Based on your study of this lesson, please choose the best answer.
1. Estate planning eliminates the need for a will.
a) True b) False
2. It is not important to include your spouse in the estate planning process as he/she will receive all assets under the Matrimonial Act.
3. Passing away without a will is referred to as dying ______.
4. The person who holds the trust is known as a _______.
a) trustee b) beneficiary c) settlor
5. Income and capital from a spousal trust pass on to the spouse.
7. Costs of disposition, including legal fees, are taken away from the proceeds when calculating capital gains.
8. A family member is considered to be dealing at arm’s length.
9. Property that passes to your spouse or spousal trust, creates a tax-free transaction.