current will?

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Seeler said:
At our children's urging we looked after this last fall. A friend from church recommended a lawyer. I think maybe he gave us a special price because it was very reasonable, something around $300 for both wills, and POA for financial, and another for personal/medical decisions.
I worked in estate/trust work many years ago. I think these documents are top-notch.
(And I'm ashamed to say that despite my experience, our previous wills were over 30 years old and we couldn't locate them.)

Chemgal - take my advice. Get a will, even if its handwritten or on one of those do-it-yourself forms. It will simplify everything for your relatives and beneficiaries. Perhaps you have everything in joint accounts that will pass to the surviving spouse - but what happens if you are both killed in an accident? Assets can be tied up for years while things are sorted out. Banks and financial institutions have millions of dollars in unclaimed accounts. (I know, one small savings account of my mil, less than $1,000, in a bank in Toronto. It would cost more in money, let alone time, to get all the documentation (starting with proof of death, proof of next of kin (seven sons, five now deceased, some leaving children)) than it is worth. An Executor named in a Will could simplify withdrawal and distribution - $100+ each is better than leaving it to the bank.)
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Depending on the province it is super helpful to have POA for Care as well as finances in the event that you become incapacitated. It's a big issue here in Ontario.
 
Tabitha said:
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.
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I'm sorry to hear that your youngest has had to go the disability route - the last I remember he had gone to hospital (I think) and was hoping to hear that you were reunited with the middle child. I hope you are doing well.
 
My current will is minimal ... more interested in learning about the dark wills of mankind ...

I soon have to report back ... I need a Dei Ray ... something to outline the effect of excess passion ... politic 'n?
 
paradox3 said:
Forgot about this. Still interested in a response from @DaisyJane or others.
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One liability to a Hensen trust is that the income will affect ODSP payments since they count as income.

This may force recipients to continually live on a low income and where there is significant medications or interventions required that can be difficult for trustees to manage.
 
Hmm . . . it was explained to me a little differently by a lawyer.

There are many restrictions on how the money from a Hensen trust can be spent. It can be used to purchase or upgrade living accommodations or be used for purposes directly related to the person's disability (medical supplies, etc.) Neither will affect the ODSP payments.

Similarly gifts to enhance quality of life can be made but there are ODSP regulations which place limits on the amount. These limits are in the process of becoming more flexible. . . not sure if the changes are effective Sept. 2017 or Jan. 2018.

There may be certain disadvantages to a Hensen trust. Interested in hearing perspectives on this.
 
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Tabitha said:
It's not just bike but also funeral expenses and people often have life insurance at work.
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Except life insurance should have a designated beneficiary rather than flowing through the estate (ie. Should not be included in a will). In Ontario, at least, it is tax free if paid direct to a beneficiary but subject to estate tax if it goes to the estate.
 
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