Top 5 things to know about Making a Will
making a will

A Legal Will is a vital document for any individual.  Here are 5 key things to know about making a Will:

1. You need to appoint someone as your Executor

An executor is the person who will carry out the terms of your Will.  An executor is someone who you trust.  In many cases, people appoint the beneficiaries of their estate as their executor.  For example, a spouse, adult child or family member.  It also makes sense to have a back up person as an alternate executor if possible in case the first executor cannot or will not carry out the duties.

2. You can change your Will at anytime

Many people put off making a Will because they think that they have to get everything perfect and that things can never change.  On the contrary, a Will is a document that can be changed at anytime (even the second after signing it).  Wills will frequently mention that they revoke former Wills.  In addition, the latest Will is the one that would be valid based upon the date of the Will.  So, there is no reason to put off making a Will.  It is a good idea to put one together and then if it needs to be changed in the future, you can always change it.  A far better and safer option than not having a Will at all.

3. You can appoint a Guardian for your kids in a Will

A Will allows you to appoint someone you trust to look after your children.  This is one of the most important aspects of a Will because you are planning out your wishes on who you would like to take care of your kids in the event you are not around.  You can also appoint alternate guardians as well.

4. Wills do not have to be notarized or prepared by a lawyer

Wills do not have to be written by a lawyer or signed in front of a lawyer or notary.  On the contrary, Wills have been prepared for centuries based on some consistent characteristics that need to be included in a Will.  A Will made by yourself and witnessed properly is a legally binding Will.  If you have an overly complicated situation, you can always go to a lawyer but it is not required.

5. You should review your Will regularly

Many people make their Will and then forget to think about updating it as their life circumstances change.  Some of the factors that require a review of one’s Will may include:

  • An executor or beneficiary has died
  • A birth of a child
  • Marriage
  • Divorce
  • A change in personal relationships
  • A change in one’s assets

Everyone should review their Will at least annually to make sure it is still consistent with their wishes.

 

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What is make a Will week?

“Make a Will Week” is a week-long awareness campaign that encourages people to create or update their Wills. It is typically sponsored by legal organizations, estate planning professionals, and other groups that promote the importance of estate planning. There are several of these events that take place across North America. 

During “Make a Will Week,” participants are encouraged to learn more about the estate planning process, including the various legal and financial considerations that should be taken into account when creating a will. This may include working with an attorney or other professional to develop a comprehensive estate plan that addresses issues such as inheritance, guardianship, and end-of-life care.

The goal of “Make a Will Week” is to raise awareness about the importance of having a will and other estate planning documents in place, and to encourage people to take proactive steps to protect their assets and provide for their loved ones in the event of their death. By taking the time to create a will, individuals can ensure that their wishes are carried out and that their assets are distributed according to their wishes.

The government of British Columbia recently announced a “Make your Will week” running from April 10 to April 16th. The government emphasizing the importance of individuals creating your own Will should not be lost on people who procrastinate on making their Last Will and Testament.

It’s always best to have a Last Will and Testament under any circumstances, but if you already have one, you may want to consider making changes to your Will during these particular times:

When you are considering moving to a new province or territory;

When you are either expecting or have just had a child;

Getting married;

OR

Any particular time when major life circumstances change.

Having a Last Will and Testament is important under any circumstances, and it’s important to make sure that your Will is properly updated.
Click on the following link for more information on Make a Will week in British Columbia.
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What will happen to Prince’s Fortune?
Prince Rogers Nelson

The musical icon known as Prince passed away on April 21st 2016 at the age of 57. Prince Rogers Nelson died intestate (without a Will) at his home at Paisley Park in Minnesota. The estimated $150 million dollar fortune left behind by the mogul is now currently up in the air, as Minnesota inheritance laws will determine who the fortunate recipient will be.

Initially valued at $300 million, Prince’s fortunes have dwindled away over the years, possibly due as some would suggest, to a lack of high-powered attorneys and a constant rotation of financial advisers to look after his affairs.

Continue reading →

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What can be done when it comes to financial abuse?
Canadian savings plans

A frantic granddaughter explains in a newspaper column that she feels caught between a rock and a hard place as her grandmother’s resources dwindle. There is a lot of financial abuse going on, the granddaughter claims. She claims that both a friend of her grandmother’s, along with a relative, are stealing money. 

This problem occurs more often common than you would think. How would you handle this situation? This article provides insight into how this delicate situation should be handled. In the meantime, there are always steps to take, and in particular, step three was suggested to the writer in question. 

 There are several steps that can be taken to address and prevent this type of abuse abuse:

  1. Recognize the signs: It is important to be aware of the warning signs of financial abuse, which can include sudden changes in an elderly person’s monetary situation, unexplained withdrawals or transfers of funds, and unauthorized use of credit cards or bank accounts.
  2. Report suspected abuse: If you suspect that an elderly person is being financially abused, it is important to report it to the appropriate authorities. This may include local law enforcement, adult protective services, or other organizations that specialize in elder abuse prevention.
  3. Seek legal assistance: Elder law attorneys can help families protect their loved ones from financial abuse by creating legal documents such as powers of attorney and trusts. These documents can help prevent unauthorized access to an elderly person’s assets and ensure that their wishes are carried out in the event of their incapacity or death.
  4. Educate family members: Family members and caregivers should be educated about the risks of this type of abuse and how to prevent it. This may include setting up safeguards such as automatic bill payment and direct deposit, limiting access to the person’s accounts, and monitoring financial transactions for unusual activity.
  5. Stay vigilant: this type of abuse can be an ongoing problem, so it is important to stay vigilant and monitor an elderly person’s monetary situation on an ongoing basis. This may include regularly reviewing bank statements, credit card statements, and other financial records, and keeping an eye out for any unusual activity.

Following these steps should help ease the woman’s mind. 

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