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 The
Money Management Newsletter: Taxes
and Estate Matters
What you need to know about Estate Planning
and More…
Part 7: Signing and witnessing your will
Compiled by David Newman
Money Management Newsletter, August 2005
Signing and witnessing is critical to the legal validity of your
Will and requirements differ from province to province.
Witnesses
You and your two witnesses sign the document in each other's presence
and also initial each page. Neither your beneficiaries (someone who benefits
from your Will) nor their spouses should be witnesses. As one or both
witnesses may be called upon to give evidence as to the execution of your
Will, they should be residents of Canada. It is recommended that your
witnesses be younger in age than you.
In addition, a document required for the "probate" of the Will
(called an affidavit of execution) should be signed and sworn by one of
the witnesses, shortly after the Will is signed.
A Regular Review
Once you have drafted your Will, don't allow it to become outdated. A
Will drafted a few years ago reflects your thinking and lifestyle at that
time. Consider what may have changed:
- Tax laws - your Will should reflect the latest tax saving
strategies.
- Family circumstances - a birth, a death, or a move to a new
province may indicate the need for a revision to your Will. Marriage
necessitates a new Will.
- Your investments - your stocks have increased (or decreased)
in value. You have purchased property, acquired a work of art or started
a small business.
- Your wishes - you may now want to add a new beneficiary, change
your Executor, or increase your support to organizations
Fiscalagents.com Site-links:
Being an executor - What are your
responsibilities and obligations?: Being named as an executor of an
estate is a big undertaking requiring a considerable amount of time and
knowledge. You have been entrusted to handle the financial affairs of
the deceased in their absence and owe it to them to make sure you know
what is required of you.
Power of Attorney and a Living
Will - The same thing?: Some simple estate planning solutions Estate
planning should not be considered as an after-effect of retirement - estate
planning formalizes actions to transcend our own demise. For example,
if you're responsible for a young family, then life insurance is a major
financial support mechanism to safeguard and provide funding for schooling
and other life needs, therein providing a particular estate planning solution.
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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