Wills – A Peace of Mind
Many of us don't like to think about signing a Will. We tell ourselves we have plenty of time. As hard as it is for us to take that step, it is very important to legally put our wishes in writing to ensure our loved ones are taken care of when we can no longer be here to do it ourselves. Whether it is naming a trusted guardian to care for minor children, a trustee to administer funds for children until they reach a certain age, or directing to whom assets are to be transferred, it is a peace of mind to know our voice will be heard after you are gone.
Helpful information you can provide to your lawyer:
The name of your personal representative. This is the person you want to carry out your wishes as contained in your Will. You can name a single personal representative, joint personal representatives and/or alternate personal representative(s).
The name of a trustee to manage your child(ren)'s portion of your estate until he/she reaches a certain age. This can be your personal representative, the child's guardian or someone else you trust to handle funds. You may also direct a child(ren)'s portion of your estate be held until they are older than the age of majority.
Any specific gifts you want given to certain individuals.
Confirmation of whether accounts/real estate held jointly with your child(ren) is intended to be held by those child(ren) as their sole property, or whether those assets were transferred to joint tenancy for estate planning purposes with the intention that the child disburse that asset in accordance with wishes you already relayed to the child.
Who do you want to receive the rest and residue of your estate? If the residue is to be transferred to your children, is it to be divided equally among your surviving children, or is a deceased child's share to be divided among his/her surviving children (your grandchildren)?
You may also wish to provide your cremation/funeral/burial instructions. Sometimes these arrangements may be made before your Will is seen by your personal representative, so you may also want to let your family know your wishes.
It is important that your Will is signed correctly in order for it to be legal.
Did you know?...
Marriage: A Will is revoked (no longer valid) if the person making the Will gets married after the Will is signed, unless the Will states that it is made in contemplation of such marriage.
Divorce: If the testator’s marriage is terminated by a divorce order, all references to the former spouse in the Will will be treated as if the former spouse had died before the testator, unless the Will or divorce order says to do something different.
Changes to Will after execution: If changes are made to a Will, after it is signed, they are not valid unless the changes are done as required by the Wills Act.
Change of address: It is not necessary to prepare a new Will for the purpose of a subsequent change of address, unless you change your province of residence, in which case you should speak with a lawyer in your new province. Each province has its own laws about Wills.
Change of beneficiary’s name due to marriage or divorce: It is not necessary to prepare a new Will for the purpose of a subsequent change of a beneficiary’s surname due to marriage or divorce.
Location of original Will: It is important for you to tell your personal representative(s) (executor) where to find your original Will in the event of your death.
