Life & Estate Planning Quiz

#1 What percentage of Canadian families have no will?

The answer is C – 46%

#2 Over 50% of all Canadian families polled admit to never having had a family meeting on estate planning.

The answer is A – True

#3 Due to our longer life expectancies, widows outnumber widowers by four to one.

The answer is A – True

#4 When more than two executors are appointed in a will, they must act unanimously.

The answer is A – True

#5 The key benefits of a will are:

The answer is E – All of the above

#6 Power of Attorney grants an individual with the authority to act on behalf of an ill or disabled person or a person out of the country. This includes which of the following decisions:

The answer is E – A & D

#7 Probate is the legal process of confirming the validity of a will and executor.

The answer is A – True

#8 Segregated funds are an ideal type of asset for estate planning because

The answer is E – All of the above

#9 How much of your current income will you need to maintain your lifestyle during retirement?

The answer is D – 70%

finish

Results

How Did You Do?

7-9 Correct

Excellent!  You have a solid understanding of the basic concepts and principles of family estate planning.  Continue educating and empowering yourself with information on tax and estate planning strategies and how they fit into a total financial plan.  Ask your advisor if your plan has all the necessary elements for securing your family legacy for the next generation.

4-6 Correct

Good start.  This proves you understand the importance of an effective legacy plan.  The next step is to build on this knowledge base and continue developing your understanding of the basic concepts and principles of an effective estate plan.  Be sure to talk to your advisor about new opportunities to make your family estate plan more tax efficient.

3 or less Correct

Not bad, but you may still need some more information on effective estate planning and tax strategies.  Not to worry, that’s what the Grow Your Wealth Today seminar was designed for.  Be proud of the fact that you have begun the journey and have taken the first step to educate yourself by attending this seminar.  Canadians have proven to be astute and prudent estate planners once they are educated and empowered.

How Did You Do?

7-9 Correct

Excellent!  You have a solid understanding of the basic concepts and principles of family estate planning.  Continue educating and empowering yourself with information on tax and estate planning strategies and how they fit into a total financial plan.  Ask your advisor if your plan has all the necessary elements for securing your family legacy for the next generation.

4-6 Correct

Good start.  This proves you understand the importance of an effective legacy plan.  The next step is to build on this knowledge base and continue developing your understanding of the basic concepts and principles of an effective estate plan.  Be sure to talk to your advisor about new opportunities to make your family estate plan more tax efficient.

3 or less Correct

Not bad, but you may still need some more information on effective estate planning and tax strategies.  Not to worry, that’s what the Grow Your Wealth Today seminar was designed for.  Be proud of the fact that you have begun the journey and have taken the first step to educate yourself by attending this seminar.  Canadians have proven to be astute and prudent estate planners once they are educated and empowered.

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