Writing a Will

[I_H8_Crawford]

I know there are a lot of lawyers on CP - any of you do wills?

Wife and I need to get one done up now that we have a kid, and figure a lawyer would be the best way to make sure everything is done properly.

If none of you CP lawyers do wills, mind referring me to colleagues who do?

Thanks!

[Canehdianman]

paging troutman....

[troutman]

PM sent

[Tyler]

troutman - can you send me a PM too with info? I need a will as well. Thanks!

[GP_Matt]

Any recommendation for someone who lives in Edmonton?
This has been on my to do list for a while.
Also, any ballpark on costs?

[pseudoreality]

Originally Posted by GP_Matt

Any recommendation for someone who lives in Edmonton?
This has been on my to do list for a while.
Also, any ballpark on costs?

Also, any thoughts or tips on what to talk about with your spouse before sitting down with a lawyer? My wife has been asking about this. She wants her parents to have the kids if we both kick the bucket, but hasn't asked them yet. I'm guessing we'd want out assets to go to her parents, to pay for raising the kids.

[troutman]

Originally Posted by pseudoreality

Also, any thoughts or tips on what to talk about with your spouse before sitting down with a lawyer? My wife has been asking about this. She wants her parents to have the kids if we both kick the bucket, but hasn't asked them yet. I'm guessing we'd want out assets to go to her parents, to pay for raising the kids.

There are two separate roles you can appoint in your Wills. Your Executor (Trustee) manages the estate assets in trust for your children. You Guardian has the day-to-day responsibility of raising the children. Your Executor and Guardian can be the same person, but many would split these two roles.

You would not normally give the estate assets outright to the Guardian. Through the trust established, the Executor can pay $ out of the trust from time to time for the maintenance, education etc of the children. The children receive the remainder of the trust proceeds when they reach an adult age that you select.

You should generally think of second (and third) choices for each role, in case the first choices are not available.

Most wills would allow the Executor to take a modest fee for their efforts.

[Canehdianman]

Originally Posted by GP_Matt

Any recommendation for someone who lives in Edmonton?
This has been on my to do list for a while.
Also, any ballpark on costs?

It's probably easier to just leave a note in crayon explaining who should get your empties and sweat pants.

[llwhiteoutll]

Originally Posted by pseudoreality

Also, any thoughts or tips on what to talk about with your spouse before sitting down with a lawyer? My wife has been asking about this.

In addition to the Executor/Guardian roles, I'd also be putting together a codicil for specific items. I know my parents have one that lists specific items that they own and who they want it to go to. Some of that they have decided on and some of it is stuff that my sisters and I have expressed interest in having over the years. Maybe there are specific things that you'd like friends to have instead of family.

For somewhat non-will related items, I think it is important to have some kind of documentation on what your wishes are upon your death and just general documentation. Religious or non-religious service? Do you want to be buried or cremated? If cremated, do you have specific wishes for your ashes? Where are your insurance polices/policy numbers? Bank account numbers, mortgage holder and investments? What's your cell phone and computer password? Where is that rainy day cash box? Where are keys and combinations to any safes or safety deposit boxes?

[Weitz]

Originally Posted by llwhiteoutll

In addition to the Executor/Guardian roles, I'd also be putting together a codicil for specific items. I know my parents have one that lists specific items that they own and who they want it to go to. Some of that they have decided on and some of it is stuff that my sisters and I have expressed interest in having over the years. Maybe there are specific things that you'd like friends to have instead of family.

For somewhat non-will related items, I think it is important to have some kind of documentation on what your wishes are upon your death and just general documentation. Religious or non-religious service? Do you want to be buried or cremated? If cremated, do you have specific wishes for your ashes? Where are your insurance polices/policy numbers? Bank account numbers, mortgage holder and investments? What's your cell phone and computer password? Where is that rainy day cash box? Where are keys and combinations to any safes or safety deposit boxes?

This. My parents are not old or in bad health or anything like that but when I was home on Mothers Day my Mom showed me where their binder is that contains all that stuff. I didn't even think about that till now and how much of a pain it would be if something happened and we needed to go through all their stuff.

[troutman]

Originally Posted by llwhiteoutll

In addition to the Executor/Guardian roles, I'd also be putting together a codicil for specific items. I know my parents have one that lists specific items that they own and who they want it to go to. Some of that they have decided on and some of it is stuff that my sisters and I have expressed interest in having over the years. Maybe there are specific things that you'd like friends to have instead of family.

There are pros and cons to this - a formal codicil to the Will has to be probated along with the Will, and it can be a big nuisance for the Executor to include all these little gifts in the probate application, and send notices to each beneficiary. The advantage of the codicil (often handwritten) is that it can be amended any time without need of the lawyer.

Usually, I find families are reasonable in dividing up the heirlooms. Often, they will have a draft and take turns selecting items.

Others make these wishes known in a less binding way - ex. putting labels on items, or even making a video. Also, these specific items can be gifted while you are alive, making your estate less complicated.

[MoneyGuy]

Troutman, do you have a checklist of things one can do to prepare for the meeting with the lawyer?

[troutman]

Originally Posted by MoneyGuy

Troutman, do you have a checklist of things one can do to prepare for the meeting with the lawyer?

I usually tell clients not to bother preparing anything ahead of time. We can usually get all the information we need at our initial interview. We don't need as much detail as you might think, such as account numbers, or addresses of beneficiaries.

There are questionnaires we can send out, but often clients will have many questions when they try to complete them, and I find it is better to complete the forms together. Clients should be ready to explain their asset mix and approximate values, and think about who should be their Executor and Guardian.

I recommend clients create some kind of spread sheet they can store with their will listing all their current assets, and update that list regularly.

[mikephoen]

My father-in-law wants to set up some sort of 'Fear Factor' style competition for his kids and their spouses to compete in for his assets. Mostly eating really gross and/or extremely hot things. Winner takes all.

I'll assume troutman specializes in setting up this sort of thing and pass along his name.

[bizaro86]

Originally Posted by mikephoen

My father-in-law wants to set up some sort of 'Fear Factor' style competition for his kids and their spouses to compete in for his assets. Mostly eating really gross and/or extremely hot things. Winner takes all.

I'll assume troutman specializes in setting up this sort of thing and pass along his name.

Should add a Wipeout section to the competition. Added bonus: you can get your lawyer to put "big balls" in your will.

https://www.google.ca/url?sa=t&sourc...N8ZFOD4xbU2nov

[bob-loblaw]

I'm more worried about access to our shared bank accounts, knowing passwords and such so that if I die or am incapacitated, that the wife and kids can keep going on with life in the meantime. What are some of the best practices for things like that?

I'm tempted to just buy an inexpensive will kit just to have these things thought of before getting a real 'will' if you will. Pun intended.

[Amethyst]

Does your executor need to live in Alberta? Someone told me that once which has been one of the reasons I've hesitated to do a will. The people I would prefer to ask live in Saskatchewan.

[snootchiebootchies]

Originally Posted by bob-loblaw

I'm more worried about access to our shared bank accounts, knowing passwords and such so that if I die or am incapacitated, that the wife and kids can keep going on with life in the meantime. What are some of the best practices for things like that?

My parents have written down all their passwords and account numbers to their bank and investment accounts and I've placed them in my security deposit box at my bank. But after reading this thread, I should really do more about my own accounts.

[Cecil Terwilliger]

Originally Posted by Amethyst

Does your executor need to live in Alberta? Someone told me that once which has been one of the reasons I've hesitated to do a will. The people I would prefer to ask live in Saskatchewan.

I don’t believe there is any requirement that they have to be in the same province but it can be as pain in the ass to be an executor for an estate that’s a long ways away.

Your executor may need to visit multiple financial institutions, handle burial arrangements, arrange the sale of your home, arrange what to do with your possessions etc. And since many of these things require in person authorizations and or signatures trying to do it from 1000 km away can be a lot of work.

[calgarywinning]

The predominant theory is a will is not required because you will live forever or deal with that notion in your own suitable timeframe. Speaking of which, I better get my ass in to see Troutman. I keep dragging it forward in my calendar.