Do you have a Will?

[mykalberta]

What exactly constitutes a will?

I have had the same "will" since I was 21. I authorize that all my posessions be auctioned and set up for a College tuition fund. If she doesnt attend a college/university then the money to to be split evenly between her and my brother with my dad given as the legal trustee to decide when its to be distributed (I gave my bro 30K for his schooling) given to my sister and that my parents, as her legal guardians until she is 18 be the trustees of said money/items.

I have it signed by myself, my dad, a friend.

Is that considered legal, all I did was download a template off the web, kind of a fill in the blanks kind of thing.

Many condolences for your loss of a man who was born in the shadows of World War. Many thanks to him and those his age or older who lived/warred through that time so I can sit here today.

Regards.

Michael.

[fredr123]

I'm sure Troutman would know better but there might be problems with having a listed beneficiary also act as a witness.

[troutman]

Originally Posted by fredr123

I'm sure Troutman would know better but there might be problems with having a listed beneficiary also act as a witness.

Section 13 of the Wills Act would render gifts to that beneficiary void.

[Shin Pad]

One other thing about Wills - make sure you update them from time to time. As you get older, things change. I have changed my will about three times over the years. Sometimes relatives die, or possibly you get divorced, you want to make sure that your Will is always current.

[MoneyGuy]

Originally Posted by Dominicwasalreadytaken

500 bucks doesn't get you a whole lot in the professional world. Shucks, I've pretty much burned through 500 bucks checking my email and voicemail when I come in each morning.

The fellow who told me that $500 is too much for a will is a senior partner at one of the largest law firms in Alberta.

If you think $500 is a fair price for five minutes by the lawyer and 10 minutes for the assistant (what he told me it takes), go for it.

[V]

500 bucks is a fair price if you can't do it yourself properly for cheaper, or if you can't find someone else to do it yourself properly for cheaper. Personally, I don't know a thing about the legal world, so I get professionals to take care of it.

It's the same thing with buying a house. If everything goes the way it's supposed to, is the lawyer really earning the money you're giving him? Doubtful. But it's the going rate, and I can't do it, so I pay it. It works the same way in the design world.

[troutman]

Originally Posted by MoneyGuy

The fellow who told me that $500 is too much for a will is a senior partner at one of the largest law firms in Alberta.

If you think $500 is a fair price for five minutes by the lawyer and 10 minutes for the assistant (what he told me it takes), go for it.

It's usually not $500 for a will. $500 is about the price for a will, power of attorney and personal directive, for two people, three documents each.

One person can expect to pay about $200 for a will; $250 for a husband and wife.

BTW, lawyers spend a lot more than 10 minutes; personally I spend 30-60 minutes with clients at the intial consultation, spend 30-60 mintues drafting the documents personally, then another 30-60 minutes with the clients to review and sign the documents. I expect most lawyers put the sam effort into this.

[Cheese]

Another thing to consider.....what do you want your Obituary to say? Morbid thought? Perhaps...but leaving this to your wife/hubby or children to do when they are in the midst of bereavement is very tough.
After you have your will drawn up write a blurb of what YOU would like to see in your Obit....even suggest whether you want a picture in and if possible attach a pic to the blurb. Remember a place like the Calgary Herald will charge you between $300 for a minimal Obit with no pic up to $1000 for a long read with pic (for ONE day). Its a gigantic rip off that takes advantage of bereaving people. Hell if you have the ability, prepay some of it for future and attach that receipt to your will and store all of this in a Safety Deposit Box.
Other things to think about...

What type of funeral do you want? Church, Home or Community Centre?
Religiously based or not?
Music? Do others know you well enough to choose what YOU liked?
Pictures. Seriously...think about funerals you have attended. They like to put up pics of the persons life everywhere. Can you help now by having pics put aside? Make a DVD of things you want people to see and know about you.
Things that made your life fun...let others know what and who you were.

Anything you can do to help those who have to make decisions for YOU easier is what you should consider now.

[MoneyGuy]

Originally Posted by troutman

It's usually not $500 for a will. $500 is about the price for a will, power of attorney and personal directive, for two people, three documents each.

One person can expect to pay about $200 for a will; $250 for a husband and wife.

BTW, lawyers spend a lot more than 10 minutes; personally I spend 30-60 minutes with clients at the intial consultation, spend 30-60 mintues drafting the documents personally, then another 30-60 minutes with the clients to review and sign the documents. I expect most lawyers put the sam effort into this.

here:

Originally Posted by MoneyGuy

... A will, POA and PD (all necessary) can be bought for <$500 but they require about five minutes of a lawyer's time and 10-15 minutes for the assistant, assuming it's a simple estate, which most are. If you guys don't have wills, POA and PD, get it done. ONe of my clients found out the hard way why this is important.