Estate Planning

Question 1

Formal/English form

Answer 1

drafted by lawyer, dated and witnessed

Question 2

Devise

Answer 2

real estate bequest

Question 3

abatement

Answer 3

insufficient value to make a bequest, gift if abated or reduced

Question 4

ademption

Answer 4

gift no longer exists and no longer takes place

Question 5

hotchpotch

Answer 5

gifts an estate asset prior to death. may fall under presumption of advancement

Question 6

exoneration

Answer 6

how debts relating to property should be dealt with

Question 7

updating the will

Answer 7

marriage, birth or adoption, separation or divorce (automatic in bs or alberta), death of a party to the will, change in circumstances of party to will, change of residence, starting a business or changing structure, change in financial position

Question 8

personal directive

Answer 8

living will or poa for health care. how health issues should be dealt with (may not always align with how the doctor needs to provide care)

Question 9

amount of return that is tax deferred

Answer 9

60% added to acb and 40% tax deferred

Question 10

Donatio Mortis Causa

Answer 10

express a testamentary intention prior to an imminent death