Documenting Your Legacy
Sherpa Tenzing took the photos that evidenced Sir Edmund’s achievements. As your legal sherpas in forward and estate planning matters, we help you make recordings of your achievements, your hard earned values of the heart, the memories you most cherish, the history you don’t want forgotten and the lessons and wisdom you would like to leave for your heirs. We do this through a series of purposeful, guided conversations that we record. This service arises from our belief that true wealth includes much more than just money and property and it is important to help you capture the riches of your life.
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Drafting Wills
Helping someone draft their will or wills is a responsibility we take seriously. We do not view our job as being merely scribes taking down what we are told. We need to ask questions in order to obtain the information needed to implement client wishes. We can miss important information if we are not completely familiar with your family background and because of that failure use inappropriate language to describe beneficiaries. For example, adopted children are generally included in the word "children" but step-children are not unless the will specifies doing so.
When ascertaining information about assets, lawyers make sure they know how title is held on property because various forms of joint ownership can significantly impact a will. Questions about the legal ownership of property and the technical terms used around it also help with assessing the probate fees (Estate Administration Tax) that will be payable on death. Understanding the entire asset picture helps ensure that the will is complete and to consider all potential benefits and liabilities. In some cases, dual or multiple wills may be advisable to reduce probate fees otherwise payable. Probate fees are approximately 1 ½% of the value of the assets covered by the will.
Accurately identifying beneficiaries is also important when dealing with charitable organizations. Litigation abounds in cases where a charity is only generically described. Disputes can arise between the national, provincial, and local chapters of a charity that is accurately, but not specifically, described. For example, there are many "cancer organizations".
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Choosing an Estate Trustee
The ideal Estate Trustee (formerly called an executor or executrix) is someone who is honest, capable, well organized and available, who knows the family and can handle and account for money responsibly. At least one Trustee should be younger than the Testator. An Estate Trustee should also be located close geographically so the duties can be performed expeditiously and without undue expense or inconvenience. Bonds (for usually twice the value of the Estate) may be necessary for Estate Trustees located outside Canada. An Estate Trustee should be someone whom heirs can trust, have confidence in and be someone to whom heirs can turn to for direction and understanding. A family member is fine in many cases, but maybe there is a close friend or adviser who would be better.
A team approach in some cases is a good alternative. In thinking about an Estate Trustee, it is advisable to name a successor to serve in case a first choice predeceases the Testator. If there is more than one Estate Trustee, it is important to say whether or not they are to act in concert or whether a majority or a particular Estate Trustee has authority over the others.
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