To grieve is natural. To mourn is normal. Members of the Funeral Services of B.C. are experts to consult in this area. YATES Memorial of Oceanside deals on a daily basis with many who have lost those they love and will miss forever. It is not wrong or bad to grieve or cry. In fact, it is a mistake not to. Grief is nature's way of assisting us to cope with the loss we have experienced and to take the love and emotion that we had in the person we have lost and reinvest it in those living around us.…
Putting your affairs in order now will spare others from anxiety and expense at the time of death. Most people name their spouse as their Executor-who is honest and has common sense. They can hire Lawyers and Accountants to finalize your Estate.The lack of arrangements for some sort of Funeral or Celebration of Life, falls to your Executor, who is often not prepared for the many decisions that need to be made.…
Wills are commonly understood as an essential item in Estate Planning.
The us of Trusts to accomplish your goals is much less known or used.
Trusts are not be useful for many in the proper organization of their estate wishes.
They are more common for certain individuals or families.
If you have a large Estate available to your beneficiaries, Trusts can be used to allocate your funds in a manner you wish. It may be to protect your family from an unusual financial situation or to have monies professionally managed after your demise, for your loved ones. Many more situations arise where you may not be considered rich or have a large amount to leave your family, but you do not want it squandered after you are gone. Perhaps you have a family member who is financially irresponsible, has drug & alcohol issues or business problems. Trusts can be used to preserve the capital and protect persons from their own weaknesses.…
1. Should we own our home as Joint Tenants or tenants in common?
Most married couples chose Joint Tenancy so that when the first of them passes away, the property reverts to the survivor and this takes place outside the Will and avoids the costs of Probate. However, if couples hold their home in an undivided half interest, upon the passing of one of them, the property must be distributed in accordance with that person’s Will. Joint ownership is encouraged for married couples for all manner of assets, be it real estate, cars, bank accounts, investments etc. This avoids the need to Probate the Will of the first deceased.…
The large number of baby boomers now retired for some years,means some are already age 71 or soon will be. As taxpayers, they must terminate their RRSP’s by the end of the calendar year they turn 71. A number of steps can be taken with the advice of your tax accountant:
- CANCEL your RRSP Plan and withdraw the amount in full. The unwelcome result is that the income you avoided in your plan over the years is now taxable as a lump sum entirely. For those with large balances, this places them in a high bracket and can erase a large portion of savings.When retired, one wishes to have the benefit of all those hard earned dollars that were not spent at the time, but placed in their RRSP. The funds must find a place to be gainfully invested to earn retirement income. Savings Plans and GIC’s or government bonds now pay such small interest rates, that to place them in that manner may mean you do not even match inflation and are actually worth less as each year passes.
TRANSFER TO A RRIF. By collapsing your RRSP and the transfer to a Registered Retirement Income Fund. This can be arranged with your financial institution well before you reach age 71. RRSP’s must be closed before age 72, but there is no minimum age for closing your RRIF. The year after your RRIF is established, a minimum amount must be withdrawn.…
Personal Representation Agreements name a substitute decision maker. You may be named for your spouse, parents or other loved ones. Thus, you are the person who must instruct medical staff when the person, near the end of their life, can no longer medically able to do so. You may only have a partial picture of the decisions you could face in these circumstances. Perhaps you have thought of having to say, turn off the life sustaining machines if an MRI scan shows there is no hope of recovery from brain trauma. What about other instances we take as ordinary but become extraordinary?? It could be decisions on blood transfusions,intravenous feeding for those unable to swallow or maybe dialysis procedures. Answers on what exactly to do will vary in many households and arguments could result.…
The drafting of a Will or a revision of a dated version involves asking yourself a number of important questions. It may seem a simple process but without legal advice, many considerations can be overlooked, with later consequences.
The first item is-Who will be your Personal Representative or more commonly called Executor/Trustee? This person must handle all your legal and financial affairs, and wind up your Estate after your death. Often, it can be your spouse, but many these days are divorced, widowed or without close partners. The person chosen should agree to fulfill this important function. See last month’s Article on Executor duties-on the website Gordon Ball-Nanaimo Divorce. Obviously the person chosen should be someone close and trusted as well as preferably knows as much as possible about your situation. Living nearby is a benefit for less cost and inconvenience, as well as avoiding bonding issues for those residing out of province.…
There are a number of duties of an Executor/Trustee to a Will. The following points seek to acquaint the reader with the obligations imposed by such an appointment:
- If you know you are named as an Executor to someone’s Will, discuss with that person as much as possible before their decease, to be fully aware of their wishes. Also acquaint yourself with specific information like the whereabouts of the original Will, his lawyer, location of investments or properties.
- Arrange any burial or cremation required and set up dates and places for a celebration of life or funeral.
- Secure the original Will and make a number of copies. Have the lawyer do a Wills search with the province.
- Assemble information on investments and all assets and liabilities of the deceased.
- Obtain the Death Certificate from the Province and have a number of Copies Notarized by the Lawyer for the Estate.
- Open an Estate Bank Account eg. “John Smith ,Executor of Estate of Joe Smith”, for the collection of all monies and proceeds from the Liquidation of the Estate assets.
- Keep detailed records of the expenses related to your work for the Estate.
- If a home is involved, have the locks changed, secure the premises and Arrange for frequent inspections, as well as proper insurance coverage if the home is vacant.
- Gather up all documents that may be needed to apply for Probate at Supreme Court, including birth certificates, marriage certificates, property statements, investments, bank account details, etc.
Take all information to the Lawyer for the Estate along with Will and discuss with Lawyer all details for the Probate Application. This will include names addresses, description and ages of all beneficiaries, and members of family of the deceased.…
WHAT ARE THEY?
What happens when we can't give directions for ourselves about our medical treatment? Who will make those decisions for us?
In British Columbia , there are laws that offer some help. They have created a list of people who can make health decisions for you. The power falls to the first person on the list, and so on down the list to the next able and willing person. In this Province, the first in line is a person named in a Personal Representation Agreement and thereafter a spouse, child parent or sibling.…
DO YOU NEED ONE?
Although almost half of Canadians do not have a Will-even fewer know about or have in place, an Enduring Power of Attorney. Yet, for a middle aged man, for example, the chances of becoming incapacitated by an accident or disease are over 3 times greater than the chances of premature death.Most of us in mature years, force ourselves to contemplate the reality of our mortality. Far fewer can envisage a circumstance of mental deficiency for themselves.…
Almost half of Canadians do not have a Will. Presumably persons wish to make Decisions about where their assets end up when they die.Do you want to ensure that the wealth you accumulated in a lifetime of effort goes to where you want ? A properly prepared Will (often called a Last Will & Testament) that is regularly updated is the only way you are certain that your assets are distributed according to your wishes.…
Divorcing couples should take close care and consideration for what the future looks like for their children. The many changes caused by a family break up can have profound effects on the children involved, whatever their age. Marriage is an institution that is widely accepted as a stable unit in which children can grow with the security, love, and care, so essential to the well being of sons or daughters. Both parents should take an active role in assuring their kids that the world will not end, they will still see both parents, and their care for them, albeit provided separately, will still remain.…