Frieda and Jorge have been together for 5 years and recently got married 6 months ago.  Before they met, they had other partners and had kids with their previous partners.  Frieda and her former common law spouse Martin have 2 kids together ages 13 and 8.  Jorge and his former wife, Anise, have one child age 17.  Frieda’s kids live with her and Jorge and Jorge’s child lives with Anise.  Anise is single.

Jorge and his former wife are business partners.  They own a building that has a hair salon with apartments on top.  Jorge manages the business and Anise works there as a stylist.  The business is set up as a corporation and they are equal partners.  They have key person insurance.  

Jorge and his 2 brothers have a family cottage that was passed down to them from their father.  Each brother is one the ownership equally and the property is registered as joint ownership with rights of survivorship.  

When Anise and Jorge split, Anise kept the matrimonial home as part of the settlement.  Another part of the agreement was that Jorge maintain a $750,000 life insurance policy with Anise named as irrevocable beneficiary.

Jorge has a will naming his brothers as Executors and leaving the residue of his estate to Anise and his child.  He wrote the will while he was still married and never bothered to change it.  He figures since he is now divorced it is no longer valid.  He also named Anise as his power of attorney for property and personal care.  Anise also has a will that names Jorge as the Executor and sole beneficiary.  She too never changed her will after divorce.

Jorge and Anise have the following other assets:

Jorge’s Assets	Value	Beneficiary
RRSP	$73,250	Anise
TFSA	$51,000	Child
Joint savings account with Frieda	$7,200	None
Anise’s Assets	Value	Beneficiary
RRSP	$26,500	Estate
TFSA	$12,900	Child

Frieda and Jorge live in a rented house with her kids.  Frieda works for a car manufacturer and has extended health care (EHC) benefits, disability coverage, employer life insurance of 2x salary and a defined benefit pension plan. She has her kids under her EHC plan but has not yet added Jorge.  Her life insurance names her kids as beneficiaries and she has not named a beneficiary on her pension plan.

Frieda owns a condo that she currently rents out to her former partner Martin.  She bought the condo while she was together with Martin.  He provided a financial contribution to the initial down payment.  The condo is solely in her name.  She also has a TFSA account with a current value of $63,500 naming her kids as beneficiaries and an RRSP valued at $63,000 naming Martin as the beneficiary.  She also has a joint non-registered investment account with Jorge valued at $22,000.  Frieda does not have a will nor a power of attorney.

Martin works in construction and does not have any benefits.  He has a TFSA account naming his children as beneficiaries and a small investment account valued at $12,500.  He has a holographic will that he drafted a few years ago with no witnesses, which names Frieda as Executrix and leaves the residue of his estate to his parents.  

Required

How will assets be distributed upon death for:

1. Jorge 
2. Anise 
3. Frieda 
4. Martin 

You may use the following chart to show the distribution of assets in part (a) if you find it beneficial.   See example, completed for Jorge’s asset:  Joint savings with Frieda

Name of individual Identify the person who has passed	Asset Identify the asset in question	How it is distributed Note how it will be passed upon the persons death
EXAMPLE: Jorge	Joint savings with Frieda	Pass on to Frieda per joint ownership

Answer rating: 100% (QA)

Jorge Upon Jorges death his assets will be distributed as follows His RRSP will go to Anise His TFSA ... View the full answer