Final Exam Flashcards
What to regulates all powers of attorney
The substitute decisions act regulates all powers of attorney
What are three different kinds of powers of attorney you may be after prepare for your clients
Property personal care non-continuing
What are the other acts that are identified in the SDA as relevant when dealing with powers of attorney
The mental health act and health care consent act
Who will stop in when there is no one else willing or available to become the power of attorney
The office of the Public Guardian and trustee
What are the three requirements to a power of attorney for property
Must be in writing must be signed by the grantor and two witnesses
What is the required age to make a power of attorney for property or to be an attorney
18
When is a person capable of giving a continuing power of attorney
If they understand their property and it’s approximate value if they understand their obligations to dependents if they are aware that the attorney may abuse or misuse their power
Who cannot be a witness to a power of attorney
The attorney or their spouse the grantor or their spouse children or somebody under 18
When is a power of attorney for property deemed to be effective
The day that it signed
How do you terminate a power of attorney for property
If the grantor dies if the attorney dies and you have no alternates if the grantor terminates it and if the attorney resigns in writing
What things should be included in health care for a power of attorney for personal care
Hygiene nutrition and shelter
What kind of compensation can executor get
2.5% on the capital receipts on the capital disbursements on the revenue receipts. Based on the size of the estate the actual care responsibility and risk involved the time occupied in performing the duties the skill and ability shown and the success resulting from the administration
When is a person capable of giving a power of attorney for personal care
If they have the ability to understand that the proposed attorneys have general care for their personal well-being they appreciate that those people who are appointed as attorneys are going to be making decisions on their behalf
Who are two exclusions from who may be appointed as an attorney for a power of attorney for personal care
Someone who is providing healthcare for compensation or someone who is providing social training or occupational therapy for compensation to the grantor
How old do witnesses have to be for a power of attorney for personal care
18
How old can a grantor be for a power of attorney for personal care
16
One is a power of attorney for personal care affectives
It is only effective upon incapacitation of the grantor
What are three grounds to challenge a will
If the will is improperly done, if there is testamentary capacity, if there’s undue influence
What are some witness requirements for a will
There must be two witnesses and neither witness can be an executor of the will
What are three will clauses
Lineal descendants clause - if a child of a testing tour predeceases the testing door and has children then the testator’s deceased child’s shares of assets would go to their children
Revocation clause - revokes all previous will instate the most current will
Power provisions clause - estate trustee holds money for beneficiaries under 18/incompetent/incapacity and can invest money in education and institutions
What kinds of memorandums are in a will, are they separate documents
A mandatory memorandum is talked about and entrenched right in your Will it is the only one that is binding a prefatory memorandum is not binding is simply a wish
What are some monetary differences between dying intestate and intestate such as options for spouses Who had a spouse that died with or without a will
With respect to intestacy is a spouse may elect to take either take the preferential share under the SLRA of $200,000 or the equalization payment under the FLA
What is ademption
A term that refers to an asset that no longer exists at the time of the testator’s death
What is lapse
A term used when he beneficiary predeceases the testing door but has received a gift under the well
What is abatement
Occurs when a testator’s net assets are insufficient to satisfy all legacies made and I will
What are the three types of survivor benefits
Death benefit survivors pension and children’s benefit
What is a death benefit
One time lump sum of $2500 depending on Canadian pension plan contribution can be to surviving spouse or common-law partner
What is a survivor’s pension
Monthly pension paid to surviving spouse or common-law partner of deceased contributor which depends on how long the contributor paid into the plan and the age of the status at the time of death of the contributor
What is the children’s benefit
Monthly benefit for dependent children between the ages of 18 and 25 (if they’re still in school) has lost a parent who was a Canadian pension plan contributor
What is informal accounting
It is usually done by way of a letter to all beneficiaries and their appropriate representation setting out the debts and assets of the deceased, money brought into the estate, beneficiaries shares, compensation for the estate trustee and holdback monies
Who do you pay your taxes or fees to
The Canada revenue agency
What is passing of accounts (formal accounting)
A quick review of how the trustee manage the assets and money in the estate together with setting up the compensation for the services provided
What documents do you need for an estate with a will
Apply for a certificate of the estate, notice of application for estate certificate, affidavit of notice of service, draft certificate for estate trustee with a will
What documents do you need for an estate without a will
Apply for certification for an estate trustee without a will, affidavit of service of notice, draft certificate of appointment for estate trustee without a will
