In a Basic Will the Clause That Outlines the Distribution

question 46

Multiple Choice

In a basic will the clause that outlines the distribution of specific personal property, such as furniture, jewelry, cars, RRSPs, RRIFs, and pensions is the __________________

• A)identification and revocation clause
• B)specific bequests clause
• C)legacies clause
• D)power clause
• E)testimonium and attestation clause

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Definitions:

Generally Accepted Auditing Standards

Principles that provide a framework for auditors to conduct financial audits, ensuring accuracy, consistency, and verifiability.

Negligence

A failure to exercise the care that a reasonably prudent person would exercise in similar circumstances, leading to harm or damage.

Actual Fraud

Refers to intentional deception made for personal gain or to damage another individual.

Material Fact

An important fact that if known might influence a decision maker’s decision, such as in a contract negotiation or in the dissemination of information to investors.