So tell me about wills.

[Sliver]

Originally Posted by firebug

Most professionally drafted wills include a guardianship provision along with a testamentary trust for minors.

Speaking of Trusts...I'm currently the Trustee for three Trusts (and will be for the next 18 years on one of them and over a decade on the other two). Is it true I get jack squat for operating these, or should I be getting a fee of some sort? It's not like they're much work, but they're a bit of a pain in the dick, tbh.

[troutman]

Originally Posted by Sliver

Speaking of Trusts...I'm currently the Trustee for three Trusts (and will be for the next 18 years on one of them and over a decade on the other two). Is it true I get jack squat for operating these, or should I be getting a fee of some sort? It's not like they're much work, but they're a bit of a pain in the dick, tbh.

Part 6 - Trustee Act

https://www.canlii.org/en/ab/laws/st...2-c-t-8.1.html

[WideReceiver]

Originally Posted by troutman

This often leads to elder abuse, and litigation over whether the joint account was intended as a gift or not.

The parent must completely trust the son or daughter. My in-laws did that with my wife. They had chosen two of three daughters but corrected the error and removed one’s decision-making authority (not from the estate.)

[Buff]

I'm the sole beneficiary of my mom's will as well as the executor and all the other fancy terms. She also had me added as an account holder to her main bank account. She has a GIC and a TFSA too which only her name is on.
As previously stated, when she passes away I get everything. Do I need to go through probate lawyer or can I just transfer funds to my account? She doesn't have much assets. She is living in a lodge and I'd get some furniture and old clothes to sell or donate and old tarnished jewelry.

[Slava]

Originally Posted by Sliver

I don't doubt it. Would be shockingly easy to do.

My mom put me on as joint owner of all of her investments. When she died, the investment advisor told me they were mine and I didn't have to include them in any disbursements to the beneficiaries. I'm like, 'dude, you were there when we made these joint...that's the exact opposite of her intentions...fk you.' Yanked all the money out of there and distributed per her intentions and Will as though it wasn't mine (since it morally/ethically wasn't).

I was also the executor for my uncle and we did the same thing.

Would be a shame to be unable to trust your executor, but you're right that people can be giant POSs, so your advice is better than mine (obviously!).

Wow, not only is that staggering incompetence and morally reprehensible, but that would be a lawsuit waiting to happen. I can't believe that someone gave you that advice...I mean I can, but it's so ridiculous.

[Sliver]

Originally Posted by Slava

Wow, not only is that staggering incompetence and morally reprehensible, but that would be a lawsuit waiting to happen. I can't believe that someone gave you that advice...I mean I can, but it's so ridiculous.

It is that bad then, eh? That's good to know because I was totally taken aback.

[Sliver]

Originally Posted by troutman

Part 6 - Trustee Act

https://www.canlii.org/en/ab/laws/st...2-c-t-8.1.html

Sweet, plugged that into chat gpt and it seems I can be compensated if I want. Nice...thanks.

[fotze2]

Originally Posted by Sliver

Sweet, plugged that into chat gpt and it seems I can be compensated if I want. Nice...thanks.

I didn’t get past the captcha.

[Whynotnow]

Originally Posted by Slava

Wow, not only is that staggering incompetence and morally reprehensible, but that would be a lawsuit waiting to happen. I can't believe that someone gave you that advice...I mean I can, but it's so ridiculous.

I’m actually curious about this because we did it with my dad and we were clearly warned, if you have it in a joint account with ownership going to the survivor when he dies, it comes to me and doesn’t go into the estate. Thus the directions of the will don’t apply.

We did it this way anyways for a few reasons and the money passed directly to me, we didn’t show a will or anything, just a death certificate and I cut the cheques to my siblings.

[Royle9]

My parents are starting to look at updating their wills, and my father has been asking about “living trusts” vs a will due to apparently having more control with the trust and the government not able to take as much if anything at all.

Whereas with a will so much is taxed and owed by the beneficiaries that it can be quite overwhelming to see all the assets become worth so little.

Is this true? Is there anyone on here who would be considered an expert in this category that could explain it to me like I’m 5.

I’d rather they not go spend what they were quoted to update their wills if a living trust is the better option.

[troutman]

Seems unnecessary in Alberta where there is no inheritance tax, and very low probate fees.

More of a technique in the USA, or for people with high net worth. Perhaps your Dad heard about it from a US or Ontario source.

AI Overview
In Canada, living trusts, while offering some benefits, also come with disadvantages. These include higher initial setup costs and complexity compared to wills, ongoing administrative costs, and potential for tax issues. Additionally, asset protection might be limited, and the trust can be more difficult to navigate than a simple will.

https://freedomlaw.ca/blog/what-are-...e%20a%20lawyer.

Disadvantages Of A Living Trust

There are costs involved with establishing a living trust. Trusts are more complicated to prepare than wills and generally require the help of a lawyer. It is also necessary to transfer the assets to the trust. Depending on the number and type of assets involved, this might be quite expensive.

A living trust also has ongoing costs to ensure compliance with laws. For example, the trustee will need to file a trust tax return annually on behalf of the trust. The trust will also usually pay the trustee for ongoing services involved in managing the trust.

The assets in a living trust are not readily accessible to the beneficiaries. While this might be seen as an advantage to the settlor, it can also cause inconvenience and difficulties for the beneficiaries. For example, it may be significantly more difficult for a beneficiary to obtain a loan using trust assets as collateral. When things become more difficult, they also become more expensive, especially if they require a significant time investment from the trustee or if the beneficiary needs to hire a lawyer.

Updating a will should cost much less than setting up a living trust.

[fotze2]

Originally Posted by troutman

Seems unnecessary in Alberta where there is no inheritance tax, and very low probate fees.

More of a technique in the USA, or for people with high net worth. Perhaps your Dad heard about it from a US or Ontario source.

AI Overview
In Canada, living trusts, while offering some benefits, also come with disadvantages. These include higher initial setup costs and complexity compared to wills, ongoing administrative costs, and potential for tax issues. Additionally, asset protection might be limited, and the trust can be more difficult to navigate than a simple will.

https://freedomlaw.ca/blog/what-are-...e%20a%20lawyer.



Updating a will should cost much less than setting up a living trust.

Ya it was surprisingly cheap. Only taxes owed are registered accounts and any capital gains made long the way. I don't think you can get around that. Maybe if they have little income and start pulling it out over the years at minimum tax rates,.

[bizaro86]

Originally Posted by Royle9

My parents are starting to look at updating their wills, and my father has been asking about “living trusts” vs a will due to apparently having more control with the trust and the government not able to take as much if anything at all.

Whereas with a will so much is taxed and owed by the beneficiaries that it can be quite overwhelming to see all the assets become worth so little.

Is this true? Is there anyone on here who would be considered an expert in this category that could explain it to me like I’m 5.

I’d rather they not go spend what they were quoted to update their wills if a living trust is the better option.

That sounds like Facebook advice for Americans to me. In Canada they very likely only need a will not a trust.

[Titan2]

Originally Posted by Geraldsh

In the absence of any other will, would a hand written letter signed and co-signed by the spouse be any benefit to the kids’?

I have always understood that this was the case. Troutman, could you confirm?

I remember a will scratched into a tractor fender with a nail was considered valid.

[Toast_Man]

Originally Posted by Sliver

I don't doubt it. Would be shockingly easy to do.

My mom put me on as joint owner of all of her investments. When she died, the investment advisor told me they were mine and I didn't have to include them in any disbursements to the beneficiaries. I'm like, 'dude, you were there when we made these joint...that's the exact opposite of her intentions...fk you.' Yanked all the money out of there and distributed per her intentions and Will as though it wasn't mine (since it morally/ethically wasn't).

I was also the executor for my uncle and we did the same thing.

Would be a shame to be unable to trust your executor, but you're right that people can be giant POSs, so your advice is better than mine (obviously!).

I'm glad you're a good person. My Dad left his partner as the beneficiary on the investments but she didn't think it necessary to give the money back to the estate even though he wanted the money to go to the beneficiaries.

[WideReceiver]

If you’re comfy with a remote will, I’ve used a woman who does this. She’s really good, $550 for two wills, POAs and PDs.

[troutman]

Originally Posted by Geraldsh

In the absence of any other will, would a hand written letter signed and co-signed by the spouse be any benefit to the kids’?

AI Overview

In Alberta, a holographic will, as defined by the Wills and Succession Act, is a will that is entirely handwritten and signed by the testator (the person making the will) without requiring witnesses. This is an alternative to a formally drafted will, and it does not need to be notarized.

I don’t think having a spouse co-sign the will would be helpful or recommended. I would strongly encourage a will properly drafted by a lawyer. Holograph wills get contested all the time.

[troutman]

Originally Posted by WideReceiver

If you’re comfy with a remote will, I’ve used a woman who does this. She’s really good, $550 for two wills, POAs and PDs.

She can’t provide legal advice if she is not a lawyer. Also, would have no insurance or code of conduct.

[WideReceiver]

She’s not a lawyer so you’re correct. Wills are simple enough so I have no worries. She’s done hundreds over, I think, 25 years — more than almost any lawyer. I bc recommend her to others.

[troutman]

No one should assume their estate is simple. Legal advice is essential.