Wills & Estate Planning

[GordonBlue]

morning all. not completely a covid topic, but it spurred this on.

Thought this might be thread worthy, plus I could use some advice.

Even though we should have found the money and had it done, my wife and I have no wills.

Obviously with the pandemic, dying is on the mind of many people including my wife.

I'm going to contact my credit union as they in the past have had estate planning to work on the content and then forward to a lawyer.
not sure if they still have that service in a modified format.

If they don't, is a do it yourself will better than nothing?
something alone this line of this website?
https://www.legalwills.ca/

If that's all you had, would they take it into account at all?
before my wife and I spend the money to each do one (as I have read joint wills are outdated and a really bad idea)
I was curious if there was any value to them at all.

any lawyers around today? are law offices that specialize in this sort of thing likely still going and just doing as much as possible remotely?
Maybe everything done in a virtual format except the actual signing?

[Fuzz]

Troutman is your man on this one.

[DuffMan]

I've been thinking the same thing lately, weird.
I have a friend that is a lawyer and he gave me the kit about 5 years ago, and I have not thought of since until lately.

I think it is a couple of hundred bucks

[MoneyGuy]

I wouldn’t use a kit. Get it done professionally so you know it’s done right.

[OMG!WTF!]

I think this was a thread a while ago and the consensus was if you're not super complicated financially or in family matter then an online will is probably ok.

[Thunderball]

The only thing worse than no will is a poor will. The costs of dealing with a poorly drafted, incomplete will can be absolutely staggering and create significant headaches for your loved ones. In many people's cases with defective wills, the intestate succession provisions in the Act would have worked better and done what they thought their "will" did.

You may not need a tax and estates law specialist, but you should always use a lawyer to draft Wills, Enduring Powers of Attorney and Personal Directives.

If you have anything, it should be a properly drafted EPA and PD. The costs of not having those can be huge, and there are most definitely worse things than death.

If you have a complex family situation, complex assets, disabilities, or other issues, you probably can't get away with a 3 page will in any event.

[RichieRich]

For some highly applicable, yet often boring reading (which I'm the weirdo that finds it interesting), I like to read the BluntBean Counter blog. He often writes about wills:


http://www.thebluntbeancounter.com/2...r-no-will.html


http://www.thebluntbeancounter.com/2...financial.html


many many other awesome and recent blogs by him too. look at the right hand side bar when on his website. enjoy.

[troutman]

We published this blog to help explain how essential legal services can be offered safely in the circumstances:

https://www.navigator.law/blog?p=leg...id-19-pandemic

Remote Services

As far as possible, we will be able to consult with clients while using social distancing to reduce the risk of transmission. All of our team members are equipped to work remotely outside of the office in the event of an office interruption or quarantine. Only team members that are symptom free for more than 10 days, and have not had close contact with someone that has tested postive or has travelled within the last 14 days, will be working at our office.


It is possible for us to offer consultations in many matters by remote methods such as tele-conference or other video platforms. For example, your estate planning instructions can be gathered remotely, and then the draft documents can be exchanged by e-mail.

In-Person Services

However, there are certain key legal documents (ex. wills, land title documents) that can only be signed in-person:

https://www.lawsociety.ab.ca/about-u...covid-19-faqs/

"For lawyers, many legislative requirements and risk management measures require in-person contact with clients and others. The Law Society is not able to relax the rules which require in-person execution of testamentary documents, transfers of title, and sworn affidavits because these are rules created by statute.

Legislation governing evidence, notaries and commissioners, testamentary instruments and land title transfers do not permit the use of documents that are executed or sworn remotely.

Update: Land Title Documents

Video Conference Witnessing and Commissioning of Documents Submitted to Land Titles for Registration

To assist Albertans with self-isolation and social distancing during the spread of COVID-19, effective today, the Government of Alberta is temporarily allowing the registration of Land Titles documents that have been witnessed, sworn or affirmed by Alberta lawyers using two-way teleconferencing.

• This is a temporary measure as the government responds to the spread of COVID-19.
• Land Titles will only accept documents commissioned or witnessed via videoconferencing from lawyers who are active, practicing, and insured in Alberta. Lawyers are subject to the Law Society of Alberta’s client identification and verification rules and oversight.
• Original signatures are still required on all documents.
• These measures will be in place as long as the state of public health emergency remains in effect.

If you would like assistance with your estate planning, mention Calgary Puck for a $100 discount, during the pandemic.

[troutman]

Re: Will Kits - we've had to clean up many estates where there was a problem with the home-made Will. The most common problem is they are not witnessed properly, potentially voiding the will. A Will Kit may not properly address issues like guardianship, trusts, tax planning, beneficiary designations, second marriages, beneficiaries with special needs etc.

A typical husband/wife will is $500 with us - not a big expense for protecting your family.

[BsFaninCGY]

Originally Posted by troutman

If you would like assistance with your estate planning, mention Calgary Puck for a $100 discount, during the pandemic.

Calgary Puck.

Or should I call up and say it?

Seriously tho - the wife and I should really get this done too - should we call/email/come in and hug everyone?

[I-Hate-Hulse]

Question for the legal experts here:

My elderly parents had wills drawn up by a lawyer in town. My folks have multiple middle names and one of them was omitted in the legal documents drawn up (as compared to their passport)

Is this a problem?

[firebug]

Originally Posted by I-Hate-Hulse

Question for the legal experts here:

My elderly parents had wills drawn up by a lawyer in town. My folks have multiple middle names and one of them was omitted in the legal documents drawn up (as compared to their passport)

Is this a problem?

That's not been a major issue in a non-contested estate in my experience.

My experience (I do a probate/administration application or two every week) is that the courts don't usually scrutinize the name all that thoroughly. What you need to ensure is that when it comes time to probate that you ensure that how the names are listed on Land Titles or financial institution accounts are included as one of the 'aka' names on the application.

Now if the Estate becomes contentious you may be out of luck as names and identification may become more important when dealing with litigation (our firm doesn't practice in litigation so i have no experience in those matters).

[aiy_yah]

We got wills/power of attorney/etc. done years ago (5 or 6?) because we have 3 kids and I fly up north to work at a O&G facility. I have the hard copies locked up in a fire/water proof safe.

Does the lawyer keep a copy? If something were to happen, how does the will get dealt with?

I've name 1 brother as executor and another as the backup. They both are aware of the will and it's location, and that they have been named.

Is there anything else I need to do or be aware of?

[firebug]

Originally Posted by aiy_yah

We got wills/power of attorney/etc. done years ago (5 or 6?) because we have 3 kids and I fly up north to work at a O&G facility. I have the hard copies locked up in a fire/water proof safe.

Does the lawyer keep a copy? If something were to happen, how does the will get dealt with?

I've name 1 brother as executor and another as the backup. They both are aware of the will and it's location, and that they have been named.

Is there anything else I need to do or be aware of?

Some law firms will keep the physical will on file at their office but it is becoming less and less common as it's a lot of liability for them to carry. Plus it's hard to 'retire' when you're custodian for 350 wills lol. We retain a scanned copy of the executed will but do not retain the original.

Generally speaking, you want to keep the will in a place that is safe from damage and theft but also accessible to your named executors. Do not make any notes or markings on the original will itself as that can cause issues during probate. Keeping a will in a safety deposit box is safe, but it can be difficult for an executor to access.

Discuss with your executor(s) where the will is kept so that it can be retrieved when needed.

[bizaro86]

Originally Posted by firebug

Plus it's hard to 'retire' when you're custodian for 350 wills lol. We retain a scanned copy of the executed will but do not retain the original.

I would think it'd be relatively easy to find someone young trying to build a practice to take over the files? Wouldn't that give someone years and years of built in clients for probate services?

[cam_wmh]

Have you considered dating a 20something, 10-hot babe, and simply putting everything in her name? I've heard it does wonders for your sex life, AND makes the estate planning all but null.

[firebug]

Originally Posted by bizaro86

I would think it'd be relatively easy to find someone young trying to build a practice to take over the files? Wouldn't that give someone years and years of built in clients for probate services?

The challenge is that many of those wills may get replaced through another lawyer and you'd never know.

Second is that it most frequently is the Personal Representative who selects the lawyer to apply for probate so you'll get a call from me that I've been retained to assist the personal representative for a grant of probate on the Estate of DOE and I'd like to know when I can have a courier pick up the deceased's will. PS - thanks for storing it for them for the last 15 years ;-).

[Derek Sutton]

So this topic came up recently as my Uncle in Law was telling us about having recently dealt with his father's (small) estate. His Dad was living off his cash and investments and set up joint accounts with his son (my Uncle). Since all the accounts were set up as joint, everything was quick and easy and avoided probate and "all the paperwork". They went by what was stated in the will and Uncle just transferred what is in the accounts to his siblings accordingly. Could someone explain further on this? I never heard much of this before so I presume it is rather uncommon to set up joint accounts with your adult children? But Uncle said this is the way to go, and he will be doing this in the next few months likely with my wife (his niece) as the joint account holder/ executor as he has no children of his own.

[MoneyGuy]

Originally Posted by Derek Sutton

So this topic came up recently as my Uncle in Law was telling us about having recently dealt with his father's (small) estate. His Dad was living off his cash and investments and set up joint accounts with his son (my Uncle). Since all the accounts were set up as joint, everything was quick and easy and avoided probate and "all the paperwork". They went by what was stated in the will and Uncle just transferred what is in the accounts to his siblings accordingly. Could someone explain further on this? I never heard much of this before so I presume it is rather uncommon to set up joint accounts with your adult children? But Uncle said this is the way to go, and he will be doing this in the next few months likely with my wife (his niece) as the joint account holder/ executor as he has no children of his own.

It’s common from what I’ve seen. When I was a financial advisor many clients did that and my father-in-law did that with my wife, who is now in the process of dealing with his estate. It makes things easier but you have to trust the person to whom you’re giving control of money.

[Slava]

Originally Posted by MoneyGuy

It’s common from what I’ve seen. When I was a financial advisor many clients did that and my father-in-law did that with my wife, who is now in the process of dealing with his estate. It makes things easier but you have to trust the person to whom you’re giving control of money.

Yeah that's a potential issue, and if you're talking about a significant amount of money, taxation is another one. That's probably not as big an issue if it's a bank account, because the interest rates aren't that high (which begs another question), but if yoh have those funds invested or into something like a GIC, you might end up paying tax on that gain.