Question 1

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.F) A) and D)
G) A) and E)

Question 2

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.F) B) and E)
G) A) and B)

Question 3

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)   estateF) B) and D)
G) C) and D)

Question 4

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

Accepted Answer

Estate planning is a definite plan for t...

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

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 clausesF) C) and D)
G) None of the above

Question 7

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.F) C) and D)
G) B) and C)

Question 8

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 clauseF) C) and D)
G) A) and E)

Question 9

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 10

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

Accepted Answer

A) True 
 B)False

Question 11

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 12

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.F) A) and D)
G) A) and C)

Question 13

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 14

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.F) A) and B)
G) C) and E)

Question 15

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

Accepted Answer

A) True 
 B)False

Exam 15: Estate Planning

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

Correct Answer
verified

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.

Correct Answer
verified

A handwritten will is called a(n) :

Correct Answer
verified

If you are married, your estate planning involves

Correct Answer
verified

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

Correct Answer
verified

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 ____________

Correct Answer
verified

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.

Correct Answer
verified

A will is:

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified
Estate planning is a definite plan for t...
View Answer

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

Exam 15: Estate Planning

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

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

A handwritten will is called a(n) :

Correct AnswerverifiedShow Answer

If you are married, your estate planning involves

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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 ____________

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

A will is:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedEstate planning is a definite plan for t...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
verified
Estate planning is a definite plan for t...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified