O T T A W A V A N K L E E K H I L L A L E X A N D R I A K I N G S T O N
Preparing Your Will
Presented as part of the Hulse, Playfair & McGarry
2014 Complimentary Seminar Series
SEPTEMBER 25, 2014
MARCIA GREEN
613-231-8335
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 [email protected]
or 613-231-8335
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Agenda
Why have a Will?
Requirements of a Will
Choosing an Estate Trustee
Getting a Certificate of
Appointment
Powers of Attorney
What next?
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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)
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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
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O T T A W A V A N K L E E K H I L L A L E X A N D R I A K I N G S T O N
nelligan.ca
Marcia Green is a member of the
Wills and Estate Planning Practice Group
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