Question 1

If you wish to be cremated when you die,this request should be included in a

Accepted Answer

A) durable power of attorney. 
B) letter of last instruction. 
C) codicil. 
D) letter of last rites. 
A) durable power of attorney. 
B) letter of last instruction. 
C) codicil. 
D) letter of last rites.

Question 2

The initial Chapter of the will is

Accepted Answer

A) disposition of estate. 
B) appointment of trustee. 
C) testator identification. 
D) appointment of guardian. 
A) disposition of estate. 
B) appointment of trustee. 
C) testator identification. 
D) appointment of guardian.

Question 3

What is the maximum number of bequests that can be made in a standard holographic will?

Accepted Answer

A) 15 
B) 50 
C) 100 
D) Unlimited 
A) 15 
B) 50 
C) 100 
D) Unlimited

Question 4

A living will is a simple legal document in which individuals specify their preferences if they become mentally or physically disabled.

Accepted Answer

A) True 
 B)False

Question 5

The purpose of probate is to ensure

Accepted Answer

A) the will is valid to and for orderly distribution of assets. 
B) payment of liabilities are prioritized accurately. 
C) provinces collect the requisite probate fees. 
D) fair jurisprudence of all financial matters. 
A) the will is valid to and for orderly distribution of assets. 
B) payment of liabilities are prioritized accurately. 
C) provinces collect the requisite probate fees. 
D) fair jurisprudence of all financial matters.

Question 6

Even a parent without significant net worth needs a will to appoint a guardian for their children.

Accepted Answer

A) True 
 B)False

Question 7

If a person dies and two wills are discovered in the safety deposit box

Accepted Answer

A) there is a complicated legal process to determine the valid will. 
B) the will with the most recent date will be the valid will. 
C) the earliest dated will is valid. 
D) the courts will determine the valid will. 
A) there is a complicated legal process to determine the valid will. 
B) the will with the most recent date will be the valid will. 
C) the earliest dated will is valid. 
D) the courts will determine the valid will.

Question 8

Which kind of trust allows assets to transfer into it on a tax deferred basis?

Accepted Answer

A) Alter ego trust 
B) Testamentary trust 
C) Charitable trust 
D) Inter vivos trust 
A) Alter ego trust 
B) Testamentary trust 
C) Charitable trust 
D) Inter vivos trust

Question 9

A legal document granting a person the power to make specific health care decisions for you in the event that you become incapacitated is called a(n)

Accepted Answer

A) enduring power of attorney for health care. 
B) general health care power of attorney. 
C) durable power of attorney for health care. 
D) health care directive. 
A) enduring power of attorney for health care. 
B) general health care power of attorney. 
C) durable power of attorney for health care. 
D) health care directive.

Question 10

If John is going to have his first child,which of the following should he do for his estate planning?

Accepted Answer

A) Add a codicil to his will 
B) Review his will 
C) Update his will 
D) Review his power of attorney 
A) Add a codicil to his will 
B) Review his will 
C) Update his will 
D) Review his power of attorney

Question 11

A notarial will is a formal type of will that is

Accepted Answer

A) most commonly used in Quebec. 
B) the most common form across Canada. 
C) not valid in a number of provinces. 
D) written fully in the handwriting of the testator. 
A) most commonly used in Quebec. 
B) the most common form across Canada. 
C) not valid in a number of provinces. 
D) written fully in the handwriting of the testator.

Question 12

When considering holding assets as joint ownership with rights of survivorship for estate planning purposes,it is important to understand

Accepted Answer

A) that capital gains taxes will be deferred on this transaction until the survivor passes. 
B) how the spousal roll-over rules will impact capital gains taxation. 
C) the implications of giving up your decision making power over the asset. 
D) that naming a child as a joint owner of your principal residence will trigger capital gains taxes. 
A) that capital gains taxes will be deferred on this transaction until the survivor passes. 
B) how the spousal roll-over rules will impact capital gains taxation. 
C) the implications of giving up your decision making power over the asset. 
D) that naming a child as a joint owner of your principal residence will trigger capital gains taxes.

Question 13

In choosing a guardian for your children,you should

Accepted Answer

A) ensure he or she is also prepared to be the custodian. 
B) be sure to include this in the last letter of instruction. 
C) ensure that the person you select is willing to serve in this capacity. 
D) authorize this in a power of attorney. 
A) ensure he or she is also prepared to be the custodian. 
B) be sure to include this in the last letter of instruction. 
C) ensure that the person you select is willing to serve in this capacity. 
D) authorize this in a power of attorney.

Question 14

Which of the following is not a good reason to have a will?

Accepted Answer

A) To distribute your assets as you wish 
B) To appoint an attorney to make specific health care decisions for you 
C) To reduce the costs being imposed on the estate 
D) To appoint a legal guardian for children 
A) To distribute your assets as you wish 
B) To appoint an attorney to make specific health care decisions for you 
C) To reduce the costs being imposed on the estate 
D) To appoint a legal guardian for children

Question 15

Which of the following is true regarding probate and probate fees?

Accepted Answer

A) Each province charges a different amount for probate fees. 
B) All registered assets must be sold and deregistered. 
C) Taxation is based on the total value of all assets owned or controlled by the deceased at the moment of death. 
D) The value of your primary residence is never included in probate. 
A) Each province charges a different amount for probate fees. 
B) All registered assets must be sold and deregistered. 
C) Taxation is based on the total value of all assets owned or controlled by the deceased at the moment of death. 
D) The value of your primary residence is never included in probate.

Question 16

You are recently divorced and have relocated to another province,you should

Accepted Answer

A) prepare a new letter of last instruction. 
B) prepare a codicil. 
C) prepare a new will. 
D) have your existing will notarized in the new province. 
A) prepare a new letter of last instruction. 
B) prepare a codicil. 
C) prepare a new will. 
D) have your existing will notarized in the new province.

Question 17

An English form will requires the signatures of the

Accepted Answer

A) lawyer and two witnesses. 
B) executor and one witness. 
C) testator and two witnesses. 
D) testator and two beneficiaries. 
A) lawyer and two witnesses. 
B) executor and one witness. 
C) testator and two witnesses. 
D) testator and two beneficiaries.

Question 18

If a spouse dies intestate all their assets will transfer to the surviving spouse.

Accepted Answer

A) True 
 B)False

Question 19

To create a will,a person must be of legal age,be mentally competent,and not be subject to undue influence or threats by others.

Accepted Answer

A) True 
 B)False

Question 20

A type of trust that is created by a will is called a(n)

Accepted Answer

A) alter ego trust. 
B) testamentary trust. 
C) beneficial trust. 
D) inter vivos trust. 
A) alter ego trust. 
B) testamentary trust. 
C) beneficial trust. 
D) inter vivos trust.

If you wish to be cremated when you die,this request should be included in a

The initial Chapter of the will is

What is the maximum number of bequests that can be made in a standard holographic will?

A living will is a simple legal document in which individuals specify their preferences if they become mentally or physically disabled.

The purpose of probate is to ensure

Even a parent without significant net worth needs a will to appoint a guardian for their children.

If a person dies and two wills are discovered in the safety deposit box

Which kind of trust allows assets to transfer into it on a tax deferred basis?

A legal document granting a person the power to make specific health care decisions for you in the event that you become incapacitated is called a(n)

If John is going to have his first child,which of the following should he do for his estate planning?

A notarial will is a formal type of will that is

When considering holding assets as joint ownership with rights of survivorship for estate planning purposes,it is important to understand

In choosing a guardian for your children,you should

Which of the following is not a good reason to have a will?

Which of the following is true regarding probate and probate fees?

You are recently divorced and have relocated to another province,you should

An English form will requires the signatures of the

If a spouse dies intestate all their assets will transfer to the surviving spouse.

To create a will,a person must be of legal age,be mentally competent,and not be subject to undue influence or threats by others.

A type of trust that is created by a will is called a(n)

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

If you wish to be cremated when you die,this request should be included in a

The initial Chapter of the will is

What is the maximum number of bequests that can be made in a standard holographic will?

A living will is a simple legal document in which individuals specify their preferences if they become mentally or physically disabled.

The purpose of probate is to ensure

Even a parent without significant net worth needs a will to appoint a guardian for their children.

If a person dies and two wills are discovered in the safety deposit box

Which kind of trust allows assets to transfer into it on a tax deferred basis?

A legal document granting a person the power to make specific health care decisions for you in the event that you become incapacitated is called a(n)

If John is going to have his first child,which of the following should he do for his estate planning?

A notarial will is a formal type of will that is

When considering holding assets as joint ownership with rights of survivorship for estate planning purposes,it is important to understand

In choosing a guardian for your children,you should

Which of the following is not a good reason to have a will?

Which of the following is true regarding probate and probate fees?

You are recently divorced and have relocated to another province,you should

An English form will requires the signatures of the

If a spouse dies intestate all their assets will transfer to the surviving spouse.

To create a will,a person must be of legal age,be mentally competent,and not be subject to undue influence or threats by others.

A type of trust that is created by a will is called a(n)

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