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

marcia.green@nelligan.ca

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 marcia.green@nelligan.ca

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