review
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| who can make a will? | anyone of the age of majority who has testamentary capacity
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| 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
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| 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
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| 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
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| what are the different types of wills? | holograph will/formal attested will/multiple wills/french will/international wills/privileged wills
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| what are the grounds for invalidating a will? | testator lacks testamentary capacity/improper execution/undue influence/suspicious circumstances/fraud
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| what are four ways to revoke a will? | marriage/subsequent will/written declaration with intent to revoke will/destruction or damage to the will
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| what are the grounds for removing an executor? | breach of duty/failure to understand or perform function/extreme incompatibility between executor and beneficiary
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| 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
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| 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
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| 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
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| what are two types of powers of attorney? | property of attorney for property and power of attorney for personal care
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| what happens if someone dies and has a power of attorney? | the power of attorney dies with the grantor
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| 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
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| how old do you have to be to be the grantor and attorney for a power of attorney for property? | eighteen
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| how old do you have to be to be the grantor and attorney for a power of attorney for personal care? | sixteen
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| who is the statutory attorney for a mentally incompetent person? | public guardian and trustee
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| estate | all property (real and personal) belonging to a person at the time of their death
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| real property | land or fixtures attached to the land
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| personal property | chattels, assets that are not real property
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| intangible property | property that is not physical in nature, cant be touched i.e. goodwill and intellectual property rights
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| inter vivos gift | during life, thus given prior to death
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| testamentary gift | a gift given after death
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| to realize assets | to sell or get money for ones assets, convert to cash
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| 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
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| trust | a right of property, real or personal, held by one party for the benefit of another
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| testamentary trust | trust made to take affect after one is deceased, can be included in the will
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| cestui que trust | a beneficiary of a trust
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| trustee | one who oversees the property in the trust and who executes the trust for the benefit of the cestui que trust
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| testate | to die with a will
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| intestate | to die without a will
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| will | a unilateral, revokable instrument whereby a person makes a disposition of their estate after death
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| mutual/reciprocal will | when two or more people make mutual provisions in a will in favour of one another
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| executor | personal representitive appointed in a will of a deceased person who dies with a will
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| beneficiary | a person whom something is given to in a will
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| to bequeath | to give property by will
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| bequest | a gift of personal property by will
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| devise | testamentary disposition of realty
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| codicil | a document that changes, supplements, adds to, modifies, explains, alters or revokes provisions in a will
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| legacy | disposition of property by will
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| 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
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| life tenant | person who possesses/holds property for the duration of their life or the life of another, the beneficiary of the life interest
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| vested | fixed, settled, absolute
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| certificate of appointment of estate trustee with a will | permission from court to administer the estate of a deceased person with a will
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| 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
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| 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
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| per capita | only given to those living
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| ademption | the extinction or withdrawal of legacy by testators act equivalent to revocation or indicating intention to revoke
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| abatement | a proportional reduction of the pecuniary legacies when funds or assets are not sufficient to pay them in full
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| administrator | a personal representative of a deceased person who has not made a will
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| certificate of appointment of estate trustee without a will | permission from court to administer the estate of a deceased person without a will
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| preferential share | the first $200,000 of a deceased spouse's estate goes to their surviving spouse on intestacy
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| devolution | the transfer of a right or power from one person to another
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| devolution of executorship | when the executor dies, their executor can become the executor
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