Law 2101 Lecture Notes - Lecture 28: Intestacy, Testator, Holograph
16 Apr 2018
School
Department
Course
Professor
Document Summary
Wills and estates: wills are effective upon death, powers of attorney during lifetime. Sample will: revocation, estate trustee (executor, persons born outside marriage, powers of estate trustee, residue and alternative beneficiaries, minor beneficiaries, family law act declaration, guardians of children, signature and witnesses. Steps in administering estates: secure assets, take inventory of assets, apply for certification where necessary, liquidate assets where necessary, pay debts and taxes, transfer assets pursuant to will. Life insurance policies: rrsps, assets in joint names. Life policies and rrsps have named beneficiaries: proceeds go directly to beneficiaries and do not form part of estate. If asset has a joint owner with right of survivorship, the asset does not for part of estate and ownership goes to surviving owner. Family law election: upon death, surviving spouse has election to make, take entitlement under will or take entitlement to net family property as if separation, election can be changed by marriage contract.
