Everyone should have a current Will and Power of Attorney document. A Will is a legal document which comes into effect at the time of your death. You appoint someone to act as your estate trustee to carry out your wishes after your death, and you instruct the estate trustee concerning the distribution of your assets and the care of your loved ones after your death. The Will should be personalized to deal with your specific situation. You should closely review your current Will to determine if it:

  • is valid now and for the foreseeable future?

  • affects property in multiple jurisdictions, or takes probate fees into account?

  • appoints legally qualified estate trustee(s) and alternate estate trustee(s)?

  • designates beneficiaries of your RRSP, RESPs and insurance policies?

  • provides for your spouse in accordance with the law?

  • provides for your “children” as defined in current statutes?

  • provides for children from previous relationships?

  • provides for disabled children and beneficiaries in receipt of government subsidies?

  • protects your beneficiaries from disqualification under government disability support programmes?

  • provides for charitable bequests?

  • deals with accumulated customer reward points and other non-traditional assets?

  • provides for heirlooms and other gifts to specific beneficiaries?

  • deals with your business interests?

  • deals with bequests that will be gifted later during your lifetime?

  • deals with situations where bequests cannot be made to intended beneficiaries?

  • protects beneficiaries from losing their inheritance upon divorce?

  • appoints a guardian for minor children?

  • clearly sets out your wishes regarding organ donation?

  • clearly sets out your wishes regarding your funeral and burial?

  • empowers your estate trustee to properly manage your estate?

  • creates legally valid trusts?

  • is legally enforceable overall?

As you can see, there are many things which must be considered when making a Will. I would be happy to work with you to develop a Will that ensures that your wishes will be honoured after your death by giving them proper legal expression in conformity with the law. For your convenience, we have created a Will & PoA Information Sheet, which you can complete and forward to us to ensure that we have accurate information for your file.

 

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