Question 1

In a basic will the clause that identifies you and your residence and declares that this is your last will, which revokes all prior wills is the ___________________

Accepted Answer

A)  identification and revocation clause
B)  specific bequests clause
C)  legacies clause
D)  power clause
E)  testimonium and attestation clauseF) A) and B)
G) B) and C)

Question 2

Never having been married does not eliminate the need to organize your papers.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A) True 
 B)False

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) All of the above
G) A) and E)

Question 5

A inter visos trust is know as what type of trust?

Accepted Answer

A)  Living
B)  Dying
C)  Legal
D)  Royal
E)  HolographicF) C) and E)
G) A) and C)

Question 6

A spousal trust can be classified as either an inter vivos trust or a testamentary trust.

Accepted Answer

A) True 
 B)False  True

Question 7

A hand written will is known as what type of will?

Accepted Answer

A)  Holographic
B)  Formal
C)  Informal
D)  Notarial
E)  LivingF) A) and E)
G) B) and C)

Question 8

A testamentary trust is a trust established by your will that becomes effective upon your death.

Accepted Answer

A) True 
 B)False

Question 9

A trust established by your will that becomes effective upon your death is called a(n)  ____________ trust.

Accepted Answer

A)  testamentary
B)  living
C)  general
D)  formal
E)  insuranceF) A) and D)
G) A) and E)

Question 10

At death, it is necessary to deregister any registered assets, such as RSPs or RIFs.

Accepted Answer

A) True 
 B)False

Question 11

In what type of ownership is each individual considered to own a proportionate share for tax purposes with only your share being included in your estate?

Accepted Answer

A)  tenancy by default
B)  tenancy by the entirety
C)  tenancy in common
D)  joint tenancy
E)  tenants by birthF) A) and E)
G) All of the above

Question 12

Under provincial family law, getting married does not usually void a will made prior to the wedding.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following statements is correct regarding wills?

Accepted Answer

A)  Only married people need a will.
B)  Only married people with dependents need a will.
C)  Only the rich with a considerable estate needs a will.
D)  Every adult needs a will.
E)  Only senior citizens need a will.F) B) and E)
G) A) and D)

Question 14

In a basic will the clause that directs specific cash amounts to be paid is the ____________

Accepted Answer

A)  identification and revocation clause
B)  specific bequests clause
C)  legacies clause
D)  power clause
E)  testimonium and attestation clauseF) C) and D)
G) C) and E)

Question 15

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  True

Question 16

An inheritance tax is levied on the right of an heir to receive all or part of the estate and life insurance proceeds of a deceased person.

Accepted Answer

A) True 
 B)False

Question 17

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) A) and C)
G) B) and E)

Question 18

A living or inter vivos trust is a property management arrangement that you establish while you are alive.

Accepted Answer

A) True 
 B)False  True

Question 19

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) A) and E)
G) A) and D)

Question 20

Which will should not be witnessed?

Accepted Answer

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

Exam 15: Estate Planning

In a basic will the clause that identifies you and your residence and declares that this is your last will, which revokes all prior wills is the ___________________

Correct AnswerverifiedShow Answer

Never having been married does not eliminate the need to organize your papers.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A inter visos trust is know as what type of trust?

Correct AnswerverifiedShow Answer

A spousal trust can be classified as either an inter vivos trust or a testamentary trust.

Correct AnswerverifiedTrue

A hand written will is known as what type of will?

Correct AnswerverifiedShow Answer

A testamentary trust is a trust established by your will that becomes effective upon your death.

Correct AnswerverifiedShow Answer

A trust established by your will that becomes effective upon your death is called a(n) ____________ trust.

Correct AnswerverifiedShow Answer

At death, it is necessary to deregister any registered assets, such as RSPs or RIFs.

Correct AnswerverifiedShow Answer

In what type of ownership is each individual considered to own a proportionate share for tax purposes with only your share being included in your estate?

Correct AnswerverifiedShow Answer

Under provincial family law, getting married does not usually void a will made prior to the wedding.

Correct AnswerverifiedShow Answer

Which of the following statements is correct regarding wills?

Correct AnswerverifiedShow Answer

In a basic will the clause that directs specific cash amounts to be paid is the ____________

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 AnswerverifiedTrue

An inheritance tax is levied on the right of an heir to receive all or part of the estate and life insurance proceeds of a deceased person.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A living or inter vivos trust is a property management arrangement that you establish while you are alive.

Correct AnswerverifiedTrue

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

Which will should not be witnessed?

Correct AnswerverifiedShow Answer

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