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How will estate be distributed

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Gordon Walker is recently single and lives on his own in Toronto. He has two adult sons with his wife from whom he recently separated. He drew up a will years ago. In it, he names his wife as sole beneficiary of his estate. Now that he is separated, he knows he should revise the will but he hasn't gotten around to it. Gordon is proud of himself: at age 53, his assets total $1 Million. Last night, as Gordon was watching sports on TV, he suffered a brain aneurism and died.

Gordon's Estate Assets:

Home $500,000

RRSP $400,000

Investment portfolio (non-reg.) $100,000

Liabilities Line of credit $130,000

Income taxes $155,000

Probate fees $ 15,000

Funeral and final expenses $ 20,000

Gordon's net estate at death: $ __________

Problem 1. Who are Gordon's heirs? ___________

Problem 2. How will his estate be distributed?

Reference no: EM133007217

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