Category >> Planning for your Will

We know. We know. You probably have a laundry list of reasons as to why you don’t have a Will. You may be among the 51% of Canadians who don’t have one. Everyone needs a Will. If so, you may want to read on about why you need a one, along with some common myths about creating a Will:

1. I am married, so everything just goes to my spouse. This is without a doubt, false. Depending on where you live, the authorities can decide to whom and to where your assets will go when you pass away. If you die intestate (i.e. without a Will), your assets are not automatically going to pass on to your spouse or your family members. Major celebrity deaths, (i.e.Prince, Amy Winehouse, etc.), have often been superseded by lengthy courts battles over the money and gifts left behind by the deceased. With no proper Will in place, there have been drawn out court battles, explosive fights among family members, and little idea as to who gets what. Despite the fact that you may not be a celebrity, you may not know if something similar could happen to you; not having a Will in place can not only lead to confusion among your loved ones, but lawyer and administration fees can all eat away at your estate.

2. A Will is complicated. Many people put off creating one for the sole reason that they believe it’s going to be complex, difficult, or hard to muddle through. However, this document simply designates to whom and to where your assets will go, who is the designated beneficiar(ies) of your property, guardian(s) for your underage children, designating specific gifts for your loved ones, and if you have any charitable donations to leave behind. It is not that complicated to make one when you have access to online software — FormalWill.ca can help you create your own Will.

3. I don’t have any witnesses to sign my Will. Doesn’t a lawyer do that? Actually, there are a broad range of people who CAN be witnesses. Usually, those who take on the role of being witnesses (i.e. those who are to properly sign, initialize, and witness your Will) are individuals who do not have some sort of interest in gaining anything from your estate. Therefore, you may want to use someone as a witness who is over the age of 18, is not a beneficiary , and is not part of your immediate family. That may help to avoid any conflict of interest while witnessing and signing your document.

4. You need a lawyer to create a Will. This is a common misconception, and one that often keeps people putting off from creating a Will. There is no legal stipulation anywhere that says you need a lawyer to help you draw one up for you, nor sign it for you. You can make one by yourself without a lawyer through software. However, if you feel that your situation is too complex to do on your own, then maybe, yes, you would rather sit down with a lawyer to get it done. Either way, everyone needs to get it done.

We hope that this makes the process of creating your Will easier. Everyone needs one. You can create one right away through FormalWill.ca.

The widow of musician Chris Cornell and the $20 million dollar estate

Chris Cornell was a well-known American musician and singer-songwriter, best known as the lead vocalist for the bands Soundgarden and Audioslave. When he passed away in 2017, he left behind a significant estate that became the subject of a legal battle.

After Cornell’s death, his widow, Vicky Cornell, was named the executor of his estate, which was estimated to be worth around $20 million. However, Cornell’s children from a previous marriage, Lily and Christopher, filed a lawsuit against Vicky, alleging that she had mismanaged and stolen funds from the estate.

The lawsuit claimed that Vicky had withheld certain personal items of Cornell’s from his children, sold Cornell’s music catalog without their consent, and had also taken money from a charity foundation that was established in Cornell’s name. Vicky denied the allegations and countersued, claiming that Cornell’s children were spreading false information about her.

The legal battle continued for several years, with both parties making various claims and counterclaims. However, in 2020, the case was settled out of court, with Vicky and Cornell’s children agreeing to a confidential settlement.

The settlement resolved the legal battle over Cornell’s estate, and it is not known what the terms of the agreement were. However, the case highlighted the importance of having a clear and comprehensive estate plan, especially when there are multiple heirs involved.

We’ve often posted about the relatives and friends of late celebrities (such as Prince and Robin Williams), who have clashed with each other in court over vast sums of money. There’s another battle brewing in court, and this time it’s over the estate of late Chris Cornell, a musician from the band, Soundgarden:

Inside the battle over the late Chris Cornell’s estate.

Aretha Franklin’s Last Will

Aretha Franklin, the legendary American singer and songwriter, passed away in August 2018. Following her death, her last will and testament was made public.

According to her Will, Franklin’s estate, which was estimated to be worth around $80 million, was to be divided among her four sons: Clarence, Edward, Ted White Jr., and Kecalf Franklin. The will also named her niece, Sabrina Owens, as the personal representative of her estate.

However, despite the clear instructions in her will, there were some legal disputes over the handling of her estate. In 2019, it was reported that three handwritten wills were discovered in Franklin’s home, which raised questions about the validity of her Last Will.

Two of the handwritten Wills were found in a locked cabinet and were dated from 2010. These Wills reportedly designated different personal representatives and divided her estate in different ways than her original document. The third handwritten Will was reportedly discovered under a sofa cushion and was dated from 2014.

Ultimately, the court ruled that the 2014 handwritten Will was the valid one, and it was upheld as the final document governing Franklin’s estate. The 2014 Will was very similar to her original Will, leaving her estate to her four sons, with Owens serving as the personal representative.

The legal dispute over Franklin’s estate highlighted the importance of having a clear and comprehensive estate plan, as well as ensuring that any updates or changes to the plan are properly documented and executed. This is another example of a kerfuffle of an unclear estate plan. One Last Will and Testament, clearly outlined to the person’s Executor, is all that is necessary. This has happened with other celebrities, making one Will than another after that, and being unclear as to which one is the true legal document. One is enough.

You can read all about it here: Aretha Franklin’s multiple Wills

Alex Shih is not getting a cent of a $400 million fortune

Hong Kong is known for it’s spiraling towers that dwarf the sky. It is also very expensive to live in. Centaline Group is a leading real estate agency in Hong Kong that provides a wide range of real estate services, including property sales and leasing, property management, and valuation services. The company was founded in 1978 and has since grown to become one of the largest and most established real estate agencies in Hong Kong.

Centaline Group has a large network of branches and sales offices throughout Hong Kong, and also operates in mainland China and overseas markets. The company is known for its innovative use of technology, including its online property platform, which allows customers to search for and view properties from anywhere, at any time.

In addition to its real estate services, Centaline Group also offers financial services such as mortgage brokerage, insurance, and wealth management. The company is committed to providing a high level of customer service and has won numerous awards and accolades for its performance in the real estate industry.

What does all of this have to do with inheritance? Alex Shih is the son of Wing-Ching Shih who is the founder of Centaline Property Agency Limited. Shih donated his share of the company his $US400 million ($A564 million) around 10 years ago. This is similar to other celebrity parents who have left their children nothing and donated everything to charity. People like the elder Shih want their children to be humble and their actions reflect that. However, Shih’s children no doubt have a vast wealth of resources and connections to fall back on. They will be setup for life, even without the money, as their father no doubt paid for their education and they have a network of people to rely on for future job offers.

The heir to a real estate magnate isn’t getting a dime of his father’s $400 million dollar fortune, but there are no HARD FEELINGS OVER IT!

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