FP 2 (6)- Estate Planning Flashcards
1
Q
What are some examples of Rights or Things
A
- Accrued but unpaid salaries, wages, vacation, or OAS benefits
- Un-cashed bond interest
- Dividends declared but not paid yet
- Work in progress for professional sole propietors
2
Q
What is a social trust
A
a trust generated for the general interest of the community
only in Quebec
3
Q
What is private trust
A
set up for commercial, business, or investment purposes
4
Q
Letter of Wishes
A
Non-Binding declaration of the settlor’s wishes
5
Q
5 Basic Clauses in the Last Will and Testament
A
- Identify the Testator
- Revoke all former wills and codicils
- Appoint the Executor
- Instructions to pay all debts, funeral costs, and testamentary expenses
- Identify beneficiaries
