Will myths keep your last wishes from coming true

aadmin — Wed, 17 Apr 2013 12:08:51 +0000

Whether you think your will is out-of-date or up-to-date, if any of the statements below sound like things that you have been saying to yourself, it is time to take another look at your will.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.

According to Watson, the biggest potential problem with that is the couple “overlooks the possibility of them dying together.” For a couple’s joint property and each individual’s assets, having a will means there is a plan in place no matter who dies first.

“I named an executor. That should be fine. ”

Make sure that when you name an executor for your will, you also name an alternate executor.

Over time, things can change and you may not be able to react right away if something happens to someone named in your will, so make sure when naming beneficiaries you also name alternate back-up beneficiaries. As well, if your children are under the age of 16 make sure to include guardians and alternate guardians as well.

“I can write this new will by hand and you can witness it for me.”

Watson explains a handwritten will, known as a holographic will, is only legal if it is not signed by any witnesses. As for a typed will, it requires the signatures of two witnesses, neither of whom can be named beneficiaries in the will.

“I don’t need to redo my whole will. I’ll just change that part and initial it.”

Changing a beneficiary by a line through a name or writing in a different dollar value, is not a change that will legally hold. According to Watson, altering a section of your will, without it being done properly and officially, will render the whole section invalid, and neither your original nor your updated instructions will be followed.

“My funeral plans are in my will, so all of my wishes will be followed.”

Watson says he has seen people want to include very elaborate funeral plans in their wills, but even the simplest of wishes may not be followed if they are only written in your will. It is likely your executor will not see your will until after your funeral. Make sure your executor or family knows about any requests beforehand. Similarly, if you have made any prepaid arrangements, be sure someone knows about them and where you store your documents.

“My do-it-yourself will has everything a lawyer’s will does.”

Watson warns that many will kits that are readily available online and in stores are missing an important element, clauses that give the power to named individuals to sell your property after your death, including real estate and stocks and bonds.

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Having "the talk" with your parents: A How-To Guide

aadmin — Mon, 18 Mar 2013 14:38:41 +0000

Thought the days of uncomfortable conversations with your parents ended in high school? Think again. Although it may seem difficult to bring up subjects of money, retirement, sickness or death with your parents, it is the time to discuss the facts of life with them again -- the financial and practical facts of what they have planned for their future, as well as what they want and expect.

While you may think, “I don’t need to do this now; my parents are healthy and active,” it is far easier to talk about finances, health issues and final arrangements now than to deal with a crisis unprepared.

Not sure where to begin? Here are some conversation starters:

Wills – Is there a will? If there is, when was the last time it was updated? Who is the executor? Divorces, deaths, and grandchildren are all changes that when not up to date in a will can cause issues from hurt feelings to legal difficulties.

Life insurance – Do they have life insurance policies? How much are the policies for? What company are the policies from? Life insurance is meant to make the difficult time following a death easier; however, misplaced policies or outdated beneficiaries can lead to delays and disputes.

Final arrangements - While you do not need to choose who will be saying the eulogy yet, find out if any final arrangements are made. Have any services been prepaid? Is there a cemetery plot? Would they prefer cremation?

Health and Lifestyle - Even healthy seniors may be looking to change their lifestyles by downsizing or moving to an apartment, condominium or seniors’ community. If one parent or both parents become ill, would they ideally stay in their home or look to assisted living elsewhere? Who has power of attorney if it becomes necessary? Is there a living will in place to help guide loved ones in making difficult decisions?

Are there enough retirement savings, pension benefits in place to take care of costs, or do they plan to sell assets such as their home? Is there any long-term care insurance in place?

While talking may bring up as many questions as answers, one day your kids may be sitting you down for the talk, so stay open and honest and try not to roll your eyes as much as you did in high school.

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Will myths keep your last wishes from coming true

Having "the talk" with your parents: A How-To Guide