Question 1

If Mary is not sure her primary beneficiary will survive her,she should

Accepted Answer

A) name a contingent beneficiary. 
B) name joint beneficiaries. 
C) change her beneficiary. 
D) name her estate as beneficiary. 
A) name a contingent beneficiary. 
B) name joint beneficiaries. 
C) change her beneficiary. 
D) name her estate as beneficiary.

Question 2

If you get married,your will is cancelled in some provinces but not in others.

Accepted Answer

A) True 
 B)False

Question 3

There will be no tax on capital property held jointly with a surviving spouse.

Accepted Answer

A) True 
 B)False

Question 4

Indicate five personal situations where having a will and estate plan is most essential and two where having a will would not be as important.

Accepted Answer

These answers will vary a lot,but import

Question 5

As long as a holograph is in the handwriting of the testator,it is valid in Canada.

Accepted Answer

A) True 
 B)False

Question 6

The primary purpose of a preferential share is to

Accepted Answer

A) give each former spouse a share of the assets in the case of multiple marriages. 
B) provide for the appropriate distribution of matrimonial property. 
C) ensure dependants are looked after. 
D) divide assets fairly between the spouse and progeny. 
A) give each former spouse a share of the assets in the case of multiple marriages. 
B) provide for the appropriate distribution of matrimonial property. 
C) ensure dependants are looked after. 
D) divide assets fairly between the spouse and progeny.

Question 7

The first clause in a will

Accepted Answer

A) appoints the executor. 
B) identifies the beneficiaries. 
C) appoints the administrator. 
D) identifies the deceased. 
A) appoints the executor. 
B) identifies the beneficiaries. 
C) appoints the administrator. 
D) identifies the deceased.

Question 8

For tax purposes,a deceased taxpayer is considered to have sold all of their assets on the date of their death.This is called the

Accepted Answer

A) deemed disposition. 
B) disposal at death. 
C) liquidation principle. 
D) final settlement. 
A) deemed disposition. 
B) disposal at death. 
C) liquidation principle. 
D) final settlement.

Question 9

A living will is a health care directive for individuals to specify their preferences if they become mentally or physically disabled.

Accepted Answer

A) True 
 B)False

Question 10

What is the primary problem with dying intestate?

Accepted Answer

A) An administrator will be appointed to distribute the estate according to law. 
B) Any children will become wards of the state. 
C) Medical personnel will be responsible for decisions about your care. 
D) Your estate will flow to the government. 
A) An administrator will be appointed to distribute the estate according to law. 
B) Any children will become wards of the state. 
C) Medical personnel will be responsible for decisions about your care. 
D) Your estate will flow to the government.

Question 11

A limited power of attorney for finances for a specific time while you are travelling outside the country can give someone you designate the power to make which of the following decisions?

Accepted Answer

A) Sell stock in your portfolio 
B) Make a new power of attorney for you 
C) Decide which assets should be sold if you pass away before returning 
D) Decide which care home you can afford if you become incapacitated during the trip 
A) Sell stock in your portfolio 
B) Make a new power of attorney for you 
C) Decide which assets should be sold if you pass away before returning 
D) Decide which care home you can afford if you become incapacitated during the trip

Question 12

For which of the following events is a review of your will most essential?

Accepted Answer

A) Moving to a new province 
B) Changing to a new job 
C) Getting engaged 
D) Getting a large salary bonus 
A) Moving to a new province 
B) Changing to a new job 
C) Getting engaged 
D) Getting a large salary bonus

Question 13

Granting a durable power of attorney gives the authorized individual power to make decisions about your medical treatment,rather than leaving it to the health care professionals.

Accepted Answer

A) True 
 B)False

Question 14

A non-continuing power of attorney with a specified task

Accepted Answer

A) becomes enforceable as a will if the grantor dies. 
B) becomes transferable if the attorney is incapacitated. 
C) expires when the task or event has been completed. 
D) has all-encompassing power if the grantor becomes incapacitated. 
A) becomes enforceable as a will if the grantor dies. 
B) becomes transferable if the attorney is incapacitated. 
C) expires when the task or event has been completed. 
D) has all-encompassing power if the grantor becomes incapacitated.

Question 15

If you die intestate,your surviving spouse,or if you do not have a spouse,then your child,if over the age of 19,will become executor of your estate.

Accepted Answer

A) True 
 B)False

Question 16

Inter vivos trusts usually

Accepted Answer

A) form part of your assets upon death and need to be probated. 
B) are challenged through the court system when made public at death. 
C) result in arguments about who owns the assets upon death. 
D) distribute all income to beneficiaries annually to avoid high tax rates. 
A) form part of your assets upon death and need to be probated. 
B) are challenged through the court system when made public at death. 
C) result in arguments about who owns the assets upon death. 
D) distribute all income to beneficiaries annually to avoid high tax rates.

Question 17

A document that specifies changes to an existing will is

Accepted Answer

A) a letter of instruction. 
B) a codicil. 
C) an amendment. 
D) an addendum. 
A) a letter of instruction. 
B) a codicil. 
C) an amendment. 
D) an addendum.

Question 18

RRSPs can be rolled over to certain beneficiaries without being subject to tax.

Accepted Answer

A) True 
 B)False

Question 19

To create a valid will,an individual must be

Accepted Answer

A) financially viable. 
B) mentally competent. 
C) physically competent. 
D) visually competent. 
A) financially viable. 
B) mentally competent. 
C) physically competent. 
D) visually competent.

Question 20

Which of the following is necessary for an English form will to be valid?

Accepted Answer

A) It must be written in the testator's handwriting. 
B) It must be dated within ten years of death. 
C) It must be signed by the testator and two witnesses. 
D) The person writing the will must be over age 21 at the time the will is written. 
A) It must be written in the testator's handwriting. 
B) It must be dated within ten years of death. 
C) It must be signed by the testator and two witnesses. 
D) The person writing the will must be over age 21 at the time the will is written.

If Mary is not sure her primary beneficiary will survive her,she should

If you get married,your will is cancelled in some provinces but not in others.

There will be no tax on capital property held jointly with a surviving spouse.

Indicate five personal situations where having a will and estate plan is most essential and two where having a will would not be as important.

As long as a holograph is in the handwriting of the testator,it is valid in Canada.

The primary purpose of a preferential share is to

The first clause in a will

For tax purposes,a deceased taxpayer is considered to have sold all of their assets on the date of their death.This is called the

A living will is a health care directive for individuals to specify their preferences if they become mentally or physically disabled.

What is the primary problem with dying intestate?

A limited power of attorney for finances for a specific time while you are travelling outside the country can give someone you designate the power to make which of the following decisions?

For which of the following events is a review of your will most essential?

Granting a durable power of attorney gives the authorized individual power to make decisions about your medical treatment,rather than leaving it to the health care professionals.

A non-continuing power of attorney with a specified task

If you die intestate,your surviving spouse,or if you do not have a spouse,then your child,if over the age of 19,will become executor of your estate.

Inter vivos trusts usually

A document that specifies changes to an existing will is

RRSPs can be rolled over to certain beneficiaries without being subject to tax.

To create a valid will,an individual must be

Which of the following is necessary for an English form will to be valid?

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

Exam 5: Retirement and Estate Planning - Estate Planning

If Mary is not sure her primary beneficiary will survive her,she should

If you get married,your will is cancelled in some provinces but not in others.

There will be no tax on capital property held jointly with a surviving spouse.

Indicate five personal situations where having a will and estate plan is most essential and two where having a will would not be as important.

As long as a holograph is in the handwriting of the testator,it is valid in Canada.

The primary purpose of a preferential share is to

The first clause in a will

For tax purposes,a deceased taxpayer is considered to have sold all of their assets on the date of their death.This is called the

A living will is a health care directive for individuals to specify their preferences if they become mentally or physically disabled.

What is the primary problem with dying intestate?

A limited power of attorney for finances for a specific time while you are travelling outside the country can give someone you designate the power to make which of the following decisions?

For which of the following events is a review of your will most essential?

Granting a durable power of attorney gives the authorized individual power to make decisions about your medical treatment,rather than leaving it to the health care professionals.

A non-continuing power of attorney with a specified task

If you die intestate,your surviving spouse,or if you do not have a spouse,then your child,if over the age of 19,will become executor of your estate.

Inter vivos trusts usually

A document that specifies changes to an existing will is

RRSPs can be rolled over to certain beneficiaries without being subject to tax.

To create a valid will,an individual must be

Which of the following is necessary for an English form will to be valid?

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