Preparing your Will - Marcia Green, Wills and Estates Lawyer - September 2014
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Marcia Green, Wills and Estates lawyer at Nelligan O'Brien Payne LLP outlines the importance of preparing your Will, how it works, and the steps involved in doing so.
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Preparing your Will - Marcia Green, Wills and Estates Lawyer - September 2014
- 1. OTTAWA VANKLEEK HILL ALEXANDRIA KINGSTON Preparing Your Will Presented as part of the Hulse, Playfair & McGarry 2014 Complimentary Seminar Series SEPTEMBER 25, 2014 MARCIA GREEN marcia.green@nelligan.ca 613-231-8335
- 2. nelligan.ca This PowerPoint is not intended to provide legal advice or opinion as neither can be given without reference to specific events and situations. If you have any questions, please contact Marcia Green at marcia.green@nelligan.ca or 613-231-8335 2
- 3. nelligan.ca Agenda Why have a Will? Requirements of a Will Choosing an Estate Trustee Getting a Certificate of Appointment Powers of Attorney What next? 3
- 4. nelligan.ca Why have a Will? It is a good investment If you do not have a Will, then your family will have to resort to the Succession Law Reform Act •Example: $2,000.00 in lawyer fees to get an Estate Trustee appointed without a Will through the courts 4
- 5. nelligan.ca Why have a Will? Dying without a Will can cause delays Assets will be distributed as per the legislation: •Spouse gets $200,000 and remainder divided between spouse and children •No spouse, goes to children •No children, goes to parents •No parents, goes to siblings •No siblings, goes to nieces and nephews •Then next of kin •Then the Crown 5
- 6. nelligan.ca Why have a Will? An Executor/Estate Trustee •The person who will be responsible for administrating your estate Provide Estate Trustee with special instructions and tools they need to administrate your Will Your Will can be simple or complicated 6
- 7. nelligan.ca Why have a Will? State the guardians you wish to have care for your minor children State intentions regarding your funeral or the disposal of your last remains Statements are not binding Best to pre-arrange your funeral Discuss these matters with your Estate Trustee 7
- 8. nelligan.ca Requirements of a Will Must be signed in the presence of two witnesses Consider the needs of your dependants •Spouses (current or former) •Children who are entitled to support If no provisions are made for dependants, then a dependent's support claim could be made against the estate 8
- 9. nelligan.ca Choosing an Estate Trustee Duties of an Estate Trustee include •Making the funeral and burial arrangements •Determining that the Will is your last Will •Notifying the beneficiaries that they have an interest in the estate •Determining the nature and value of the assets •Compiling a detailed inventory of all of the assets 9
- 10. nelligan.ca Choosing an Estate Trustee Duties of an Estate Trustee continued •Pay the debts •Prepare and file the necessary tax returns •Pay any tax owing •Deal with Family Law Act claims •Account to beneficiaries •Distribute estate •Take compensation 10
- 11. nelligan.ca Choosing an Estate Trustee Criteria for being an Estate Trustee •Must be at least 18 years of age •Must be mentally capable •No criminal record •Have not recently been bankrupt •Canadian resident 11
- 12. nelligan.ca Choosing an Estate Trustee Children •Avoid choosing children as joint executors •Pick child best fit for the job Corporate Estate Trustee •Impartial •More expensive •Uninvolved if family dispute arises 12
- 13. nelligan.ca Getting a Certificate of Appointment Probate - ‘to prove the Will’ •Estate Trustee would apply through the Superior Court of Justice for a Certificate of Appointment A Certificate of Appointment •Will protect financial institutions from their decision to distribute your assets 13
- 14. nelligan.ca Getting a Certificate of Appointment Estate Administration Tax (or Probate fees) •$5.00 for each $1,000.00 of the first $50,000.00 in the estate •$15.00 for each $1,000.00 of subsequent amounts Smaller accounts (less than $10,000) will be released without formal probate Assets with a beneficiary designation do not requiring probate: •Life insurance •Pension plans •RRSPs, RRIFS •RDSP/RESP •TFSA 14
- 15. nelligan.ca Getting a Certificate of Appointment Ensure your beneficiaries for life insurance and RRSPs match those in your Will If you change the beneficiary for life insurance and RRSPs after signing your Will, your Will no longer applies The last beneficiary you name, is the beneficiary to receive such proceeds at the time of your death 15
- 16. nelligan.ca Getting a Certificate of Appointment Jointly held accounts pass outside of the estate - no probate is necessary Clearly indicate your intentions with a joint account held with someone other than your spouse 16
- 17. nelligan.ca Powers of Attorney Prepare at the same time as your estate planning Powers of Attorney for Personal Care - ‘living Will’ •Medical care decisions Powers of Attorney for Property •All of your finances and assets 17
- 18. nelligan.ca Powers of Attorney for Property Continuing Powers of Attorney for Property are valid from the date they are signed Avoid elder abuse Our firm will only release them with direct authorization or upon receiving written confirmation 18
- 19. nelligan.ca Powers of Attorney for Care Come into effect once you are incapable Allows family member to make decisions •Health Care •Accommodations •Safety •Nutrition •Hygiene •Clothing 19
- 20. nelligan.ca What Next? Keep Will somewhere safe and accessible to your Estate Trustee Leave your Estate Trustee a list of what you have and where Review your estate plan once a year or upon certain life changing events Keep a list of items in your home that you want to go to someone (we can store it with your Will) 20
- 21. nelligan.ca A new source for information on Wills and Estates Wills and Estates Law provides practical insight on legal issues related to estate planning, estate planning and estate administration. Visit Wills and Estates Law online at www.willsandestateslaw.ca 21
- 22. OTTAWA VANKLEEK HILL ALEXANDRIA KINGSTON nelligan.ca Marcia Green is a member of the Wills and Estate Planning Practice Group
Hinweis der Redaktion
- Parents often like to name their children jointly - usually an effort to avoid picking favourites. This could be a good or bad idea. It depends on the family. We suggest picking the child best fit for the job – responsible, local, etc. and using other kids as alternates. At the very least, have a tie breaker and include a majority rules clause in your will. Alternatively, you could choose a corporate executor. They will do an excellent and impartial job for you. This will usually be a bit more expensive, but it won’t come with the family history. They will be honest and keep excellent records. If a family dispute arises, the corporate executor will likely stay uninvolved and seek the court’s assistance, which can become costly, however, usually the family will realize the cost and complainers will subside.