Question 1

Many people don't give a single thought to preparing for death.

Accepted Answer

A) True 
 B)False

Question 2

A holographic will should be written, dated, and signed entirely in your handwriting.

Accepted Answer

A) True 
 B)False

Question 3

Which one of the following statements is correct?

Accepted Answer

A)   A large percentage of people do little or nothing to provide for those who will survive them.
B)   Most people do plan their estates.
C)   Most people think that they will live forever.
D)   Most people don't worry about estate planning until they are 65.
E)   Estate planning is mandatory in some provinces.F) C) and D)
G) A) and D)

Question 4

Which type of will is usually prepared with an attorney's assistance?

Accepted Answer

A)   informal will
B)   formal will
C)   holographic will
D)   letter of last instruction
E)   trustor's willF) A) and C)
G) A) and E)

Question 5

If you die without a valid will, you die

Accepted Answer

A)   intestate.
B)   in peace.
C)   in trust.
D)   prenuptially.
E)   in turmoil.F) A) and B)
G) A) and C)

Question 6

What are the legal aspects of estate planning?

Accepted Answer

A will is a legal declaration of a perso...

Question 7

A formal will leaves one half of your adjusted gross estate to your spouse.

Accepted Answer

A) True 
 B)False

Question 8

A living will _______________

Accepted Answer

A)   is not a legal term in Canada
B)   is also called a holographic will
C)   is part of a formal will
D)   is also called an ethical will
E)   should not be signed by witnessesF) All of the above
G) A) and E)

Question 9

You should review your will if:

Accepted Answer

A)   you move to a different province.
B)   you have sold property mentioned in the will.
C)   the size and composition of your estate has changed.
D)   you have married, divorced, or remarried.
E)   moving to a different province; selling property; changes to the size of one's estate; and marrying, divorcing, or remarrying are all good reasons to review your will.F) B) and C)
G) A) and E)

Question 10

A prenuptial agreement is a documentary agreement between spouses after marriage.

Accepted Answer

A) True 
 B)False

Question 11

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 12

Under provincial family law, getting married usually voids a will made prior to the wedding.

Accepted Answer

A) True 
 B)False

Question 13

A trust is a legal arrangement through with a trustee holds your assets for your benefit or that of your beneficiaries.

Accepted Answer

A) True 
 B)False

Question 14

A formal will creates lower overall taxation.

Accepted Answer

A) True 
 B)False

Question 15

A documentary agreement between spouses before marriage in which one or both parties often waive a right to receive property under the other's will or under state law is called a:

Accepted Answer

A)   letter of last instruction.
B)   codicil.
C)   prenuptial agreement.
D)   postnuptial agreement.
E)   marital share will.F) A) and E)
G) A) and D)

Question 16

Changes to your marital status can affect the validity of your will.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is not a potential tax that may be incurred at death?

Accepted Answer

A)   income tax due to deemed disposition rules
B)   provincial probate taxes
C)   estate taxes
D)   U.S. estate taxes on U.S. assets
E)   Canadian estate taxes on U.S. assetsF) D) and E)
G) A) and E)

Question 18

A codicil is a document that explains, adds, or deletes provisions in your existing will.

Accepted Answer

A) True 
 B)False

Question 19

This chapter on estate planning provides all the answers to estate planning questions.

Accepted Answer

A) True 
 B)False

Question 20

Which one of the following statements is true about estate planning?

Accepted Answer

A)   Many people don't give a single thought to preparing for death.
B)   It is always easy to plan for your family's financial security in the event of your death.
C)   Most people do a lot to provide for those who will survive them.
D)   Most people give meticulous attention to estate planning.
E)   Estate planning is for the rich onlyF) A) and C)
G) D) and E)

Exam 15: Estate Planning

Many people don't give a single thought to preparing for death.

Correct AnswerverifiedShow Answer

What are the legal aspects of estate planning?

Correct AnswerverifiedA will is a legal declaration of a perso...View AnswerShow 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

A documentary agreement between spouses before marriage in which one or both parties often waive a right to receive property under the other's will or under state law is called a:

Correct AnswerverifiedShow Answer

A trust is a legal arrangement through with a trustee holds your assets for your benefit or that of your beneficiaries.

Correct AnswerverifiedShow Answer

If you die without a valid will, you die

Correct AnswerverifiedShow Answer

A prenuptial agreement is a documentary agreement between spouses after marriage.

Correct AnswerverifiedShow Answer

Which one of the following statements is true about estate planning?

Correct AnswerverifiedShow Answer

Which of the following is not a potential tax that may be incurred at death?

Correct AnswerverifiedShow Answer

This chapter on estate planning provides all the answers to estate planning questions.

Correct AnswerverifiedShow Answer

A holographic will should be written, dated, and signed entirely in your handwriting.

Correct AnswerverifiedShow Answer

Changes to your marital status can affect the validity of your will.

Correct AnswerverifiedShow Answer

Which one of the following statements is correct?

Correct AnswerverifiedShow Answer

A codicil is a document that explains, adds, or deletes provisions in your existing will.

Correct AnswerverifiedShow Answer

A living will _______________

Correct AnswerverifiedShow Answer

Under provincial family law, getting married usually voids a will made prior to the wedding.

Correct AnswerverifiedShow Answer

A formal will creates lower overall taxation.

Correct AnswerverifiedShow Answer

A formal will leaves one half of your adjusted gross estate to your spouse.

Correct AnswerverifiedShow Answer

You should review your will if:

Correct AnswerverifiedShow Answer

Which type of will is usually prepared with an attorney's assistance?

Correct AnswerverifiedShow Answer

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A will is a legal declaration of a perso...
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