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estates law

review

QuestionAnswer
who can make a will? anyone of the age of majority who has testamentary capacity
what are the exceptions for a minor making a will? must be married, have intent to marry, or have been married/must be part of the canadian armed forces/must be a sailor at sea
what are the qualifications to witness a will? must be age of majority and have testamentary capacity/cannot be a beneficiary on the will/creditor should not/executor should not
what are the four general characteristics of a will? must be intended to have a disposing effect/must be revokeable/must take affect upon death, not sooner/must comply with the formalities for the appropriate jurisdiction
what are the different types of wills? holograph will/formal attested will/multiple wills/french will/international wills/privileged wills
what are the grounds for invalidating a will? testator lacks testamentary capacity/improper execution/undue influence/suspicious circumstances/fraud
what are four ways to revoke a will? marriage/subsequent will/written declaration with intent to revoke will/destruction or damage to the will
what are the grounds for removing an executor? breach of duty/failure to understand or perform function/extreme incompatibility between executor and beneficiary
what are the different clauses in a will? identification clause/revocation clause/appointment executor clause/family law act clause/testamentary clause/common disaster clause/substitutional gift clause
what is the common disaster clause? the property of each disposed of as if he/she predeceased the other but if joint property exists, each party deemed to hold tenants-in-common, not joint tenants with an equal share
what is the substitutional gift clause? only applicable to gift made to child, grandchild, brother or sister of testator who predeceased testator - therefore the gift does not fail and fall into residue
what are two types of powers of attorney? property of attorney for property and power of attorney for personal care
what happens if someone dies and has a power of attorney? the power of attorney dies with the grantor
what is a power of attorney? a written authorization to represent or act on another's behalf in private affairs, business or some other legal matter
how old do you have to be to be the grantor and attorney for a power of attorney for property? eighteen
how old do you have to be to be the grantor and attorney for a power of attorney for personal care? sixteen
who is the statutory attorney for a mentally incompetent person? public guardian and trustee
estate all property (real and personal) belonging to a person at the time of their death
real property land or fixtures attached to the land
personal property chattels, assets that are not real property
intangible property property that is not physical in nature, cant be touched i.e. goodwill and intellectual property rights
inter vivos gift during life, thus given prior to death
testamentary gift a gift given after death
to realize assets to sell or get money for ones assets, convert to cash
estate administration deals with the collection, management, and realization of the deceased assets after settlement of all proper debts and claims against the estate, distribution of the estate to those beneficially entitled
trust a right of property, real or personal, held by one party for the benefit of another
testamentary trust trust made to take affect after one is deceased, can be included in the will
cestui que trust a beneficiary of a trust
trustee one who oversees the property in the trust and who executes the trust for the benefit of the cestui que trust
testate to die with a will
intestate to die without a will
will a unilateral, revokable instrument whereby a person makes a disposition of their estate after death
mutual/reciprocal will when two or more people make mutual provisions in a will in favour of one another
executor personal representitive appointed in a will of a deceased person who dies with a will
beneficiary a person whom something is given to in a will
to bequeath to give property by will
bequest a gift of personal property by will
devise testamentary disposition of realty
codicil a document that changes, supplements, adds to, modifies, explains, alters or revokes provisions in a will
legacy disposition of property by will
life interest an interest or claim not amount to ownership and limited by a term of life, that term of life may be the life of whom the interest is vested or for the life of another
life tenant person who possesses/holds property for the duration of their life or the life of another, the beneficiary of the life interest
vested fixed, settled, absolute
certificate of appointment of estate trustee with a will permission from court to administer the estate of a deceased person with a will
certificate of appointment of estate trustee with will annexed permission from court to administer the estate of a deceased person with a will but who has not appointed or does not have an executor
per stirpes distribution of an estate per lineal descent - therefore children take share of parents gift if the parent dies prior to the death of the testator, then next grandchildren will take
per capita only given to those living
ademption the extinction or withdrawal of legacy by testators act equivalent to revocation or indicating intention to revoke
abatement a proportional reduction of the pecuniary legacies when funds or assets are not sufficient to pay them in full
administrator a personal representative of a deceased person who has not made a will
certificate of appointment of estate trustee without a will permission from court to administer the estate of a deceased person without a will
preferential share the first $200,000 of a deceased spouse's estate goes to their surviving spouse on intestacy
devolution the transfer of a right or power from one person to another
devolution of executorship when the executor dies, their executor can become the executor
Created by: jaimelynnblue