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 The
Money Management Newsletter: Taxes
and Estate Matters
What you need to know about Estate Planning
and More…
Part 8: Your will - a personal reflection of your life
Compiled by David Newman
Money Management Newsletter, August 2005
Every person is unique, however, people have common needs - air, water,
food, shelter, love, a sense of accomplishment. Beyond these, we are also
concerned about our current financial needs, our futures and our family's
well-being. Our day to day living is stressful enough and preparing a
Will is not a subject most people talk about easily. The topic is usually
ignored. Unfortunately, that is what almost half of Canadians do. Even
among people who have already made Wills, most have not had their Will
professionally reviewed every five years as recommended to keep pace with
family, tax and legal changes.
What is a Will?
A Will is a written document, properly dated, signed and witnessed, in
which you detail how the things that you own and your money are to be
distributed after your death.
Why Is Estate Planning So Important?
Dying without a proper Will (or one that is out of date) risks needless
taxation, legal challenges, delays, and family upset at an extremely stressful
time. And your property may not be distributed as you intended. The only
way to ensure that the things that you have worked hard all your life
to have, will be passed on in a timely, tax-effective manner, according
to your wishes, is to have a valid, up-to-date Will.
Without a written Will:
- If you die 'intestate', that is without a Will, you will allow the
province in which you lived to decide the distribution of your estate.
- Your lifetime earnings could easily be depleted by taxes and unnecessary
administration costs.
- The settlement process will be drawn out and your family may undergo
financial hardship.
- You can not express your choice of a guardian for your young children.
- Nor will you have a choice of Executors, the individual or institution
who will act on your behalf and carry out your final wishes. Without
a Will the courts will appoint an administrator, who may not be the
individual of your choice.
- There can be no donations or gifts to your favourite organizations.
- If you have no or next of kin, the province will take your estate
into its own treasury.
A properly drafted Will is the only way to make a statement on your values
and provide an orderly and timely plan for the settlement of your life.
Your Will is not a "Do-it-Yourself" project. As the laws are
ever changing, we strongly urge you seek professional advice. This will
ensure your personal situation is considered in the context of your province's
estate and trust laws.
Fiscalagents.com Site-links:
Some simple estate planning
solutions: What we do, what needs to be done, the process to follow...
What happens to your property if you
don't leave a will?
Make your
final wishes come true - by leaving memories, not problems
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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