Reference no: EM132097167

For each statement below:

1. Indicate whether you agree or disagree with the statement;
2. Explain why you agree or disagree with the statement.

Statements:

1. Chester had a wife and 2 adult children when he died. Chester lived in Ontario and he has no will and so all of his asset will automatically go to his wife.
2. Howard died with no will and no living heirs in Canada. All of his assets will automatically go to the provincial government.
3. Only wills that a lawyer has drafted are valid.
4. There are no immediately income tax consequences when assets are transferred to a trust in the name of the deceased's adult children, as a result of a will. Income taxes are not owned until the children sell the inherited assets.
5. Where a registered investment account of the deceased has a named beneficially, the assets in that account can be transferred "outside of the will" directly to the beneficiary to expedite the transfer and avoid probate taxes.