Final Exam

Question 0

What to regulates all powers of attorney

Answer 0

The substitute decisions act regulates all powers of attorney

Question 1

What are three different kinds of powers of attorney you may be after prepare for your clients

Answer 1

Property personal care non-continuing

Question 2

What are the other acts that are identified in the SDA as relevant when dealing with powers of attorney

Answer 2

The mental health act and health care consent act

Question 3

Who will stop in when there is no one else willing or available to become the power of attorney

Answer 3

The office of the Public Guardian and trustee

Question 4

What are the three requirements to a power of attorney for property

Answer 4

Must be in writing must be signed by the grantor and two witnesses

Question 5

What is the required age to make a power of attorney for property or to be an attorney

Answer 5

18

Question 6

When is a person capable of giving a continuing power of attorney

Answer 6

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

Question 7

Who cannot be a witness to a power of attorney

Answer 7

The attorney or their spouse the grantor or their spouse children or somebody under 18

Question 8

When is a power of attorney for property deemed to be effective

Answer 8

The day that it signed

Question 9

How do you terminate a power of attorney for property

Answer 9

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

Question 10

What things should be included in health care for a power of attorney for personal care

Answer 10

Hygiene nutrition and shelter

Question 11

What kind of compensation can executor get

Answer 11

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

Question 13

When is a person capable of giving a power of attorney for personal care

Answer 13

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

Question 14

Who are two exclusions from who may be appointed as an attorney for a power of attorney for personal care

Answer 14

Someone who is providing healthcare for compensation or someone who is providing social training or occupational therapy for compensation to the grantor

Question 15

How old do witnesses have to be for a power of attorney for personal care

Answer 15

18

Question 16

How old can a grantor be for a power of attorney for personal care

Answer 16

16

Question 17

One is a power of attorney for personal care affectives

Answer 17

It is only effective upon incapacitation of the grantor

Question 18

What are three grounds to challenge a will

Answer 18

If the will is improperly done, if there is testamentary capacity, if there’s undue influence

Question 19

What are some witness requirements for a will

Answer 19

There must be two witnesses and neither witness can be an executor of the will

Question 20

What are three will clauses

Answer 20

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

Question 21

What kinds of memorandums are in a will, are they separate documents

Answer 21

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

Question 22

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

Answer 22

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

Question 23

What is ademption

Answer 23

A term that refers to an asset that no longer exists at the time of the testator’s death

Question 24

What is lapse

Answer 24

A term used when he beneficiary predeceases the testing door but has received a gift under the well

Question 25

What is abatement

Answer 25

Occurs when a testator’s net assets are insufficient to satisfy all legacies made and I will

Question 26

What are the three types of survivor benefits

Answer 26

Death benefit survivors pension and children’s benefit

Question 27

What is a death benefit

Answer 27

One time lump sum of $2500 depending on Canadian pension plan contribution can be to surviving spouse or common-law partner

Question 28

What is a survivor’s pension

Answer 28

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

Question 29

What is the children’s benefit

Answer 29

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

Question 30

What is informal accounting

Answer 30

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

Question 31

Who do you pay your taxes or fees to

Answer 31

The Canada revenue agency

Question 32

What is passing of accounts (formal accounting)

Answer 32

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

Question 33

What documents do you need for an estate with a will

Answer 33

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

Question 34

What documents do you need for an estate without a will

Answer 34

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