For each statement below:
- Indicate whether you agree or disagree with the statement;
- Explain why you agree or disagree with the statement.
Statements:
- Chester had a wife and 2 adult children when he died. Chester lived in Ontario and he has no will and so all of his asset will automatically go to his wife.
- Howard died with no will and no living heirs in Canada. All of his assets will automatically go to the provincial government.
- Only wills that a lawyer has drafted are valid.
- There are no immediately income tax consequences when assets are transferred to a trust in the name of the deceased’s adult children, as a result of a will. Income taxes are not owned until the children sell the inherited assets.
- Where a registered investment account of the deceased has a named beneficially, the assets in that account can be transferred “outside of the will” directly to the beneficiary to expedite the transfer and avoid probate taxes.
ScholarMatic: Explanation & Answer
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