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Advice on writing your will Not having a proper Will in place can cause unnecessary grief for family members at an already stressful time. The good news is making a Will is not expensive or difficult.
NAME YOUR BENEFICIARIES Here are some tips to consider:
NAME AN EXECUTOR
A Will allows you to name an appropriate executor. Being an executor is a serious commitment and unfortunately, executors often accept the appointment without fully understanding the role. When choosing whom to name as executor, consider someone who is: • familiar with the duties and responsibilities of an executor and has time to carry out the duties • impartial in case there is a dispute • is aware there is the potential for personal liability
You can determine who will benefit from your estate, the amount, and when the beneficiaries will receive their gift. Some considerations to think about include: • whether you release the gift immediately or place it in a trust account • how to disburse personal effects and collections • how to disburse real estate or will all assets be sold and the cash distributed amongst family members or charities? • ensuring beneficiary designations on registered plans such as RRSPs, RRIFs, TFSAs, and insurance policies are who you want them to be
NAME A GUARDIAN FOR MINOR CHILDREN
Parents need to decide who is best suited to care for their children and name this person as the guardian. The responsibilities of guardian include: the supervision, care, control and custody of the child. However the guardian does not have the power to manage the child’s property. Although all guardianship appointments must be ratified by the court, parent’s wishes are taken into account and given strong consideration. If a guardianship has not been named, the court will appoint the guardian.
ESTABLISH TRUSTS
A Will is one method of establishing a trust, since you may be concerned about caring for a spouse, a dependant child, a disabled beneficiary, a family member with addiction or spendthrift issues, safeguarding assets for future generations or providing ongoing funding to a favourite charity. A well-constructed trust is a useful and powerful estate-planning tool.
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