current will?

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In Quebec, where we have a different legal system, it is very important to have a will. Quebec does not recognize common law relationships. If there is no marriage, no will, but there are children, then I think parents and children of deceased inherit, maybe siblings too. The unrecognized de facto spouse gets nothing unless there is a will. If there is a marriage and no will, I am not sure that the spouse is the sole beneficiary.


Another consideration is probate. Outside Quebec, wills have to go through probate. But sometimes a person can have two wills that work together so that disposition of certain assets is covered in one will that will not have to go to probate. That can save a lot of money because the probate fees eat up around 1% of the estate no matter how small or large the estate. Lawyers might not volunteer this information.
 
Probate fees are really an estate tax by another name. There are ways around them, at least in Ontario. Joint accounts don't flow through the estate. You just remove the deceased person from the account. Registered funds, eg. RRSPs and TFSAs do not if there is a named beneficiary. Life insurance payments do not. So keeping your ducks in a row outside the will is just as important as what is in the will.
 
Yes, Mendella, the assets you mentioned can avoid probate, except if they are the assets of the last survivor. Can a child be a joint survivor in a joint and last survivor arrangement? I don't think so. I forget the example the lawyer told us about but something like a house with a mortgage involving third parties (bank, insurance company) would have to go to probate but if the property were outright owned by the deceased it could be in a separate will that would not go to probate; but the mortgaged house and stocks would be covered in a will that would have to go through probate. The lawyer who told us about this method was in Ontario.
 
Natural law of will ... be prepared for loss of all sorts and what gains you had that were not considered in the mean time ... time is mean ... carries a lot of weighty stuff and also insubstantial stuff for learning only ... flighty thoughts for those all set, fixed, stoic, etc.
 
Hilary said:
I feel this way too. We are married but have no joint assets or dependants. My things would go to him. His things would come to me.
It makes sense that we should sort out what to do if we both die together, but I'm still young and invincible... so not in a hurry to do that.
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Hilary, this worries me. True, my experience in working in this field is outdated and in a different province, but when you state that you 'have no joint assets' I wonder. Do you each have an individual bank account? Is your car registered in your name only? Do you own a home, or rent? And who's name is on the lease? Are you confident that your survivor, if something happened to you (death or disability), your spouse would be able to access your bank account and/or register your car in his name? Even with a Will Seeleerman anad I have most of our assets in joint names. However, I realize that each persons situation is different.
 
Seeler said:
Hilary, this worries me. True, my experience in working in this field is outdated and in a different province, but when you state that you 'have no joint assets' I wonder. Do you each have an individual bank account? Is your car registered in your name only? Do you own a home, or rent? And whose name is on the lease? Are you confident that your survivor, if something happened to you (death or disability), your spouse would be able to access your bank account and/or register your car in his name? Even with a Will Seeleerman and I have most of our assets in joint names. However, I realize that each persons situation is different.
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We each maintain our own non-joint bank accounts. All investments (RRSP, TFSA, etc.) are individually held with each other as beneficiaries. We each own a car outright in our own name. We rent a house with both our names on the lease.
You do raise some good points that I hadn't thought about - specifically about disability. We're keeping a lot of balls in the air at the moment related to my mother in-law's health but maybe our own wills, etc. will be the next thing.

I don't like having my invincibility bubble burst, though. :(
 
Hilary said:
I don't like having my invincibility bubble burst, though. :(
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So true! I vividly recall being in the lawyer's office to do our original will - we'd been working our way through it, when she said 'okay now - if you BOTH die at the same time..." WHAT??? OMG!!! Hadn't ever occured to me!!
 
Carolla said:
So true! I vividly recall being in the lawyer's office to do our original will - we'd been working our way through it, when she said 'okay now - if you BOTH die at the same time..." WHAT??? OMG!!! Hadn't ever occured to me!!
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My wife being the detail-oriented person she is, we actually had that one on our radar since that is the scenario that would necessitate guardianship for Little M. In fact, it was our main concern since in Ontario, if you die intestate and married with no children involved, the spouse normally becomes the heir so without him, there wasn't much to do. We are our each other's heirs even in the wills.
 
Our wills are pretty straightforward. If I die everything we own is my partners. If he dies everything is mine. If we both die the estate is to be shared equitably between our surviving children. We have named an Executor for that scenario that our children are comfortable with. We said equitably as there is a chance that one of our kids might decide they want the house- in which case they will all sort it out with the Executor - or sell the house on the market.

Most of the 'stuff' won't be wanted by the kids. They each have some of it already! Just discovered the other day that an in-law wants a certain item that my kids showed no interest in. Have told them but the item is still used occasionally so I'm not handing over just yet.
 
KayTheCurler said:
Our wills are pretty straightforward. If I die everything we own is my partners. If he dies everything is mine. If we both die the estate is to be shared equitably between our surviving children. We have named an Executor for that scenario that our children are comfortable with. We said equitably as there is a chance that one of our kids might decide they want the house- in which case they will all sort it out with the Executor - or sell the house on the market.

Most of the 'stuff' won't be wanted by the kids. They each have some of it already! Just discovered the other day that an in-law wants a certain item that my kids showed no interest in. Have told them but the item is still used occasionally so I'm not handing over just yet.
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Was that hub able? Different spin on hoo inherits the song ... hymn?
 
Argh. Thanks for reminding me we need to finish the process of updating our will. Because of Matthew ours is pretty complicated. We had a Henson Trust, but now need to yank the Henson Trust. We have a kid who is legally an adult, a kid who will never be competent, and a kid who is still considered a dependent child. All our kids have trust funds that pre-exist any will and we have staggered inheritances if we both die together.

Also, because my partner is considered self-employed several large assets, like our house, is completely sheltered in my name. Which means I need to explicitly leave the house to him.

Crap. I better get on this and I better not die any time soon.
 
My answer is also, for whatever reason, no.

I have two equally competent children, no partner, just a single house to split. I plan to pre-purchase a cremation at some point soon.
 
CrazyDad died in February and about 3 months later the estate is still being worked on. ESTATE lol

We probably fall in the "poor" category but it takes many hours for the executor.

The will was done fine but government are picky, picky, picky. Just a friendly warnig.
 
OK so true to my word I saw a lawyer today.
It's been started. Decided to put my youngest share of $ in a "discretionary trust" as if he received monies he would lose his government disability pension. Oldest will be both executor and administrator of trust. My youngest sister will step in if he can't do it. Middle child inherits 1/3 of estate regardless of what name they are going by.

Then lawyer asked what would happen if the 4 of us die together? Split it between my 2 sisters I said. If a child dies without offspring remaining children of mine split money. If I have a grandchild-and their parent has died -they are entitled to the parent's 1/3.

And I think I will leave my bikes to a friend-they are delightful bikes and the wrong size for my kids.
 
DaisyJane said:
Argh. Thanks for reminding me we need to finish the process of updating our will. Because of Matthew ours is pretty complicated. We had a Henson Trust, but now need to yank the Henson Trust.
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Very interested to know more about this DaisyJane. What are your reasons for yanking the Henson Trust?
 
crazyheart said:
CrazyDad died in February and about 3 months later the estate is still being worked on. ESTATE lol

We probably fall in the "poor" category but it takes many hours for the executor.

The will was done fine but government are picky, picky, picky. Just a friendly warnig.
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It does indeed take an inordinate amount of time to process stuff that seems like it should just be so straightforward.
 
Thanks for the reminder! I went straight to the phone & have our appt booked for next week :-)
 
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