Should I have a will?

[redforever]

Originally Posted by stampsx2

Rant
One last thing, include in your will who you would like the government to transfer all your cpp contributions to. It won't do anything, but the government might get a good laugh out of it.
/rant

I have just gone through this.

The surviving spouse initially gets a $2500 payout.

You are then eligible to receive a certain portion of your spouse's CPP. That is contingent on what your own CPP monthly payment is as well as what your spouse's CPP monthly payment was.

The two are combined up to a maximum of something like $1200 per month. I believe the surviving spouse is eligible to receive up to 50% of the deceased CPP monthly payment, as long as what your payment and half of the deceased's payment does not go over that limit.

Don't quote me on the exact figures...it was explained to me but I never did the actual applications.

How it works for children...I do not know. Mine get nothing but then they are no longer dependent either.

[troutman]

I wrote this blog recently:

What happens to your estate if there is no will?

http://nwcalgarylaw.com/happens-estate-will/

[troutman]

"Thousands of dollars"?

A couple can get wills done with me for $375. That is typical, probably a bit more downtown. The whole package with POA and Per Dir is $825. I do future updates for $100, within reason.

Wills don't expire.

Getting a holograph will notarized does not magically make it any better. Lawyers should not notarize wills they did not draft. I don't.

Frankly, lawyers make more $ from estates where wills were not properly drafted. Save your family the hassle.

[GP_Matt]

Originally Posted by troutman

"Thousands of dollars"?

A couple can get wills done with me for $375. That is typical, probably a bit more downtown. The whole package with POA and Per Dir is $825. I do future updates for $100, within reason.

Wills don't expire.

Getting a holograph will notarized does not magically make it any better. Lawyers should not notarized wills they did not draft. I don't.

Frankly, lawyers make more $ from estates where wills were not properly drafted. Save your family the hassle.

Is it at all common to set them up over the phone for out of town clients?

[JonDuke]

Can someone please explain, in layman's terms, what the POA and Per Dir is and/or what the pros are of having one?

Or what would the cons be of not having one?

[Minnie]

A POA is a power of attorney. It is a legal document that authorizes a person of your choosing, to represent you or act on your behalf in private affairs, business, or other legal matters.

A Per Dir is a personal directive/advanced health directive/living will/advance decision that stand as your written instructions that specify what type of actions you want taken in regard to your health, should you ever find yourself incapable of delivering those instructions verbally because of incapacitation or illness.

[Regulator75]

Originally Posted by stampsx2

Holographic wills

I was hoping for something like this, when I googled it.

[GP_Matt]

With my distance something like that would be perfect. I will see if Troutman can take care of that for me.

[troutman]

Originally Posted by GP_Matt

Is it at all common to set them up over the phone for out of town clients?

If you are in Grande Prairie, it would make more sense for you to see a lawyer there. I could draft a will for you, but there is a very specific procedure in getting it witnessed. A local lawyer can make sure it is done properly.

[Wormius]

How do registered financial accounts work in terms of a will? Our RRSPs are set up through the bank to be bequeathed to each other in the event of one of our deaths. If instead, my intention was to give some percentage to the kids - would the will over-ride what was set up through the bank? Or does the bank's beneficiary information just mean that the money goes to the other parent at first, and then then once the will is executed, that may change where the money goes?

On that note, is a withholding tax still applied to when RRSPs are transferred in the event of a death of the RRSP holder?

[troutman]

Assets you can designate directly (like RRSPs, insurance and joint assets) flow to the beneficiary outside your will. These assets are not part of the "estate". With some assets you may be able to designate alternate beneficiaries. If not, that asset will flow into your estate if your main beneficiary predeceases you.

You can draft clauses in the will that over-ride those designations, but most often people keep them out of the estate (one reason is to avoid probate on those assets).

RRSPs roll-over to a spouse without tax. To any other beneficiary, the taxes would have to be paid first.