BASSETT & COMPANY 

Disclaimer:

No written page can replace the advice of a competent professional. Bassett & Company is pleased to provide this Article as a convenience to our visitors and prospective clients. This information is not to be relied upon as legal advice. Any information obtained through these pages should be verified independently by consultation with a lawyer. No solicitor client relationship shall be created as a result of obtaining this information and Bassett & Company shall not be responsible for errors or omissions in any material so obtained.

---

YOUR LAST WILL AND TESTAMENT

1. CHOOSING AN EXECUTOR:
The person you name as Executor in your Will should be someone you trust implicitly to take charge of your assets and to distribute same in accordance with your wishes. The Executor of your estate is entitled to be paid an Executor's fee from the proceeds of your estate. In the event you do not have a Will, an "Administrator" is appointed by the Court, such Administrator will basically do the same work as an Executor and is also entitled to claim a fee for his service.

2. NAMING BENEFICIARIES:
By preparing a Will you can leave your property to the people or organizations of your choice, subject to the legal claims of your dependants, and can leave property in different proportions to different people. A person dying without having made a Will is, in effect, relinquishing that right and defaulting to the provisions of Estate Administration Act, with the result that their assets will pass according to the provisions for distribution under "intestate succession" (dying without a will) at the time of death. You should also consider at this time, what you would have done with your estate if the primary and secondary beneficiaries should predecease you or fail to survive long enough to inherit their full share of your residuary estate. In addition, it is necessary to consider the provisions of the Wills Variation Act, which provides protection for spouses and children who may feel that they have been unfairly dealt with in a will.

3. AGE BENEFICIARIES INHERIT:
By having a Will you can postpone the time when your beneficiaries inherit by leaving property in the control of your Executor/Trustee with suitable arrangements for dealing with the income during the holding period. You can decide, based on your knowledge of your beneficiaries, at what age they would be best suited to receive control of the property and assets, particularly where larger estates are involved. Without a Will, all beneficiaries are automatically entitled to their share of the estate at 19 years of age. The Public Trustee is responsible for administering the estates of beneficiaries under 19 years of age and charges a fee for every transaction that is handled for the Minor Beneficiary.

4. ESTATE PLANNING:
When preparing a Will, you may be able to do some tax planning to defer or minimize the Income Tax consequences to your Estate.

5. YOUR ESTATE CAN BE SETTLED QUICKLY AND LESS EXPENSIVELY:
A Will takes effect from the moment of your death, although it must normally be probated in order to be effective. If you do not have a Will there will have to be an Estate Administration and this could cause a delay in settling your estate, thus leaving your family without immediate income for living expenses.

6. APPOINT A GUARDIAN FOR YOUR INFANT CHILDREN:
In your Will, you can name a guardian and alternate guardian for your infant children. This designation, subject to an Order of the Court to the contrary, shall have effect and be legally binding. Without the appointment of a Guardian, your minor children could be made wards of the Province, come under the care of the Ministry of Human Resources and be placed in foster homes.

7. CHANGES:
As your marital status, family and financial circumstances, etc. change, so should your Will and Estate plans. Failure to make the appropriate changes to your Will could impair the benefit and savings your Will and Estate Planning may be able to achieve.

8. COST OF PREPARING A WILL:
Most people are afraid of the expense of legal fees and costs and therefore neglect having a Will prepared. A simple, straightforward Will can cost you as little as $100.00 to $150.00 for one or $200.00 to $250.00 for husband and wife Wills. In the event your Will is more technical or complicated the cost would be higher.

9. TIME REQUIRED:
While the actual time required to prepare a will varies with the comlexity, the usual time is about one week.

10. PERSONAL INTERVIEW:
A personal interview with your Lawyer will answer all your questions. You should discuss your wishes with your spouse or family before making the appointment to see your lawyer and write down your questions or concerns. When you come to your personal interview you should also bring with you an accurate description of your real estate holdings (including how they are registered) and any specific assets to be distributed as special bequests. Please note that only special bequests need be listed. Many people labour long and hard preparing lists of all of their assets and delay preparing their Will as a result. While such a list, if up to date, is especially useful for your executor, as a general rule, you do not need such a list to prepare your Will.

11. DON'T PROCRASTINATE:
People often delay seeking professional assistance to prepare their Wills because they cannot "afford the time" or they just have to work out a few more details. Unfortunately, if you delay too long, all too often, the time and cost to your beneficiaries will be staggering by comparison. As the NIKE people say: "JUST DO IT!"tm