In this area of law, we:
- prepare wills based on the instructions of our clients
- provide estate planning advice to clients
Thinking about a will can be scary for some people. Others become overwhelmed with all of the information that they think they need to gather together before meeting with us.
There are 2 questions to answer for every will:
1. Who do you want to name as the person(s) to be the Executor or Estate Trustee of your will?
- most happily married couples name each other as the primary Executor
- but sometimes the surviving spouse may not be able to do the Executor’s work because of health issues
- what if you do not have a spouse?
- even if you name your spouse as the primary Executor, who do you want as a back-up in the event that your spouse predeceases you or is unable to do the work after you die?
2. Who or what do you want to include as beneficiaries of your estate?
- most happily married couples leave most, if not all, of their estate to their spouse
- but you may want to leave something to children, grandchildren or charities before your spouse receives the balance of your estate
- what if you do not have a spouse or your spouse predeceases you after you sign your will?
- if you are naming your child(ren) as beneficiaries, what happens to that child’s share if the child dies before you do? That is not something any parent wants to contemplate. But unfortunately, it does happen occasionally.
- what is to happen to your estate if all of your family members die before you do?
- have you considered leaving a part or all of your estate to one or more charities?
For some wills, there are more questions to be answered, including:
3. If you have children under the age of 18, who do you want to look after them in the event that both parents pass away ? In other words, who do you want to name as the Guardian(s) of your children ?
4. If you are leaving part or all of your estate to younger people, what age do you want them to receive the money without any strings attached?
- 18 is the minimum age; but sometimes you want to stipulate a later age – the most common ages are 21, 25 or 30.
5. Do any of the persons that you name as beneficiaries of your estate have special needs or are receiving a disability pension ? If so, you may want to consider setting up a “Henson Trust” in your will.
6. Do the nature of your assets warrant having more than one will – being a Probate Will and at least one Non-Probate Will ?
- to help you understand the benefit of having at least one Non-Probate Will, here is a link to an article that we have written on “Possible Savings in Probate Tax.”
These are just some of the questions that we ask you when you are giving us instructions for what you want included in your will.
Some people really have a hard time deciding on who to leave their estate to.
Please remember that you do not have any legal obligation to leave any member of your family a portion of your estate UNLESS that member is financially dependent on you.
Perhaps there is a charity you would like to include in your will.
It was Winston Churchill who said:
“We make a living by what we get, but we make a life by what we give.”
And it was the Dutch writer Corrie ten Boom who said:
“The measure of life is not its duration, but its donation.”
Some people ask “What if I die without a will ?” Norman Pickell has written an article entitled “If I Die Without a Will.” It lists the consequences in such a situation for a person resident in Ontario. It also costs more to administer an estate when there is no will than what the cost of making a will is.
If you would like to read more on the topic of Wills and Estate Planning, Norman Pickell has written the following articles:
Wills are a serious subject. But sometimes we need to lighten up a bit. For those of you who are in that category, you might want to read the will of Flat Broke!