Writing a Will

[bizaro86]

Originally Posted by 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.

I've been 100% successful at living forever so far. Extrapolation seems reasonable with a success rate like that.

[#22]

I was going to start a new thread about this, but figured this may be as good a place as any.

My father in law passed away suddenly a few weeks ago. Without going into details, due to somewhat complicated and unpleasant family dynamics, we are looking for a lawyer to consult with to give us an idea what our options are.

Many thanks

[troutman]

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.

https://nwcalgarylaw.com/probate-bon...epresentative/

[stang]

Originally Posted by #22

I was going to start a new thread about this, but figured this may be as good a place as any.

My father in law passed away suddenly a few weeks ago. Without going into details, due to somewhat complicated and unpleasant family dynamics, we are looking for a lawyer to consult with to give us an idea what our options are.

Many thanks

pm troutman

[Wormius]

So this isn't really a time pressing issue, but my mother has drawn up her will and named my brother and I as co-executors. I am not enthused about this for a couple of reasons - I have already done this with my dad's estate and I don't think my brother and I work well together on this, I also don't have a huge amount of trust in his ability to either do this alone or be completely transparent about things. He has made some comments about how he would like to do some property development and stuff and I am just not interested. I also simply don't have the time to babysit this and keep track of what is going where, etc. I think I would rather have her choose a lawyer to be executor, but is this a good idea?

[troutman]

Originally Posted by Wormius

So this isn't really a time pressing issue, but my mother has drawn up her will and named my brother and I as co-executors. I am not enthused about this for a couple of reasons - I have already done this with my dad's estate and I don't think my brother and I work well together on this, I also don't have a huge amount of trust in his ability to either do this alone or be completely transparent about things. He has made some comments about how he would like to do some property development and stuff and I am just not interested. I also simply don't have the time to babysit this and keep track of what is going where, etc. I think I would rather have her choose a lawyer to be executor, but is this a good idea?

One joint executor can always renounce their appointment to the other.

If neither of you want to manage the estate, appoint a Trust Company (not a lawyer).

[Wormius]

Originally Posted by troutman

One joint executor can always renounce their appointment to the other.

If neither of you want to manage the estate, appoint a Trust Company (not a lawyer).

I think the issue is he does want to be the executor, whereas I agreed only because I don't really trust him with this alone, based on previous experience. I don't have the time though and I am not as nearby as he is, so I was looking for an option where we are both hands off and somebody else distributes the estate fairly.


It's not as toxic a relationship as it sounds, I just think he has other ideas that I don't agree with and I don't want to have to argue with him about them.

[troutman]

Originally Posted by Wormius

I think the issue is he does want to be the executor, whereas I agreed only because I don't really trust him with this alone, based on previous experience. I don't have the time though and I am not as nearby as he is, so I was looking for an option where we are both hands off and somebody else distributes the estate fairly.

It's not as toxic a relationship as it sounds, I just think he has other ideas that I don't agree with and I don't want to have to argue with him about them.

He could act on his own, and still provide you a transparent accounting at regular intervals so you can oversee what is happening.

Or, hire a Trust Company - they take a fee of course, but they provide a great service.

[OMG!WTF!]

I'm wondering if online wills are of any use these days. I have no aversion to using a lawyer at all but I get frustrated with the nature of my potential estate. It changes at least yearly, often more frequently, in ways that require substantive alterations to any legal will I create. So I like the online products because they give you access to change pretty much any time you want.



Anything outside a lawyer used to be a hard no like those will kits you could buy for 50 bucks. But I'm single, kidless, kinless and will likely die without much consequence save for a charity or two. So it seems like I should be able to spin something up like this....


https://www.legalwills.ca/members/mywill_intro?t=t&ref=[write_a_will]gaw_cdnwill


Any thoughts?

[Slava]

^ how does your will, in what you describe as a simple situation, change so frequently? I’m not asking for personal details or anything, but is it the assets or beneficiaries, or what’s causing that?

[Fighting Banana Slug]

If you are kid less, kin less, etc., what is it about changes to your estate that would necessitate constant changes to the will? Particular stocks or types of assets shouldn’t make a material difference.

Edit: Slavalossed

[troutman]

Originally Posted by OMG!WTF!

I'm wondering if online wills are of any use these days. I have no aversion to using a lawyer at all but I get frustrated with the nature of my potential estate. It changes at least yearly, often more frequently, in ways that require substantive alterations to any legal will I create. So I like the online products because they give you access to change pretty much any time you want.



Anything outside a lawyer used to be a hard no like those will kits you could buy for 50 bucks. But I'm single, kidless, kinless and will likely die without much consequence save for a charity or two. So it seems like I should be able to spin something up like this....


https://www.legalwills.ca/members/mywill_intro?t=t&ref=[write_a_will]gaw_cdnwill


Any thoughts?

A typical will does not mention specific assets, accounts etc, but deals with your general “estate”. You don’t have to change your will normally every time you acquire a new asset or open a new account. The details of your assets can be set out in a separate inventory that you store with your will and update from time to time.

[DoubleF]

I've been mulling this over lately and there's a few things I was wondering if someone could confirm... if you and your spouse pass away and your kids survive, they automatically go into the care of the governing body, correct?

They do not automatically go to the next of kin/relatives etc. The next of kin would have the strongest reasons for adopting said children, but it still would be a royal pain the ass that no one wants to go through especially after deaths in the family. That alone is the reason why I wanted to draft a will with my wife as soon as possible.


Second question, for the type of thing that OMG!WTF! posted. Would it be beneficial to bring something that that filled in to a lawyer? I've been hearing ranges lately for the set up of a "relatively basic/ basic will" of anywhere between $900 to $2,000. I know a few lawyers in the past who were willing to do it for significantly less than that, but I don't know if it was their regular fee, or a special rate to me due to close relationships/referrals.

Is setting up a will an all inclusive fee (I doubt it)? Or is it by the hour (what I expected)? If the latter, I presumed pre-doing something like what OMG!WTF! posted is helpful to wrap up the completion of the will quickly. Or am I wrong and does it muddy the waters to bring something like that in when prepping the will?


EDIT: and not trying to say it is not necessary as I am aware there is true merit to having a lawyer set up a will in a way that doesn't cause serious legal problems after our passing... But if you pen a basic will yourself without the aid of a lawyer, is it technically acceptable as a will?

For instance, can I merely toss together a note saying that my wife and I want X, Y, Z in the following order of people to be guardians and A, B, C in the order to be executors of the estate, an estate which will be used for the well being and education of our children in the event of our untimely passing, then have both of us sign it and have a legitimate document so our kids would go to surviving family members etc.? Because I'm thinking I should do that in case that something happens to my wife and I before we get a chance to sit down with a lawyer.

[Fuzz]

Troutman did mine and my wife's for us recently. I highly recommend him if you are looking to have it professionally done, and in the end it didn't take us all that much time, he had most of the bases covered before we showed up, and it was nice to have all these little questions cleared up that you are asking. I'm a big DIY guy, but in this case I think it's worth it, doesn't cost all that much or take much time.

[Weitz]

Do I need a will as a DINK?

We were going to wait till we had our first kid before doing a proper will.

[VladtheImpaler]

I don't do wills, but just remember this simple thing - if you do your own will and F it up, your beneficiaries/children have no recourse. If you get a lawyer to do it and the lawyer F's it up, the lawyer carries insurance which will make the beneficiaries whole (at least in dollar terms). I certainly could have done our own will, but we paid someone else to do it.

[DoubleF]

Originally Posted by Fuzz

Troutman did mine and my wife's for us recently. I highly recommend him if you are looking to have it professionally done, and in the end it didn't take us all that much time, he had most of the bases covered before we showed up, and it was nice to have all these little questions cleared up that you are asking. I'm a big DIY guy, but in this case I think it's worth it, doesn't cost all that much or take much time.

If you don't mind my asking... how much time did it take? Also, how much did it cost? (Feel free to PM or not mention it if you'd like)

Of my parent friends who recently got wills done, the numbers that they have paid within the last 6 months: $1.8K, $800, $900 and $1.1K. I have no idea whether it was just a basic will or if additional services were involved. I have heard a few lawyers mention rates between $300-500 bucks for a will to be done, but again, not sure if that's their regular rates or discounted rates.

Originally Posted by Weitz

Do I need a will as a DINK?

We were going to wait till we had our first kid before doing a proper will.

I think as a DINK, a will was to help reduce the risk that someone comes out of the woodwork (not even related to you) to try and get your assets (ie: a "friend" who "helped" a lot, then suddenly thinks they deserve compensation or something). Assuming there's someone who could in theory inherit your money like a surviving parent or relative. That's I seem to recall hearing before I had a kid.

Originally Posted by VladtheImpaler

I don't do wills, but just remember this simple thing - if you do your own will and F it up, your beneficiaries/children have no recourse. If you get a lawyer to do it and the lawyer F's it up, the lawyer carries insurance which will make the beneficiaries whole (at least in dollar terms). I certainly could have done our own will, but we paid someone else to do it.

Yes, that's true. But having something you draft yourself is better than nothing at all, right? Like I said, I am still going to go to a lawyer, but my wife and I are going on a trip without the young one in a few weeks. It's better to toss together a "memo" before we head out and get the proper will drafted in the summer, right?

[troutman]

DoubleF:

Without a Will (no guardians appointed) I would think the Public Guardian would try to place your children with kin if possible - guided by what is in the "best interests of the children". Unlikely they would be placed in foster care permanently.

A Will for a couple with us $425. $875 would be if you did all three documents - will, power of attorney and personal directive. Fees could be double downtown with the larger firms.

We quite often have to fix problems created by people making their own wills. They can be invalid for not being properly executed. They may be too vague to be effective. They may not contemplate important considerations or contingencies. I think getting a Will done with a lawyer is not a huge investment, and offers the best protection.

We can usually complete the process within a week or two. A initial meeting to gather information, draft documents are sent out for review, then clients return a final time to sign the approved documents.

[DoubleF]

Originally Posted by troutman

DoubleF:

Without a Will (no guardians appointed) I would think the Public Guardian would try to place your children with kin if possible - guided by what is in the "best interests of the children". Unlikely they would be placed in foster care permanently.

A Will for a couple with us $425. $875 would be if you did all three documents - will, power of attorney and personal directive. Fees could be double downtown with the larger firms.

We quite often have to fix problems created by people making their own wills. They can be invalid for not being properly executed. They may be too vague to be effective. They may not contemplate important considerations or contingencies. I think getting a Will done with a lawyer is not a huge investment, and offers the best protection.

We can usually complete the process within a week or two. A initial meeting to gather information, draft documents are sent out for review, then clients return a final time to sign the approved documents.

Thanks Troutman, that totally clears things up for me.

I'm guessing the others parents must have hand the the power of attorney and personal directive prepared along with the will and the numbers totally make sense now that you describe it in that manner.

[MoneyGuy]

Originally Posted by VladtheImpaler

I don't do wills, but just remember this simple thing - if you do your own will and F it up, your beneficiaries/children have no recourse. If you get a lawyer to do it and the lawyer F's it up, the lawyer carries insurance which will make the beneficiaries whole (at least in dollar terms). I certainly could have done our own will, but we paid someone else to do it.

That plus a lawyer screwing it up seems very unlikely.

DIY wills scare me because I’m seen huge problems.