Review questions regarding Will and Estate Planning: 1. Define the following terms or concepts: a. Ademption, b. Abatement, c. Lapse, and d. Hotch pot rule. 2. As of what date is a will interpreted? Provide an example of where this might make a difference in the distribution of the deceased's assets. 3. Compare and contrast a "gift," "bequest," "legacy," and "devise" under terms of a will. 4. Explain the difference between a "per stirpes" form of distribution and one made "per capita." 5. What priority do creditors take in the distribution of a estate? Explain your answer. 6. Identify the five categories of gifts in a will and the order in which they are eliminated or diminished when there is a shortfall. 7. Provide an example of an application of the cy-prs doctrine. 8. To which beneficiaries do the anti-lapse provision of the Succession Law Reform Act apply? 9. What would exclude the application of the anti-lapse provisions? 10. What rule applies where two persons die simultaneously or in circumstances where it is impossible to determine who died first and each is a beneficiary under the other's will? 11. In those same circumstances, what happens if the two deceased persons own property jointly with the right of survivorship? 12. What statue can on resort to where a person involved in an estate is missing? What is the relevant period of time for the person to be missing? 13. Define the following terms or concepts: a. Inter vivos, b. Settlor, c. Fiduciary, d. Cestui que trust, e. Vested, f. Contingent beneficiary, and g. Unascertained beneficiary. 14. When it coms to income tax law, why is a trust usually, bu incorrectly, characterized as a legal entity? 15. Who is the legal owner of the trust property? 16. Who is the beneficial owner of the trust property? 17. Identify two types of trust documents. 18. A trustee is said to have a fiduciary duty to a beneficiary. Explain. 19. Describe the three certainties of a trust. 20. Which certainty may be relaxed in the case of a charitable trust? 21. What, stated very generally, is the purpose of the rule against perpetuities? 22. What is meant by the term "life in being"? 23. What, stated very generally, is the purpose of the rule against accumulations? 24. Explain the difference between a testamentary trust and an inter vivos trust. 25. From what document does an estate trustee with a will derive her authority? 26. What are the first steps that the estate trustee named in the will must take regarding the assets of the deceased? 27. What must the estate trustee do with the deceased's personal property, such as vehicles and jewellery; real property, such as home and a cottage; shares in a corporation; and bank assets? 28. When is proof of an estate trustee's authority required? 29. When is a will naming the executor satisfactory proof of her authority, and when is it unsatisfactory? 30. What is a certificate of appointment of estate trustee with a will? 31. What certificate of appointment is applied for when there is no will in an estate worth more than $150,000? 32. Who assumes administration of an estate where the appointed estate trustee of that estate dies? 33. When is a certificate of ancillary appointment of estate trustee with a will applied for? 34. When is a certificate of appointment of foreign estate trustee's nominee as estate trustee without a will applied for? 35. Under what circumstances might a certificate of appointment of succeeding estate trustee with a will be required? 36. Under what circumstances might a certificate of appointment of succeeding estate trustee without a will be required?