Wills & Estates Final Exam Questions with 100% Verified
Answers Latest Update
Question: Answer:
When someone dies, their estate needs to be administered. a "representation grant" of some sort is needed. If an executor does
The assets need to be transferred. How does someone start not renunciate/reject
this process? their role as exec, they must get the will probated by starting with a
grant.
Question: Answer:
What is a Grant? A grant is just an 'ok' from the court, appointing either the executor
or administrator as the
personal representative. It gives them the go-ahead to distribute the
assets either
according to the will (if there is a will) or according to the rules of
intestacy(if there is no
will
Question: Answer:
3 Types of Representation Grants 1. Grant of Probate
2. Grant of Administration
3. Grant of Administration with Will Annexed
Question: Answer:
What is a Grant of Probate Probate is the court-based procedure used to establish the will and
appoint the personal
representative.
The grant is issued at the end of this process.
Question: Answer:
What is a Grant of Administration? Similar to Probate
the document issued by the court when there is no will, giving the
person appointed as
administrator the legal authority to deal with the estate
, Question: Answer:
What is a Grant of Administration with Will Annexed? The type of grant necessary when the Will does not name/appoint
and executor. This
grant will appoint a personal representative to manage the estate
according to the Will
Question: Answer:
When a Representative Can Use the Grant The personal representative must wait 210 days after the issue of the
grant, and then they
can distribute the assets (if no issues have come up in the
meantime).
Question: Answer:
Why do we need a Grant? For most assets, the entity who the transfer will effect will require it.
(For example, if there is real property, the Land Title Office will
require a representation
grant before the land is transferred.
Banks will require it before they transfer assets in a bank account)
Question: Answer:
When do you NOT need a Grant? Name the 3 scenarios you If the assets can be transferred without one.
WONT need to do a probate/apply for a grant The only time a will does not need to do a probate/grant is:
1. if the estate consists only of shares in a private company
2. if the estate consists only of motor vehicle(s) not exceeding
$25,000
3. Estate consists of only Canada Savings Bonds up to certain amount
Question: Answer:
What are Parallel Wills? if someone held valuable shares in a private company that didn't
require probate, they
could make a separate will just for those shares.
That way, probate fees will not be payable on those shares.
Answers Latest Update
Question: Answer:
When someone dies, their estate needs to be administered. a "representation grant" of some sort is needed. If an executor does
The assets need to be transferred. How does someone start not renunciate/reject
this process? their role as exec, they must get the will probated by starting with a
grant.
Question: Answer:
What is a Grant? A grant is just an 'ok' from the court, appointing either the executor
or administrator as the
personal representative. It gives them the go-ahead to distribute the
assets either
according to the will (if there is a will) or according to the rules of
intestacy(if there is no
will
Question: Answer:
3 Types of Representation Grants 1. Grant of Probate
2. Grant of Administration
3. Grant of Administration with Will Annexed
Question: Answer:
What is a Grant of Probate Probate is the court-based procedure used to establish the will and
appoint the personal
representative.
The grant is issued at the end of this process.
Question: Answer:
What is a Grant of Administration? Similar to Probate
the document issued by the court when there is no will, giving the
person appointed as
administrator the legal authority to deal with the estate
, Question: Answer:
What is a Grant of Administration with Will Annexed? The type of grant necessary when the Will does not name/appoint
and executor. This
grant will appoint a personal representative to manage the estate
according to the Will
Question: Answer:
When a Representative Can Use the Grant The personal representative must wait 210 days after the issue of the
grant, and then they
can distribute the assets (if no issues have come up in the
meantime).
Question: Answer:
Why do we need a Grant? For most assets, the entity who the transfer will effect will require it.
(For example, if there is real property, the Land Title Office will
require a representation
grant before the land is transferred.
Banks will require it before they transfer assets in a bank account)
Question: Answer:
When do you NOT need a Grant? Name the 3 scenarios you If the assets can be transferred without one.
WONT need to do a probate/apply for a grant The only time a will does not need to do a probate/grant is:
1. if the estate consists only of shares in a private company
2. if the estate consists only of motor vehicle(s) not exceeding
$25,000
3. Estate consists of only Canada Savings Bonds up to certain amount
Question: Answer:
What are Parallel Wills? if someone held valuable shares in a private company that didn't
require probate, they
could make a separate will just for those shares.
That way, probate fees will not be payable on those shares.
