Question 1

English form wills must be dated,signed,and witnessed and are the most common in Canada.

Accepted Answer

A) True 
 B)False  True

Question 2

On death the executor must sell all assets,thereby triggering taxes.

Accepted Answer

A) True 
 B)False  False

Question 3

Estate planning commonly involves trusts,gifts,and charitable contributions for the purpose of avoiding taxes.

Accepted Answer

A) True 
 B)False  True

Question 4

If no named executor is able to perform the appointed tasks

Accepted Answer

A) the surviving spouse would become the executor. 
B) the courts would appoint an administrator. 
C) the next of kin becomes the executor. 
D) the will becomes invalid. 
A) the surviving spouse would become the executor. 
B) the courts would appoint an administrator. 
C) the next of kin becomes the executor. 
D) the will becomes invalid.

Question 5

A handwritten will is called a notarial will.

Accepted Answer

A) True 
 B)False

Question 6

When a testator dies in December,the tax return must be filed

Accepted Answer

A) three months after the estate is settled. 
B) by December 31st in the year after death. 
C) by June 30th of the following year. 
D) by April 30th of the following year. 
A) three months after the estate is settled. 
B) by December 31st in the year after death. 
C) by June 30th of the following year. 
D) by April 30th of the following year.

Question 7

Name and explain the different features of three types of trusts and give circumstance where they would be applicable.

Accepted Answer

Inter Vivos (revocable and non-revocable

Question 8

Which of the following type of income can be filed on a "rights or things" tax return?

Accepted Answer

A) The deceased taxpayer's share of business income from a partnership 
B) Income owed to the deceased taxpayer that was not paid by the time of death 
C) The deceased taxpayer's business income from a sole proprietorship 
D) The income received by the deceased taxpayer from a testamentary trust 
A) The deceased taxpayer's share of business income from a partnership 
B) Income owed to the deceased taxpayer that was not paid by the time of death 
C) The deceased taxpayer's business income from a sole proprietorship 
D) The income received by the deceased taxpayer from a testamentary trust

Question 9

The residue of an estate is the amount of assets you own before taxes.

Accepted Answer

A) True 
 B)False

Question 10

The person who establishes and funds a trust is the

Accepted Answer

A) trustee. 
B) administrator. 
C) settlor. 
D) testator. 
A) trustee. 
B) administrator. 
C) settlor. 
D) testator.

Question 11

If you die without a will,the court will appoint

Accepted Answer

A) a grantor. 
B) an attorney. 
C) an administrator. 
D) a settlor. 
A) a grantor. 
B) an attorney. 
C) an administrator. 
D) a settlor.

Question 12

Discuss the characteristics and expertise you would look for in the person you want to appoint as your executor or attorney.

Accepted Answer

Students should demonstrate that they un

Question 13

If an administrator is appointed to settle an estate,this can cause delays,additional expenses and decisions the testator would not have wished.

Accepted Answer

A) True 
 B)False

Question 14

Probate is the legal process that ensures orderly distribution of assets and guardians of children are appointed as the testator wished.

Accepted Answer

A) True 
 B)False

Question 15

A trustee is an individual or organization that is responsible for

Accepted Answer

A) carrying out the administration involved in settling an estate. 
B) selling the assets to one or more of the beneficiaries of a will. 
C) distributing the assets to one or more of the beneficiaries of a will. 
D) managing the assets held in trust while the estate is settled. 
A) carrying out the administration involved in settling an estate. 
B) selling the assets to one or more of the beneficiaries of a will. 
C) distributing the assets to one or more of the beneficiaries of a will. 
D) managing the assets held in trust while the estate is settled.

Question 16

You may want to execute a codicil to your existing will

Accepted Answer

A) to add alternate executors. 
B) if you remarry. 
C) if you move to a different province. 
D) if you give birth to a child. 
A) to add alternate executors. 
B) if you remarry. 
C) if you move to a different province. 
D) if you give birth to a child.

Question 17

A trust involves the transfer of assets to a third Chaptery who manages these assets for a beneficiary.

Accepted Answer

A) True 
 B)False

Question 18

An executor may be able to file more than one tax return for the deceased

Accepted Answer

A) when the first return was not filed on time. 
B) when a business was sold just prior to death. 
C) if the estate received a life insurance policy. 
D) when rights or things are still owed to the deceased at death. 
A) when the first return was not filed on time. 
B) when a business was sold just prior to death. 
C) if the estate received a life insurance policy. 
D) when rights or things are still owed to the deceased at death.

Question 19

With samples of valid wills being available on websites and in bookstores,it is not recommended that a person incur the additional expense of hiring a lawyer to write a will.

Accepted Answer

A) True 
 B)False

Question 20

An executor may

Accepted Answer

A) account for newborn children if not included as beneficiaries. 
B) adjust the preferential share. 
C) be a beneficiary of the will. 
D) determine the value for the assets. 
A) account for newborn children if not included as beneficiaries. 
B) adjust the preferential share. 
C) be a beneficiary of the will. 
D) determine the value for the assets.

English form wills must be dated,signed,and witnessed and are the most common in Canada.

On death the executor must sell all assets,thereby triggering taxes.

Estate planning commonly involves trusts,gifts,and charitable contributions for the purpose of avoiding taxes.

If no named executor is able to perform the appointed tasks

A handwritten will is called a notarial will.

When a testator dies in December,the tax return must be filed

Name and explain the different features of three types of trusts and give circumstance where they would be applicable.

Which of the following type of income can be filed on a "rights or things" tax return?

The residue of an estate is the amount of assets you own before taxes.

The person who establishes and funds a trust is the

If you die without a will,the court will appoint

Discuss the characteristics and expertise you would look for in the person you want to appoint as your executor or attorney.

If an administrator is appointed to settle an estate,this can cause delays,additional expenses and decisions the testator would not have wished.

Probate is the legal process that ensures orderly distribution of assets and guardians of children are appointed as the testator wished.

A trustee is an individual or organization that is responsible for

You may want to execute a codicil to your existing will

A trust involves the transfer of assets to a third Chaptery who manages these assets for a beneficiary.

An executor may be able to file more than one tax return for the deceased

With samples of valid wills being available on websites and in bookstores,it is not recommended that a person incur the additional expense of hiring a lawyer to write a will.

An executor may

Tools for Financial Planning - Applying Time Value Concepts

Tools for Financial Planning - Planning with Personal Financial Statements

Tools for Financial Planning - Using Tax Concepts for Planning

Managing Your Financial Resources - Banking Services and Managing Your Money

Managing Your Financial Resources - Assessing,Managing and Securing Your Credit

Managing Your Financial Resources - Purchasing and Financing a Home

Protecting Your Wealth - Auto and Homeowner's Insurance

Protecting Your Wealth - Health and Life Insurance

Personal Investing - Investing Fundamentals

Personal Investing - Investing in Stocks

Personal Investing - Investing in Bonds

Personal Investing - Investing in Mutual Funds

Retirement and Estate Planning - Retirement Planning

Synthesis of Financial Planning - Integrating the Components of a Financial Plan

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Exam 5: Retirement and Estate Planning - Estate Planning

English form wills must be dated,signed,and witnessed and are the most common in Canada.

On death the executor must sell all assets,thereby triggering taxes.

Estate planning commonly involves trusts,gifts,and charitable contributions for the purpose of avoiding taxes.

If no named executor is able to perform the appointed tasks

A handwritten will is called a notarial will.

When a testator dies in December,the tax return must be filed

Name and explain the different features of three types of trusts and give circumstance where they would be applicable.

Which of the following type of income can be filed on a "rights or things" tax return?

The residue of an estate is the amount of assets you own before taxes.

The person who establishes and funds a trust is the

If you die without a will,the court will appoint

Discuss the characteristics and expertise you would look for in the person you want to appoint as your executor or attorney.

If an administrator is appointed to settle an estate,this can cause delays,additional expenses and decisions the testator would not have wished.

Probate is the legal process that ensures orderly distribution of assets and guardians of children are appointed as the testator wished.

A trustee is an individual or organization that is responsible for

You may want to execute a codicil to your existing will

A trust involves the transfer of assets to a third Chaptery who manages these assets for a beneficiary.

An executor may be able to file more than one tax return for the deceased

With samples of valid wills being available on websites and in bookstores,it is not recommended that a person incur the additional expense of hiring a lawyer to write a will.

An executor may

Tools for Financial Planning - Applying Time Value Concepts

Tools for Financial Planning - Planning with Personal Financial Statements

Tools for Financial Planning - Using Tax Concepts for Planning

Managing Your Financial Resources - Banking Services and Managing Your Money

Managing Your Financial Resources - Assessing,Managing and Securing Your Credit

Managing Your Financial Resources - Purchasing and Financing a Home

Protecting Your Wealth - Auto and Homeowner's Insurance

Protecting Your Wealth - Health and Life Insurance

Personal Investing - Investing Fundamentals

Personal Investing - Investing in Stocks

Personal Investing - Investing in Bonds

Personal Investing - Investing in Mutual Funds

Retirement and Estate Planning - Retirement Planning

Synthesis of Financial Planning - Integrating the Components of a Financial Plan

Filters