13099882
Question 1
Question
If you pass away without a will, what happens?
Answer
-
Your spouse gets everything.
-
The provincial government steps in to manage your estate.
-
Someone needs to apply to the Supreme Court to be allowed to manage your estate.
-
Your next of kind becomes responsible for managing your estate.
Question 2
Question
You can handwrite your own legally valid will.
Answer
- True
- False
Question 3
Question
In your will, the term "children" includes:
(select all that apply)
Answer
-
All minors that reside within your primary residence.
-
Your biological offspring.
-
Any adopted individuals.
-
Your step-children.
-
Any individuals whom you have raised.
Question 4
Question
Across Canada, being legally married and being common-law spouses are the same thing for estate planning purposes.
Answer
- True
- False
Question 5
Question
What is probate?
Answer
-
An amount charged by an estate lawyer.
-
A court process that states your will is valid, and everyone should follow your instructions.
-
An amount charged by the government, also known as a death tax.
-
A court process that decides who will inherit first.
Question 6
Question
Every will needs to be probated.
Answer
- True
- False
Question 7
Question
The following types of assets are included in the estate:
(select all that apply)
Answer
-
Personal belongings.
-
Life insurance naming a beneficiary.
-
Jointly owned property.
-
Individually owned property.
-
Pensions.
Question 8
Question
Anyone who feels a will is unfair can contest it.
Answer
- True
- False
Question 9
Question
What can be included in incapacity documents?
(select all that apply)
Answer
-
Choosing someone to speak for you.
-
Deciding ahead of time what kinds of things you would like to have happen.
-
Restrictions for what kinds of things you don't want to have happen.
Question 10
Question
The government takes a portion of your estate when you pass away.
Answer
- True
- False
Question 11
Question
An Advance Healthcare Directive is the same thing as a Do Not Resuscitate (DNR) order.
Answer
- True
- False
Question 12
Question
When should you update your will?
(select all that apply)
Answer
-
When your spouse passes away.
-
Never. Wills don't expire.
-
When you get married or divorced.
-
When you have children or grandchildren.
-
Every 7 years.
Question 13
Question
A photocopy of your will can be used for probate if the original gets lost.
Answer
- True
- False
Question 14
Question
Which of the following jobs does an executor do?
(select all that apply)
Answer
-
Distribute your assets according to your will.
-
Decide if your will seems fair.
-
Make funeral arrangements.
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