Question

question #17:
rita is 54 years old and employed as a school teacher. she is married to tom and they have a daughter. rita and tom together own a house. she owns a $500,000 whole life insurance policy naming her daughter as the beneficiary. she contributes to a registered retirement savings plan (rrsp) with no named beneficiary. she also contributes to a tax - free savings account (tfsa) which names tom as the beneficiary. rita is getting her properties and assets in order and making sure her will is up to date.
which of the following will pass through her estate?
a) home held in joint tenancy with her husband tom
b) life insurance policy, naming her daughter as the beneficiary
c) an rrsp on which she has not named a beneficiary
d) a tfsa which names her husband tom as the beneficiary
your answer
× home held in joint tenancy with her husband tom
rationale:
not all property owned by an individual is controlled by their will. ownership of property held in \joint tenancy\ with one or more persons usually passes outside the will. registered plans such as registered retirement savings plans (rrsps) and tax - free savings accounts (tfsas) pass directly to a named beneficiary, as does the proceeds of a life insurance policy. (refer to https://hilqp.com/course/mock_exam_result/qnvxsetibkfarjrmsdl1bfnjdhrwmtblylvnbkpjeskny9ttldluorqazo=4517q8609

Explanation:

To determine which asset passes through Rita's estate, we analyze each option:

• Option a: Property in joint tenancy typically passes outside the will (to the co - owner), so it does not go through the estate.
• Option b: Life insurance with a named beneficiary (daughter) pays directly to the beneficiary, not through the estate.
• Option c: An RRSP with no named beneficiary will be controlled by Rita's will and thus pass through her estate.
• Option d: A TFSA with a named beneficiary (Tom) passes directly to the beneficiary, not through the estate.

Answer:

c) An RRSP on which she has not named a beneficiary