Would s. 70(3) apply where the will bequeathed rights and things (here, artistic works which had been included in the deceased artist’s inventory, the “Property”) to a testamentary trust whose beneficiaries were the spouse and descendants of the deceased? CRA stated::
[T]o the extent that the testamentary trust is, under applicable private law, a beneficiary of the estate at the time of the transfer or distribution of the Property by the estate, the testamentary trust could be considered a beneficiary or a person beneficially interested in the estate of the deceased individual for the purposes of subsection 70(3).