Did you know? That Jimi Hendrix did not have a Will? …….
OR, what is even more suprising, that Warren Burger – Supreme Court Justice died without a Will AND did not do any Estate Planning? Are you kidding me? Justice Burger left 450K + in tax implications for his family because of his avoidance to ‘get his affairs in order’. Read the
following article and see how many issues ‘you’ can identify within your own plan!
Did you know? “It’s just a simple Will…”
How many times have we heard these words? MANY! We all go about our daily lives, deposit our cheques, pay our bills, and plan our finances without even realizing that these things will comprise the assets we will have to dispose of after our death and how we manage our affairs during our life also has an effect on how things will go after death. How are most assets disposed of after death? By having a Last Will and Testament. Many people believe that their estate will be a simple estate and, of course, that their Will is also a simple Will. Seldom is this the case. Each person’s economic situation, family dynamics and after-life wishes are unique. Whether you want all of your assets managed for the ongoing care of your pets during their lifetime, or your ashes spread at sunrise during spring migration, or the secret whereabouts of your coffee can of cash revealed, a Will is the document to make your last wishes known. ~ J.B.
- that you may leave a legacy to an individual who receives ODSP or other social assistance? Sometimes, a ‘Henson Trust’ is recommended whereby the legacy is held in a trust and the Trustee distributes the gift in accordance with the parameters of that trust.
Same applies to an individual who for some reason, or another (an addiction or health problem, for example) is unable to handle money responsibly. ~ A.T.L
- although you may think that you don’t have assets that would constitute an ‘estate’, if you have a car, recreational vehicle or even your biggest asset – a house – it *may* be necessary to have an Estate Trustee in order to transfer title to these pieces of property (depending upon how title is held at the time of death). If you don’t take the time to draft a Will, this could be very… messy and cost substantially more to have the court appoint a Trustee to administer your estate for you. *Also* – the person the court appoints to be your Estate Trustee may not even be the person you would have chosen! Oi!!!
that Blended Families pose specific estate planning challenges that *need* to be addressed? Starting the conversation ‘is’ difficult but is necessary and could save a lot of grief and possible litigation after you have passed…….whew!!! The attached link is an excellent thought provoking article that may assist you to ‘start’ the conversation. Please do your friends or family members with blended families a BIG favour and share
this information with them.
it is the banks, financial institutions, asset holders and Land Registry/Titles offices that determine whether you need to make application to the court for probate (now known as a Certificate of Appointment of Estate Trustee)? Did you also know that this isn’t *always* necessary based on the value of the Estate? We have the tools and knowledge to negotiate having *probate* waived – in some instances. Let us discuss this with you, to see if this is an option, and save the Estate some money!! If probate is indeed required, we can do that for you too, or, show you how!
Oscar Winners Teach Five Lessons on Estate Planning
Top 5 Legal Challenges Facing Michael Jackson’s Estate Executors
