…And When I Die… Thy Will Be Done

This is an issue that you start to think about more often as you age, watch your children get married, have children, and as your own parent age and eventually pass. Your will can be the most important and far reaching document you will ever sign.

But the larger issue is what is referred to as estate planning because the fact of the matter is that many, if not all, of your assets will pass outside your will by way of joint tenancies and beneficiary designations. If your are married, legally or common law, the chances are you own your home jointly with your partner, have joint bank accounts, own vehicles jointly, and have designated your partner as a beneficiary of your RRSP, RRIF, TFSA, and/or pension benefits.

When the first of you dies there may not be any significant assets that pass under your will; instead they pass to the joint owner or beneficiary. This is desirable as the transmission of the asset to the survivor is simplified and the deceased interest in the asset is not subject to claims of creditors of the deceased’s estate or a probate fee, which is a fee the government charges if the asset is transmitted under the will.

Some degree of finesse can be used to arrange the ownership of assets for the surviving partner as they will no longer have their partner as a joint owner but may still want to benefit from joint tenancies. This will depend on many factors and professional advice should be sought to allow an informed plan to be instituted.

This is where a Lawyer can help; our services in this area of the law include:

• Wills
• Trusts
• Power of attorney (POA) and representation agreements
• Probate and letters of administration
• Codicils
• Estate administration

Read more about our Wills, Estates, Powers of Attorney, Healthcare services then get in touch. We are happy to help.