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 The
Money Management Newsletter: Taxes
and Estate Matters
What you need to know about Estate Planning
and More…
Part 3: How to save money when you visit a lawyer to make your will
Compiled by David Newman
Money Management Newsletter, August 2005
A Will does not need to be complicated; it is always advisable
to contact a lawyer or notary. Ensuring that there are no small mistakes
which could cause difficulties in future years, plus the peace of mind
that comes from knowing everything was done correctly, is well worth the
cost of such legal service. And the cost is far less than people imagine.
Can I write my own will without consulting a
lawyer?
You can, but it's not usually advisable. Homemade wills are generally
valid if certain minimum requirements are met, at least in some provinces.
But there is no substitute for the professional expertise of a competent
lawyer or notary.
Laws about will-making and taxes can vary from province to province. The
specific wording needed to ensure your wishes are met is important to
keep in mind. A small mistake in a home-made will might cause complications
to your estate and result in your wishes not being carried out. And remember,
a simple will need not be expensive.
What is an Estate?
Everyone has an estate, if they own anything at all. The term applies
not just to real estate, but cash, cars, furniture, books...any property
at all.
The smaller your estate, the more important that it be settled quickly:
delays usually mean more expense. Besides, your estate may be larger than
you realize. Don't make the mistake of thinking of your property in terms
of what it cost originally. In many cases, its value may have increased.
How much does it cost to have a lawyer draw up
my will?
That depends on how simple or complicated the will is. But wills are
usually much less costly than people expect, and definitely less than
the emotional and financial costs of not having one.
Ask the lawyer in advance what it will cost. It's a question which they
answer routinely.
What can I do to reduce legal fees?
Here are some of the things you can do to save money when you visit a
lawyer:
- Lawyers charge for their time and knowledge, often by the ¼
hour. So, the more time you can save them, the lower the cost will be.
Jot down and take along with you all the basic information that will
be needed, so you can avoid spending extra time in the lawyer's office.
- Make a list of all your property including life insurance, real estate,
bonds, savings accounts, jewellery, RRSPs, family heirlooms and works
of art-everything.
- List the people you want to provide for, along with their addresses
and their relationship to you.
- Name the executor and alternate executor. (The executor is the person
you name in your will to carry out your wishes, settle your debts and
distribute your property according to the terms of your will.) Suggest
a guardian and an alternate guardian for your minor children.
- Think about the bequests you would like to make to your favourite
non-profit organization, church group or health charity.
Fiscalagents.com Site-links:
Structuring an effective will: You
work hard all your life to provide for the future and those you care about.
Why leave it to chance when you die?
Estate planning: Getting started
- before it's too late!: Planning for the future is never an easy task
and this is especially true when tackling the issue of estate planning.
When we think about planning for our estates, many of us often get discouraged
or end up putting off the task for longer than we should. In this case however,
it pays to remember that we are just putting off the inevitable.
Editors Notes: These articles
are only covering some of the areas that need examination when drawing
up an estate plan. If you do not have a Will, or if your Will has not
been updated recently, perhaps it is time to meet with a lawyer and get
the job done. Special thanks to (NC) and Ontario March of Dimes
Getting Advice: We believe that a "Will" requires careful planning
to ensure all essential matters are covered. It should also be reviewed
periodically and discussed with a qualified adviser or team of advisers
to incorporate any changes in your personal circumstances.
Notice: Fiscal Agents Financial Services Group are not engaged in rendering
tax, accounting or legal professional services or advice. The comments
in this newsletter are not intended, nor should they be relied upon, to
replace specific professional advice. Before acting on material contained
herein. Readers should seek advice that is appropriate to their personal
circumstances from a professional advisor.
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, Fiscal Agents Money Management Newsletter
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