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Module 10: Introduction to Woodlot - Income Tax and Estate Planning - Part 2: Estate Planning

PART 2: ESTATE PLANNING
LESSON 2 QUIZ

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.

a) True
b) False

3. Passing away without a will is referred to as dying ______.  

a) in estate
b) in intestate

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.

a) True
b) False

6.

a) True
b) False


7. Costs of disposition, including legal fees, are taken away from the proceeds when calculating capital gains.

a) True
b) False

8. A family member is considered to be dealing at arm’s length.

a) True
b) False

9. Property that passes to your spouse or spousal trust, creates a tax-free transaction.

a) True
b) False