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

  1. #61
    Canadian Genius redhdlois's Avatar
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    Quote Originally Posted by frugal50 View Post
    no, im still young withh no dpendents
    I"m not that young, but have no dependents either. The most important thing for me was appointing a Representative and completing my Advance Directive in case I become incapable....I have strong beliefs regarding my health care, so important for me to get that done. And mainly, I didn't want to burden family or friends with any difficult decisions to make about my care if I'm incapable.
    Angela273 and Ciel like this.

  2. #62
    Dancing bean paste bun Ciel's Avatar
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    Quote Originally Posted by redhdlois View Post
    Sounds to me like that estate lawyer is drumming up business.......I think it's important to review your will and documents annually, but unless your family or beneficiary situation changes, you shouldn't have to be updating your will every 2 years......
    The reason he suggested every two years is that in his experience people will wait to review every five years. If he had said every five years, he knows the reviews will happen in year ten. But life can change for anyone in two years, never mind five years.
    Thanks for sharing your Advanced Directive experience. The document was scarcely mentioned in the talk until the end. The lawyer was emphasizing why the Office of the Public Trustee is offering the free Power of Attorney kits to the public-the office is too busy to look at all the documents that they currently have. And it takes time to get the Office of the Public Trustee involved, so one is best to plan ahead, ask others to act for them on the Powers of Attorney and keep them updated as circumstances change.
    Rooster (2017) about to be chased by a Dog (2018)-Feb.16 Lunar New Year

  3. #63
    Dancing bean paste bun Ciel's Avatar
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    Check to see if any group or entity is doing a talk on these topics in April in your area. Last month of tax season so financial topics are relevant now.
    Rooster (2017) about to be chased by a Dog (2018)-Feb.16 Lunar New Year

  4. #64
    Sith Lady and Cool Kid Darth Penguin's Avatar
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    Mr P died without a will..It's incredibly frustrating and both the lawyer and the bank imagine it will be nearly 2 years and a lot of money to sort out his estate.

    With a will... a few weeks and a lot less cash..


    Short answer : no Long answer : NOOOOOOOOOOO!

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  5. #65
    Dancing bean paste bun Ciel's Avatar
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    Quote Originally Posted by Darth Penguin View Post
    Mr P died without a will..It's incredibly frustrating and both the lawyer and the bank imagine it will be nearly 2 years and a lot of money to sort out his estate.

    With a will... a few weeks and a lot less cash..
    With both of those providers asking market rates to do estate work, it'd be better to have the cash in your account/hands rather than theirs. Two years-let's hope that you will not need that much time to settle estate matters. I can understand two tax returns (2016 and a final one much later).
    Rooster (2017) about to be chased by a Dog (2018)-Feb.16 Lunar New Year

  6. #66
    Dancing bean paste bun Ciel's Avatar
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    If you read Vitality magazine, there is a letter to the editor in the Dec. 2017/Jan.2018 regarding the high cost of keeping medical files (paper or electronic) as an executor for someone who was a doctor (records have to be kept for so many years-7). The executor has bills in the thousands but no access to EI money or other money. She was not getting any assistance from two organizations, each one telling her to contact the other one.

    So if you have a family member that has legal obligations (through their professional regulatory body or the CRA) as a healthcare provider to keep medical records and has YOU listed as their executor, you better have an estate planning chat NOW regarding how to fund those storage fees for 7+ years or find out what the file succession plan is. When I saw the letter, it reminded me of why another doctor was likely listed in the public notice ad for a family doctor who passed away. Patients had a certain time frame to pick up their records or the succeeding doctor was taking possession of the files.

    Same logic likely applies to business records-7 years or as the CRA says, 6 years after the date of filing income tax returns.

    Who wants to be an executor for 7 years??
    Last edited by Ciel; Tue, Jan 2nd, 2018 at 03:19 PM.
    Rooster (2017) about to be chased by a Dog (2018)-Feb.16 Lunar New Year

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