10 Questions to Test Your Wills and Estate Know-How "*" indicates required fields 1. To probate a will means:* getting it professionally written by a lawyer challenging the validity of the will proving the will is legitimate distributing the inheritance according to the will’s instructions 2. Putting a house in joint ownership (with right of survivorship):* usually eliminates capital gains tax usually eliminates probate fees can be done yourself as long as you have a witness usually eliminates property taxes 3. A common executor’s mistake which can lead to identity theft is:* forgetting to close down all vital government documents and cards leaving a death certificate with a financial institution not notifying the wills registry in Victoria of the death getting the terminal tax returns done by a third party 4. In BC, leaving a child out of your will is:* illegal legal and can’t be challenged ineffective. Leave the child a token amount to avoid the challenge legal but can be challenged 5. Pre-Arranged Funeral Plans:* can be paid for in monthly installments grow with interest are transferable to another funeral home should you move all of the above 6. For settling the estate, an executor is entitled to:* a percent of the value of the estate that must be approved by the beneficiaries only recoup their costs associated with settling the estate a set fee that varies according to one of 5 bracketed estate values being paid by the hour (at minimum wage in BC) 7. A Will:* cannot be changed through a Power of Attorney can have more than one executor becomes null and void when a newer one is written all of the above 8. If your executor resides in another country:* it will make no difference to how they settle things they will require a codicil to deal with the banks there may be costly tax implications for the estate they are prohibited from taking an executor’s fee 9. If your bank accounts are frozen and your executor has estate bills to pay:* in Canada, there are no estate bills the executor is not responsible for looking after estate bills the executor may have to take out a line of credit to pay the estate bills banks are forbidden from freezing accounts 10. Who is legally responsible for your cremation or burial arrangements?* your parents your spouse your children if of age your executor Δ
