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Thread: Have You Done Your Will And Power Of Attorney ?

  1. #31
    Smart Canuck matrix82's Avatar
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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.
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    Smart Canuck miztia's Avatar
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    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.
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  3. #33
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    Quote Originally Posted by miztia View Post
    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.
    The banks seem to make their own laws as they go along.

    Unless its required by law , I don't think the bank's can make up their own rules and regulations when it comes to POA , Wills etc.

    The law of the country is higher than any rules the banks make .

  4. #34
    Dancing bean paste bun Ciel's Avatar
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    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/
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    Canadian Genius Insane's Avatar
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    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?
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    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.
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  7. #37
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    Quote Originally Posted by Insane View Post
    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?
    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.).
    Retiree likes this.

  8. #38
    momof5boys
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    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.
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  9. #39
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    Quote Originally Posted by Insane View Post
    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?
    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

  10. #40
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    Quote Originally Posted by momof5boys View Post
    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 wouldn't say being an Executor was a huge job, I was for my Mom. I still have a couple housekeeping things to tidy up, but really wasn't much work, at least not in my case.
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  11. #41
    momof5boys
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    Quote Originally Posted by Zonny View Post
    I wouldn't say being an Executor was a huge job, I was for my Mom. I still have a couple housekeeping things to tidy up, but really wasn't much work, at least not in my case.
    Yes, it certainly does depend who it would be for. In our case, our executor has a huge job.....with five kids, an overseas sponsored family, and a home to deal with, it won't be a walk in the park.

  12. #42
    Coupify! Granger's Avatar
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    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.
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  13. #43
    CaLoonie Retiree's Avatar
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    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.
    Last edited by Retiree; Mon, Jun 2nd, 2014 at 07:38 AM.
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  14. #44
    Canadian Genius redhdlois's Avatar
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    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).
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  15. #45
    Dancing bean paste bun Ciel's Avatar
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    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.
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