Question 1

Even if your assets such as life insurance, annuities, or RRSPs already have a named beneficiary, they will not be transferred independently of your will.

Accepted Answer

A) True 
 B)False

Question 2

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 3

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

Accepted Answer

A) True 
 B)False

Question 4

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 5

A guardian is a person or an institution that holds property for the benefit of someone.

Accepted Answer

A) True 
 B)False

Question 6

A(n) ____________ trust is a property management arrangement that you establish while you are alive.

Accepted Answer

A)  guardian 
B)  testamentary 
C)  living 
D)  power of attorney 
E)  estate 
A)  guardian 
B)  testamentary 
C)  living 
D)  power of attorney 
E)  estate

Question 7

In a basic will the clause that is used in a trust when you want the trustee to be able to give the life tenant or a capital beneficiary additional funds for special circumstances or needs is the ____________

Accepted Answer

A)  identification and revocation clause 
B)  specific bequests clause 
C)  legacies clause 
D)  encroachment clause 
E)  testimonium and attestation clause 
A)  identification and revocation clause 
B)  specific bequests clause 
C)  legacies clause 
D)  encroachment clause 
E)  testimonium and attestation clause

Question 8

In a basic will these clauses are found at the end of your will. They ensure the legal requirements for a validly executed will are met.

Accepted Answer

A)  identification and revocation clauses 
B)  specific bequests clauses 
C)  legacies clauses 
D)  encroachment clauses 
E)  testimonium and attestation clauses 
A)  identification and revocation clauses 
B)  specific bequests clauses 
C)  legacies clauses 
D)  encroachment clauses 
E)  testimonium and attestation clauses

Question 9

A will is:

Accepted Answer

A)  a legal arrangement through which your assets are held by someone. 
B)  a synonym for a prenuptial agreement. 
C)  a legal document authorizing someone to act on your behalf. 
D)  a synonym for a letter of last instruction. 
E)  the legal declaration of a person's mind as to the disposition of his or her property after his or her death. 
A)  a legal arrangement through which your assets are held by someone. 
B)  a synonym for a prenuptial agreement. 
C)  a legal document authorizing someone to act on your behalf. 
D)  a synonym for a letter of last instruction. 
E)  the legal declaration of a person's mind as to the disposition of his or her property after his or her death.

Question 10

A handwritten will is called a(n):

Accepted Answer

A)  formal will. 
B)  holographic will. 
C)  statutory will. 
D)  letter of last instruction. 
E)  informal will. 
A)  formal will. 
B)  holographic will. 
C)  statutory will. 
D)  letter of last instruction. 
E)  informal will.

Question 11

What percentage of adults age 50 and older do not have a will?

Accepted Answer

A)  None. You legally must have a will in Canada. 
B)  One percent. 
C)  Ten percent. 
D)  Forty percent. 
E)  Eighty percent. 
A)  None. You legally must have a will in Canada. 
B)  One percent. 
C)  Ten percent. 
D)  Forty percent. 
E)  Eighty percent.

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

What is estate planning? What are the personal aspects of estate planning?

Accepted Answer

Estate planning is a definite plan for t

Question 14

A will is a way to transfer your property according to your wishes after you die.

Accepted Answer

A) True 
 B)False

Question 15

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.

Even if your assets such as life insurance, annuities, or RRSPs already have a named beneficiary, they will not be transferred independently of your will.

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

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

Estate planning is a definite plan for the administration and disposition of one's property during one's lifetime and at one's death.

A guardian is a person or an institution that holds property for the benefit of someone.

A(n) ____________ trust is a property management arrangement that you establish while you are alive.

In a basic will the clause that is used in a trust when you want the trustee to be able to give the life tenant or a capital beneficiary additional funds for special circumstances or needs is the ____________

In a basic will these clauses are found at the end of your will. They ensure the legal requirements for a validly executed will are met.

A will is:

A handwritten will is called a(n):

What percentage of adults age 50 and older do not have a will?

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

What is estate planning? What are the personal aspects of estate planning?

A will is a way to transfer your property according to your wishes after you die.

If you are married, your estate planning involves

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

Even if your assets such as life insurance, annuities, or RRSPs already have a named beneficiary, they will not be transferred independently of your will.

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

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

Estate planning is a definite plan for the administration and disposition of one's property during one's lifetime and at one's death.

A guardian is a person or an institution that holds property for the benefit of someone.

A(n) ____________ trust is a property management arrangement that you establish while you are alive.

In a basic will the clause that is used in a trust when you want the trustee to be able to give the life tenant or a capital beneficiary additional funds for special circumstances or needs is the ____________

In a basic will these clauses are found at the end of your will. They ensure the legal requirements for a validly executed will are met.

A will is:

A handwritten will is called a(n):

What percentage of adults age 50 and older do not have a will?

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

What is estate planning? What are the personal aspects of estate planning?

A will is a way to transfer your property according to your wishes after you die.

If you are married, your estate planning involves

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