Tommy Testator, the deceased, was single with no dependents. The assets of his estate were as follows:

• Galaxy Bank account of $100,000
• Loose cash worth $20,000, found in a sock under hismattress
• Gold bars worth $100,000 in a safety deposit box
• 1978 Volvo worth $5,000
• RRSP worth $1,000
• First edition, signed copy of The Hobbit, valued at $50,000 (Canadian)

His debts were as follows:

• Student loan of $60,000
• Credit card debt of $40,000
• Bank loan of $30,000

He wanted his close friends to inherit as follows:

• 1978 Volvo to Joe, plus $60,000 in gold bars to keep the car running
• $10,000 to Steve from Galaxy Bank account
• $10,000 to Paula from loose cash
• $20,000 to the Cat Rescue Society
• RRSP, Book, and Residue to Amy

• How will Tommy's estate be distributed? Do the calculations, and briefly explain your calculations to our estate trustee client.

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Hi. I can't figure out how to calculate this estate distribution practice question.

Resource: Wills and Estates - Fifth Edition - Emond

Jurisdiction: Ontario, Canada