Date: Wed, 31 Dec 1997 21:24:32 GMT Server: RapidSite/Apa-1.2.1 FrontPage Last-Modified: Sat, 01 Mar 1997 00:13:40 GMT ETag: "1eb53c9-1c4d-331774b4" Content-Length: 7245 Accept-Ranges: bytes Connection: close Content-Type: text/html STRINGAM DENECKY LAW OFFICES

WHY YOU NEED A WILL

What is a will?

A will is a legal document by which you control the disposition of your property at death.

What if there is no will?

When a person dies leaving no will, he is said to die intestate. All of his property both real (land) and personal (chattels) are distributed according to a rigid formula fixed by law. The intestate law is the same for everyone. It cannot take into consideration the needs and wants of any individual or family.

Who can make a will?

The maker of a will, called the testator, must be of sound mind and at least 18 years old.

Who should prepare my will?

No sensible person would employ "just anyone" to remove an appendix or deliver a baby. We want these services performed skilfully, by a professional, with a minimum of risk. Similarly, the drafting of a will involves important decisions requiring professional judgment. The "do-it-yourself" approach, using ready-made will forms, often creates serious problems.
The language of wills is unique. The incorrect use of words may cause distribution of an estate in a manner not intended by the testator. Further, flexibility in the administration of the estate is not usually addressed in ready-made will forms. Only a practicing lawyer familiar with wills is qualified to avoid the pitfalls and to advise the best course suited for each individual situation.

Is a will expensive?

Considering its importance, the cost of a will is modest. The lawyer's fee is determined by the amount of time spent in preparing a will. You should inquire about the approximate cost before the will is drawn. Keep in mind that a few hours of a lawyer's time may mean substantial savings in taxes and probate expenses.

Who will manage my estate?

If you make a will, you may choose an executor, a person you trust to manage your estate during the period of administration. If you die intestate, the persons entitled to administer your estate are set out by legislation, which may not be according to your desires or in the best interests of the estate.

What does an executor do?

The purpose of the executor is to give effect to the testator's wishes. The executor is responsible for paying all the debts of the estate (including taxes) and to distribute to the beneficiaries. It is the executor's role to exercise whatever direction is necessary in conjunction with the wishes of the beneficiaries.

Can my will be changed?

A will does not become final until the death of the maker. As long as the testator is mentally competent, he or she can change the will. However, one should review his or her will at least every five years and certainly upon the occurrence of any major event. A major event would include births, deaths, marriages, dissolution of marriages, tax law amendments or changes in the nature, extent, or property owned.

What difference does marriage make on a will?

If you make a will and later marry or remarry, a marriage will automatically revoke your existing will unless that will was prepared in contemplation of marriage. However, upon dissolution of a marriage, your will remains in force until revoked. Accordingly then, a change in your will should always accompany a change in marital status.

Does jointly owned property eliminate the need for a will?

Bank accounts, real estate, stocks, bonds and other property held in the joint names of the spouses (but not necessarily other persons) usually pass automatically to the survivor upon the death of one of them. This does not mean that both husband and wife do not need separate wills. If one dies shortly after the other, such as in the case of a common accident, the survivor may not have the time or opportunity to make a new will, or may neglect to do so, and all the property may pass to the unintended heirs of the survivor.

How do I appoint guardians?

Guardians are appointed by your will. In fact, couples with young children should ensure that the person or persons of your choice become responsible for the upbringing of your children.

What does a guardian do?

A guardian is the person legally responsible for the upbringing of the children under age 18. This does not necessarily mean that the guardian actually has the children living with him, although this may be the case. You are entrusting your parental discretion with the guardian.

Does a good life insurance program take the place of a will?

No. Life insurance is only one of the kinds of property you can own. The careful person will have his lawyer and life insurance counsellor work together on a life insurance program, particularly where special arrangements have been made.

Can I make my own handwritten Will?

Yes. The law of Alberta allows for such a will to be made so long as it is wholly handwritten and signed by the testator. However, this "do-it-yourself" approach often creates serious problems in the distribution and administration of the estate. The ounce of prevention spent to put your financial affairs in order through your will and through estate planning by a professional, far outweighs the pound of cure often necessary to correct a problem estate after the fact.

Does a will increase probate expenses?

No. Just the opposite is true. It is possible for a well-drawn will to reduce expenses.

What about taxes?

A carefully prepared will may cause considerable reduction of taxes on death. This is one of the reasons that an interview with a professional with respect to the tax consequences on death is essential. However, tax consequences depend on the individual characteristics of each case. Every will should make a provision for the payment of such taxes and provide for flexibility in arranging to reduce the tax burden.

When should I make a will?

You should make a will now and arrange your financial affairs, before it's too late.

For further information please E-mail lethlaw@agt.net






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