Exercise Your Will Power

You’ve
worked hard all your life to provide the very best for your family,
friends and community. How do you ensure this will continue? The answer
is quite simple. Through a legal document — your will.

Some things to consider:

1. Be Responsible
   The time and cost of a lawyer-prepared will is
   small compared with its benefits. A will avoids uncertainty, which can
   lead to arguments among beneficiaries, delaying settlement of your
   estate and increasing costs. You’ll also have peace of mind, knowing
   your affairs are in order and your beneficiaries will not have to deal
   with the courts to settle your affairs while they are grieving.
2. Put Family First
   It’s possible that you and your partner could
   die together. Only by appointing a guardian in a will can you specify
   who will care for your children.
3. Your Good Intentions
   If you do not make a will your good intentions
   to provide for your friends, charities, religious institutions or
   relatives mean nothing. The law dictates exactly how your assets are
   divided among your family. Wills ensure your legally-binding wishes are
   carried out.
4. Tax Savings
   Canada no longer has estate or inheritance
   taxes, but death triggers federal income taxes. A proper estate plan can
   minimize taxes now and for your beneficiaries. Why not plan to pay less
   taxes?
5. Support a Charity
   A bequest to your favorite charity continues your support and can reduce taxes.
6. Who’s In Charge?
   Your estate trustee or executor is the person
   named in your will to distribute your estate. An executor can be a
   family member, a friend, lawyer or trust company, and there can be more
   than one executor. Professional trustees can manage trust funds for the
   financial security of spouses who lack financial expertise or a
   dependent child.
7. Lawyers Help
   Explaining legal concepts and preparing wills
   to meet your estate needs are what lawyers do. Many people think that
   they’ll save money by preparing their own will however, if imprecise
   language is used, it may end up costing more money, in the long run,
   because of interpretation problems.
8. Make Plans
   Making a will gives you assurance that your affairs are
   in order. Preparation of an estate plan includes powers of attorney to
   deal with incapacity and personal care issues. Consider funeral
   arrangements and organ donations too.
9. Revisit Your Will
   Even though you have a will, marriage, separation,
   divorce, or the birth of a child all mean your will must be revised.
   Unless your will is current, it cannot reflect your needs. Changes in
   your assets, beneficiaries, estate trustees, and the law require regular
   reviews of your will and estate plan.
10. Don’t Lose It
    Remember to keep a copy of your will at home and the
    original in a safe place. Make sure someone knows where it is. What good
    is a well-written will if no one ever finds it?

Ed
Olkovich is a lawyer & notary with offices in Toronto’s Bloor West
Village. Olkovich is an executive member of the Estates and Trusts
Section of the Canadian Bar Association, Ontario Branch.