The covenant in a deed that states that the grantor has full possession of the premises in fee simple (or any other estate the grantor purports to convey) is called the covenant of: All of the following deeds are valid EXCEPT a deed to a(n): All of the following are necessary to acquire title by adverse possession EXCEPT: For which of the following reasons would a grantor decide to use a special rather than a general warranty deed? How to choose an executor for your estate, registered retirement savings plans (RRSPs, 12 life insurance beneficiary mistakes to avoid, 4 estate-planning questions you need to ask. This is important. A)offer a way to accumulate funds on a tax-deferred basis Information Collection Worksheet for Qubec, The most comprehensive service on the market, Follow the simple step-by-step instructions, Save hundreds of dollars in lawyer's fees. Study with Quizlet and memorize flashcards containing terms like A person's net worth at the time of their death is known as: A. C. The holder can transfer rights to others How much will the estate be taxed on the amount inherited by Clarence and Cheryl? I was advised by a Bank representative when my mother died that it would be wise for my father to put my name and my brothers on title of the the house so that we wouldnt have to go thru the probate process, and she stated that it was a fairly easy process, but when I asked my dads lawyer he said they could do all of this but it is not quite that easy as land transfer tax would be applicable and my Dad would need to do a little estate planning which would involve a new will, a trust agreement that would coincide with his will and then a transfer of the property to all of us, is this true and how much is land transfer tax? \\ All rights reserved. Deeds that purport to convey an interest but make no warranty of good title are called: Which of the following is sometimes true relating to a conveyance of real property? A widowed customer with no children has a portfolio invested in mutual funds valued at $250,000. So life insurance policies, or registered savings vehicles like RRSPs or TFSA are not part of your estate, if they have beneficiaries named. Theyre not likely to take a risk by assuming your non-probated will is valid. BRCC History 2013 Primary Source Quiz Flashcards | Quizlet As they pass a large peanut butter display, Jenny reaches out and pulls a jar off the shelf. You get something many Canadians are uncertain about: your will and probate. Remember, this is the person responsible for carrying out the terms of your will, paying your debts, working through family disputes, etc. C)taxed as capital gain. What would be a reasonable percentage range for such a fee? D. The holder has the maximum estate available in land. This should work. \$ 8,000 & 20 \% & 15 \text { years } & ? 16. You may need professional representation, but if the trust company is not prepared to work with a flat fee, then see if you can work with a lawyer to find a more cost effective trustee. Which of the following is not used as a method to compute the amount of interest to be credited to the account? Describe how the earnings gap between men and women has evolved in recent decades. You may have read about Transfer on Death or Pay on Death bank accounts. B)number of accumulation units owned multiplied by the number of payments made into the account. This can all be overwhelming to figure out on your own. The Capital Hills Supermarket in Washington, DC. A)Roth IRA I have found lots of information on executor fees but no Canadian information on yearly Testamentary trust administration fees. B. Covenant of further assistance D)premiums are determined based upon age and sex of the insured. Probate fees are calculated based on the size of your "estate". What is the par value of the common stock? 7. In a general warranty deed, the convenant of further assurances represents a promise by the grantor that the grantor will obtain and deliver any instrument needed to ensure good title. How does an executor apply for probate? If this continues, the face value could decrease: A non occupant holder of an unrecorded quitclaim deed. C)offer a guaranteed rate of return with an opportunity to benefit from stock market performance \end{array} \\ Some call it letters probate, but a different name may apply in your province. D. Visiting a neighborhood with a co-worker could make you feel more comfortable. Study with Quizlet and memorize flashcards containing terms like A customer in his twenties, who is not risk averse, is in the market for life insurance. A)$117,829 Except, the house has been left to me with one stipulation, her life companion is allowed to live there still as long as he can pay all the expenses. A)the flexible premium policy because earnings of the contract directly affect the face value of the policy and earnings can never be negative. His main worry is that what looks like a generous death benefit today may not be sufficient for a beneficiary 40 or 50 years from now. Assuming that my wife and I have plenty of money, how much could the two of us give to our son Brandan and his wife Lindsay IN TOTAL this year without anyone having to pay gift taxes? Which one of the following situations would make a deed void? An inheritance B. Subscribe to Sun Life's Brighter Life emails for personalized tips, tools and offers. Read more: 6 important reasons to have a will. D)An accumulation annuity allows the investor to accumulate funds in a separate account prior to investment in an annuity. The grantor must deliver the deed to the grantee personally, True or false? All of the following may affect the validity of a deed EXCEPT: A valid deed in completion of a sales contract must be signed by the: A deed whereby the grantor makes certain covenants and warrants to defend against certain claims that arose only during the period of the grantors ownership is a: When buyers use a quitclaim deed to extinguish their interest in a recorded agreement of sale, the quitclaim deed should be signed by the: All of the following are true regarding a transfer of title by adverse possession EXCEPT: A grantor is willing to make the standard covenants of good title, but wants to limit her liability to claims arising during the ownership term. B then loses the deed and dies with C in an accident before it is found. the nine innings with all games combined. Thank you! C)a fixed premium, level face amount, no cash value The work required is simply not worth anything close to $20,000 a year (as you note, they are not even managing the investment, so its not clear what exactly they would be doing for this $20,000). The grantor should execute which type of deed? B)generally have somewhat lower operating expenses than mutual funds with the same investment objective The grantor dies before any name is inserted. D)Joint and 50% survivor. Quebec does not charge probate fees. The NS Probate Court Registrar recommended that we try to negotiate the fee agreement. D)Joint and 100% survivor. 12. They explain to the bank that you have died and they show your Will to the cashier. 6 & & & \\ B)rarely impose surrender charges \\ The display collapses, and a dozen jars come tumbling down. D. A recording stamp after closing, When a person dies testate, title to real property transfers to the, chap 7 instructor questions title records, Adv. Its very daunting. Lets say you give a cash gift to someone while you owed money to the CRA. D. Prove or confirm the validity of a will, B. If you use the Internet, have you ever paid to access or download music? d. If the first partner died and left the entire estate to the surviving partner, then probate can be avoided. On examination of the public records, the examiner discovers a deed with an assumption of mortgage. - Variable life insurance requires scheduled premium payments, whereas universal variable life insurance permits flexible premium payments. How could a bank have possibly known that there was another Will? D. Covenant against encumbrances, A bargain and sale deed contain how many express warranties, Which type of deed is used by a grantor whose interest in the real estate maybe unknown. If you choose not to have a Will, your estate must still be probated. mikelljay28. Suppose that they die simultaneously in a plane crash with an estate of $10 million. a title to real estate is a printed document signed by the Secretary of State, True false, to be valid, a deed most include a recital of consideration, an Identifiable grantee, and a recital of exceptions in reservations, True false? Annuity companies offer a variety of purchase options to owners. All of these are reasons for probate EXCEPT.