Often when you hear a person asked what they want to do are asked about what they would do with lottery winnings, he or she mentions giving to a charity, school or hospital that is important to them.
When asked about retirement and estate planning, however, the same person may be reluctant to commit to a sizeable donation while balancing a retirement budget and an estate plan that leaves something for their families.
When drafting your will, who the executor of your estate will be is as big a decision as who your beneficiaries will be. The role of the executor is to look after all aspects of your estate and may be involved in everything from organizing a funeral to informing beneficiaries, protecting the estate’s assets and distributing them to fulfill your tax obligations and carry out the provisions of your will.
Be clear in your will
Whether you think your will is out-of-date or up-to-date, if any of the statements below sound like things that you have been saying to yourself, it is time to take another look at your will.
“I am married. Everything is going to my spouse anyway, I don’t need a will.”
Nigel Watson, a Toronto lawyer who has specialized in real estate, wills and estate law for over 40 years, says that a common misconception is that married couples with joint property believe that only one of them needs a will.