alive; planning how your property will be distributed after your death; and planning your family's financial security in the event of your death or your spouse's death are all part of estate planning. 
A)  handling your property while you are alive. 
B)  dealing with what happens to your property after your death. 
C)  your family's financial security in the event of your death. 
D)  your family's financial security in the event of your spouse's death. 
E)  handling your property while you are alive; planning how your property will be distributed after your death; and planning your family's financial security in the event of your death or your spouse's death are all part of estate planning.

Question 8

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 9

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 10

How do wills and trusts help in planning your estate?

Accepted Answer

Wills and trusts are tools of estate pla

Question 11

It is always easy to plan for your family's financial security in the event of your death.

Accepted Answer

A) True 
 B)False

Question 12

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 13

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

Accepted Answer

A) True 
 B)False

Question 14

Canadians are considering pre-planned funeral arrangements are part of their estate planning.

Accepted Answer

A) True 
 B)False

Question 15

A trustee 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

Every adult should have a written will.

Accepted Answer

A) True 
 B)False

Question 17

A large percentage of people do little or nothing to provide for those who will survive them.

Accepted Answer

A) True 
 B)False

Question 18

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 19

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 20

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.

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

A person who assumes the responsibilities of providing the children with personal care and managing the estate for them is called a(n):

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

The least important characteristic of an executor is

Estate planning is useful only to rich and elderly people.

You can structure charitable gift giving both during your lifetime and in your will to further your estate planning goals and make the most of available tax credits.

Estate planning involves

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

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 ___________________

How do wills and trusts help in planning your estate?

It is always easy to plan for your family's financial security in the event of your death.

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?

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

Canadians are considering pre-planned funeral arrangements are part of their estate planning.

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

Every adult should have a written will.

A large percentage of people do little or nothing to provide for those who will survive them.

Which will should not be witnessed?

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

If you die without a valid will,

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

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

A person who assumes the responsibilities of providing the children with personal care and managing the estate for them is called a(n):

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

The least important characteristic of an executor is

Estate planning is useful only to rich and elderly people.

You can structure charitable gift giving both during your lifetime and in your will to further your estate planning goals and make the most of available tax credits.

Estate planning involves

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

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 ___________________

How do wills and trusts help in planning your estate?

It is always easy to plan for your family's financial security in the event of your death.

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?

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

Canadians are considering pre-planned funeral arrangements are part of their estate planning.

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

Every adult should have a written will.

A large percentage of people do little or nothing to provide for those who will survive them.

Which will should not be witnessed?

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

If you die without a valid will,

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