We don't have children and we rent our apartment, so little in assets. No sense in having a will right now.
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We don't have children and we rent our apartment, so little in assets. No sense in having a will right now.
I have POA for my parents, and needed to withdrawl money from their account while they were away for the winter. I told the (Royal Bank) teller I had POA, and she says Oh Ok then. I had no problems with it. After my grandmother died, my father went into the same bank, to clean up her accounts. One account in a different city needed to be closed. They put him through the wringer, with paperwork, fees, two week timeframe ect ect ect. He got fed up and walked out.
He had POA and also was the executor, and the bank knew both dad and grandma, as they banked there for about 60 yrs.
I went to see a friend that works in a different bank, to see if I could get it done faster on his behalf, and she took the death certificate I brought with me, and had a cheque for the estate in only two days!! No fees and only took a few minutes for the paperwork. She did the computer work right then and there as we chatted.
Guess it partly depends on the person that is servicing you, what they will and will not do. My dad went back into the bank and told them he was going to close all his account if that is the type of service he gets.
In the Hamilton, ON area-two editions' ago in the community papers, there was an article about the free simple way program through lawyers plus ad (have your Will written or updated for FREE) listing the participating lawyers.
http://freewillsmonth.ca/ccs/
Ad fine print: Advertisement paid by the Canadian Cancer Society, who will cover the fee for a simple Will as defined by the lawyer. You might be charged directly for extra work beyond what the lawyer considers a simple Will. You are not obliged to include a bequest to the Society.
Promotion is for the month of May and ends May 31, 2014.
http://freewillsmonth.ca/ccs/
I keep thinking about how hubby and I need to write wills. We've got kids and insurance policies and all kinds of stuff. The expectation is that my mom takes the kids but I'd kinda like for my brother to take them. But he's so young right now. I keep thinking we should just write one with my parents and modify it when my brother is older/married, ect... (and when I've asked him! LOL)
The other thing we'll need to take care of is the beneficiaries on our life insurances. The kids are on it (after each other) but they can't have access to that money until they are 18 (I think, I can't remember) which means whomever takes the kids assumes all financial responsibility for them. We should really change it to their guardian. I wanna talk that over with a lawyer too.
Anyone know how much a will goes for these days?
Dh and I finally agreed on who we would like to raise our LO if something were to happen to both of us. They are relatives, of sort, but live hours away. I don't know how to have that conversation on the phone with them, I'd prefer to do it in person but they live 5hrs away and trips to that city are always rushed. Anyway, I was happy that we finally found a couple that we'd like, but now we need to ask them and draw up paperwork. We have life insurance, some investments, etc., but I'm not sure that they are properly set up in the instance that both of us were to pass. Things that haunt me every so often.
The cost of a will depends on the complexity. The more assets, children, policies etc. you have, the more complex. Shop around or ask someone you know who has drafted their will, for a recommendation. If you don't like what the lawyer is charging, find another.
Regarding your children as beneficiaries, I would not recommend changing it to their guardian but naming them in trust to ensure that they get the money. Technically if you just name the person you plan on being their guardian, they don't have to give the money to the kids, if it is them that is named, it becomes their money. I'm a worst case scenario person, so that is just how my brain operates. Family would likely be their guardian so hopefully that isn't an issue.
I agree with writing one now and changing it when your brother becomes older. It is better to have one now and then update it as life happens (ie. marriage, children, divorce etc.).
We finally had our will and POA done by a notary beginning of this year. The big thing for us was to find someone who would agree to be the executor of the will - it's a huge job to be an executor. Anyway, we're glad to have this done properly. We sponsor a family in third world and it was important to us to have their names as part of the estate so that they would continue to be sponsored through the organization we use.
I think my parents did a will & 4 Power of Attorneys ( 2 Personal + 2 Property/Financial for each one ) for around $ 400 + Tax. , through a reputed lawyer.
If its just a will , I guess it would have been cheaper.
POA's are not that hard to do & are pretty standard with standard forms/templates , maybe you can do one yoursel , but will is a bit more complicated, I would advise you to do it through a lawyer
We named two executors, one of whom will be the guardian of our children. Our assets are in trust to our children, but we want that money accessed by our guardian so our children can be taken care of right away, not when they are 18. The executors are named as trustees and can jointly use that money to raise our children if we both should pass. One is my sister and the other is hubby's. Hubby's sister would be the guardian. The idea was access with accountability. It is not ideal, but neither is us being dead!
Ours cost $600 including taxes and POA. It was the cheapest quote in our area. That was about a year ago.
We did the same thing when our kids were young, although for a different reason. (They are now 37 and 40) The couple we named as guardians were very loving parents with similar values to our own but they were terrible money managers. Our executor was great and money management so could manage the trust fund that would be set up for our kids care. Fortunately, we didn't need either but it gave us peace of mind to know that if anything happened to both of us that our kids would be well cared for physically, emotionally and financially.
I (finally) made an appt with my notary in a few weeks. A will and Living will (I don't think they're still called that) is something I've meant to do for years..I am single with no kids...so I kept putting it off....an expense I didn't need....etc etc.
I am more concerned about my living will than beneficiaries, etc as I have pretty strong beliefs about my healthcare.
My parents didn't have a will until they were in their 60's I think it was......which personally I think was a bit irresponsible (even though they're not irresponsible people).
Another Free Wills month in a few cities in Ontario for October:
http://www.thespec.com/news-story/48...or-the-record/
There are charities you may wish to consider in your will if you are inclined to donate to them.
I know I had seen something about the Lung Association and simple wills. It's a paid program but the referral to participating lawyers allows the lawyers to donate the will and POA fees to the Lung Associatin.
This is for Ontario-check your provincial association to see if it offers the same program:
http://www.on.lung.ca/thewillcampaign?
Quote:
About The Will Campaign
The Will Campaign is a program that gives individuals the opportunity to prepare estate plans while supporting The Lung Association. Participating lawyers donate 100% of their fees for preparing Basic Wills and/or Powers of Attorney to The Lung Association’s medical research and community programs.
The cost of a basic Will is $100*.
The cost of a Power of Attorney is $50 for each type: Personal Care (your health) and Continuing Property (your finances).
*Fees for additional services such as setting up a Trust would be additional and would be payable to the attorney.
*Wills and Powers of Attorney must be prepared individually
The Will Campaign opperates year round in the following communitiesBelleville
Brampton
Brantford
Cambridge
Chatham
Etobicoke
Hamilton
Kingston
London
Mississauga
Niagara Falls
North York
Orangeville
Ottawa
Sault Ste Marie
Simcoe
St. Catharines
Thorold
Waterloo
Welland
Windsor
To participate in the Will Campaign, you must pre-register to receive a referral to a participating lawyer in your area. To register please contact us at 416-864-9911 ext 257 or 1-888-344-5864 ext 257 or e-mail: [email protected]. To help us with your referral, please specify the community where you live or work.
It seems there is reading for the New Year on the topic of wills:
http://www.thespec.com/living-story/...troy-a-family/
I have always wondered how a deceased's home contents and assets were secured until the trustee or family member taking on the executor role could identify all the items specified in the will. However, from reading the news, it's not unheard of family members or kin to help themselves to decor items or jewellery before any such will is even read or the deceased buried or emtombed or cremated.Quote:
That's one of the worst cases of sibling rivalry that wills and estates lawyer Les Kotzer has seen, and he's witnessed some doozies. So many that he and partner Barry Fish have written their fourth book, The Wills Lawyers: Their Stories of Money, Inheritance, Greed, Family and Betrayal.
And it's not just jealous siblings who spark inheritance wars. Issues around second marriages are also notorious for causing heartache after the estate is settled as are simple glitches in the will, poorly worded phrases and assumptions.
thanks for posting! I really needed this reminder. Everyone needs to do this, young and old
Be careful with Power of Attorney's, some POA's end up committing Financial Abuse as they "Flex" their muscle leaving a victim without money, isolation and lack of social supports.
Always try to appoint TWO power of Attorneys or more so they have to co-operate as a team in order to get things done. Just a safe way to be!
We had a similar problem with my father's POA. The bank said they would only recognize it if one of their lawyer's drew it up. Sad but true. When he died the bank, who talked us into a TFSA on the basis that I would be the beneficiary and would not need a will to access the funds, then tried to insist that I couldn't access the money. They really do need a swift kick. Reminds me of the auto sector before the Japanese and others came into North America in a big way. The arrogance of an oligopoly.
A recent talk that included an estate lawyer this week-he recommends that wills get updated every two years (knowing most people will then do that about every 5 years). He says it can take 2-4h to prepare a will.
He also said we all needs powers of attorneys once we are 18 yr old or older. Plus we need to have contracts.
I happened to notice in an e-newsletter that a digital will might be relevant (though the estate lawyer said the executor should be provided with password information when a will and contact list is supplied to him/her) to cover our online assets/pursuits.
http://contact.actualis.ca/T/OFSYS/M...15313116300000
Reason why I always try to find the Mountain News when I go for the Internet-I want to see ads and articles that I don't see in my local community paper. The Free Wills month ad is sponsored by Oxfam Canada, Canadian Cancer Society, Canadian Parks and Wilderness Society and Canadian Diabetes Association.
OK, SCers 55 or better in age: if you live in Hamilton, London, Sudbury or Windsor, you can book an appointment with participating lawyers in your area to have a simple will (as defined by the lawyer; you might be charged directly for extra work) done this month (the ad says you can update your Will for free).
https://freewillsmonth.ca/en/
For the Hamilton/Halton area, the participating lawyers are:
Connor Connor Guyer & Araiche Professional Corporation (Fennell Ave E., Hamilton)
Hastings Charlebois (Mainway, Burlington)
Vandeputte Law Professional Corporation (King St W, Dundas)
Use the free wills link to enter your postal code/email address/name to find out the lawyers in your area.
Its a good reminder, we've done the insurance things but we need a will. Speaking from some experience I learned two things. If you ever take over for guardianship of someone you should keep their money totally separate from yours. My uncle took over my and my sisters care and combined our money with his money and he invested his "extra money" and retired really early like at age 42. Now he told me he'd saved half the money he was given for sister and i and invested it in the 1990s boom and he was going to give back the principle in the form of tuition dollars. Things were muddied and he didn't think he owed me any growth which was particularly ty because well he put me in childrens homes and I wound up homeless at 18 and secondly because he didn't give me 1/4 of the principle. I think he started out taking us on with the right intentions but people get totally crazy sometimes with money and our relationship is completely ruined. So had he just kept the money separate this would have been avoided. Never ever do that to someone with less power than you. Secondly everyone should have their own bank account, even married couples with a few months expenses. My father in law had a few months without access to his bank account when my mother in law passed away because they only had combined accounts. She'd been sick long enough, that every cent in their account he had earned but he couldn't access it while her file was in probate and it took months. He was lucky enough to have family to lend him several thousand dollars to get through the hardship but it's unnecessary just have a little account for yourself....now to get on finding an affordable probate lawyer.
Has anyone tried www.lawdepot.ca ?
They offer free downloads of the documents, not valid for Quebec.
no, im still young withh no dpendents
we have one attached to our wedding contract but we need one in case we ''go together'' because we don,t have kids
otherwise i think everything goes to DH 95yo father....then dh side only.....what would be pretty unfair imho
we were told dh things goes to his side and mine to my side but, that's not always that clear when it'S time to share things.....
Estate lawyer said everyone 18yr of age or older needs at least the powers of attorney done. The documents speak for you when you cannot speak for yourself. Imagine how many post-secondary students' parents probably want such documents so they can deal with health issues or finances if their offspring gets stuck in hospital or has a health problem while at school.
Not that I have done the documents myself-I have the problem of figuring out who'd I'd want to deal with things in accordance with my wishes. Mom won't be able to do everything.
I am almost (other than the legalizing) finished my will, Executor and Enduring POA's (two POA's, one a trust company, the other my BFF).
More importantly IMO, was completing my Representation Agreement and Advance Directive....which took my a very long time....there wasn't a lot of assistance out there in completing an Advance Directive....