Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

A trust is a legal arrangement through with a trustee holds your assets for your benefit or that of your beneficiaries.

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

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 6

Many people don't give a single thought to preparing for death.

Accepted Answer

A) True 
 B)False

Question 7

What are the legal aspects of estate planning?

Accepted Answer

A will is a legal declaration of a perso

Question 8

A documentary agreement between spouses before marriage in which one or both parties often waive a right to receive property under the other's will or under state law is called a:

Accepted Answer

A)  letter of last instruction. 
B)  codicil. 
C)  prenuptial agreement. 
D)  postnuptial agreement. 
E)  marital share will. 
A)  letter of last instruction. 
B)  codicil. 
C)  prenuptial agreement. 
D)  postnuptial agreement. 
E)  marital share will.

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

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 11

This chapter on estate planning provides all the answers to estate planning questions.

Accepted Answer

A) True 
 B)False

Question 12

A formal will creates lower overall taxation.

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

Which one of the following statements is correct?

Accepted Answer

A)  A large percentage of people do little or nothing to provide for those who will survive them. 
B)  Most people do plan their estates. 
C)  Most people think that they will live forever. 
D)  Most people don't worry about estate planning until they are 65. 
E)  Estate planning is mandatory in some provinces. 
A)  A large percentage of people do little or nothing to provide for those who will survive them. 
B)  Most people do plan their estates. 
C)  Most people think that they will live forever. 
D)  Most people don't worry about estate planning until they are 65. 
E)  Estate planning is mandatory in some provinces.

Question 16

Which type of will is usually prepared with an attorney's assistance?

Accepted Answer

A)  informal will 
B)  formal will 
C)  holographic will 
D)  letter of last instruction 
E)  trustor's will 
A)  informal will 
B)  formal will 
C)  holographic will 
D)  letter of last instruction 
E)  trustor's will

Question 17

Estate planning is 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 18

Which of the following is not a potential tax that may be incurred at death?

Accepted Answer

A)  income tax due to deemed disposition rules 
B)  provincial probate taxes 
C)  estate taxes 
D)  U.S. estate taxes on U.S. assets 
E)  Canadian estate taxes on U.S. assets 
A)  income tax due to deemed disposition rules 
B)  provincial probate taxes 
C)  estate taxes 
D)  U.S. estate taxes on U.S. assets 
E)  Canadian estate taxes on U.S. assets

Question 19

If you die without a valid will, you die

Accepted Answer

A)  intestate. 
B)  in peace. 
C)  in trust. 
D)  prenuptially. 
E)  in turmoil. 
A)  intestate. 
B)  in peace. 
C)  in trust. 
D)  prenuptially. 
E)  in turmoil.

Question 20

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

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

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

A trust is a legal arrangement through with a trustee holds your assets for your benefit or that of your beneficiaries.

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

A living will _______________

Many people don't give a single thought to preparing for death.

What are the legal aspects of estate planning?

A documentary agreement between spouses before marriage in which one or both parties often waive a right to receive property under the other's will or under state law is called a:

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

You should review your will if:

This chapter on estate planning provides all the answers to estate planning questions.

A formal will creates lower overall taxation.

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

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

Which one of the following statements is correct?

Which type of will is usually prepared with an attorney's assistance?

Estate planning is 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 is not a potential tax that may be incurred at death?

If you die without a valid will, you die

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

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

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

A trust is a legal arrangement through with a trustee holds your assets for your benefit or that of your beneficiaries.

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

A living will _______________

Many people don't give a single thought to preparing for death.

What are the legal aspects of estate planning?

A documentary agreement between spouses before marriage in which one or both parties often waive a right to receive property under the other's will or under state law is called a:

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

You should review your will if:

This chapter on estate planning provides all the answers to estate planning questions.

A formal will creates lower overall taxation.

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

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

Which one of the following statements is correct?

Which type of will is usually prepared with an attorney's assistance?

Estate planning is 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 is not a potential tax that may be incurred at death?

If you die without a valid will, you die

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

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