A Quick Quiz About Estate Stuff Worth Knowing, part II

Written on February 26, 2013 – 5:11 am | by Elaine Blades

On January 28th, I asked 10 questions about estate stuff worth knowing.  Based on the feedback I received, I decided to provide readers with another T/F quiz on more stuff worth knowing. 

  1. If you die intestate, and without a spouse or children, the government gets your money
  2. Testamentary trusts are taxed at the same graduated rates as individuals
  3. An executor may incur liability for distributing an estate too quickly
  4. An executor may incur liability for distributing an estate too slowly
  5. An executor is responsible for filing the deceased’s terminal T1 return and any still-unfiled returns from prior years
  6. An attorney under a Power of Attorney for Personal Care has final say with respect to the deceased’s funeral arrangements
  7. Ontario’s Estate Administration Tax (“probate fee”) is calculated based on the net value of the deceased’s estate governed by the Will
  8. If you become incapable of managing your financial affairs, the Public Guardian and Trustee automatically takes over
  9. Alter ego and joint partner trusts may be used as a substitute for a Will and/or a Power of Attorney for Property
  10. As a general rule, Canadians are deemed to have disposed of their capital property, immediately after death, for proceeds equal to fair market value

Thanks for reading.

1F, 2T, 3T, 4T, 5T, 6F, 7F, 8F, 9T, 10F

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