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Preparin a will "i\ \\ ill GIVES YOU THE LAST WORD UN WHAT HAPPENS T0 \OL‘R EST-\TE" Hie Law Society of Upper Cunadu Httve you an uprtoidate will? Has your spouse tin upetoâ€"date uill? Will it accomplish \\ hat you wish it to do? \‘t‘hcn was It women? These are some at the questions you should be asking yourxclt about \t‘ill~. The following information will attempt to clarify what a will does, what an executor does and provide a few helpful tips. It is important to realize that the use of a competent lawyer is money well spent in the drawing up and completion of a will. If you have more questions \\ hich remain unanswered by this article, check with your lawyer. Why a will? There are numerous advantages to liming a will made. I. Often payments for immediate assistance to a family can be made more promptly when there is a will. 2. With a will a testator (the person making the will) can determine the person who will take charge of her estate upon her death. if there is no will, an administrator is appointed by the court. A will can often be used for effective tax planning. 3. if is usually cheaper to administer an estate with a will than without. 4. With a will the testator has almost absolute control over who will be her beneficiaries whereas without a will the persons who take in her estate are dictated by the laws of the province. 5. With a properly drawn will an executor may hold property waiting for a sale upon favorable markets, may distribute the estate as it was at the time of the death rather than seilv ing and possibly incurring a loss. 6. With a will a testator may delay the time at which beneficiaries can take under the will. For example, it may be felt that a child is not sufli~ ciently mature to receive under an estate and any benefit that he or she might receive can be postponed until a later date. This is possible with a will; however without a will the child is entitle [0 take at age 18, 7. The main disadvantage to having a will is the time and expense involved in obtaining one. However, any cost in comparison to the problems that would result without one, certainly far outweigh the costs. Most lawyers’ charges are very realistic. Making a will If you decide it is in your best interest to draft a will. then get as much in formation about your various assets, debts, etc. together so you know what you have. Also decided how you wish to have your estate passed on and to whom. Decide on guardians if children are underâ€"age, as well as executors, before you go to your lawyer. The executor-'5 job The choice of an executor is crucial when contemplating your will. The executor will be responsible for the carrying out of the wishes of the testator. The executor has numerous duties among which are: a) safeguard. ing the estate, b) obtaining proof or death, c) ultimate decision as to method of burial, d) taking Charge or all title documents, share certificate, bank books and other assets of the, estate, e) completing a full inventory including a list of assets and iiabiilliC-s of the estate, 1') gathering in the and; of the estate, g) notifying banks, post office, insuranca companies, h) filing for probate, i) filing succession duly and income tax returns, j) carryinu Llfl business owned by the testator El'rthe time of death k) seeking out creditors of the estate and settling and dim tliI'IE any claims where necessary, I) to: ing the accounts for the estatu, m) distributing the estate. Who should he an executor Basically the only persons it ht) cannot be executors of an estai; are people of unsound mind, not 1-" the legal age of majority, or are bani-mp1. 1. The spouse â€" especially ii the estate is straight forward, .mcts modest and the estate distribut ml to the spouse. If there is any doubt m to the spouse’s ability to handlr the duties in and about the CSUMQ, a cocxecutor might be advisabl' If a spouse is the receive 7 life interest in the estate only, the «2 out? should probably be a CO-EXCCUH and not the sole executor so that the mats are properly managed for the ptisons to take the estate upon the de;::h of the surviving spouse. 2. The child â€" this is advisable when the children are mature, capable. close at hand. Difficulties may «rise. however, when there is an cStali' to a surviving spouse with the children to take, upon the death of the surviving spouse. 3. Friends or business associates 7 a close friend does not nECE’Ss’MIi)’ possess the qualities of a good otecmor. Such qualities might also include business and inVestment knowehov‘. honesty, and understanding. continued on Page 33 m H & C October, November, December 1987