WILLS & ESTATE PLANNING

If you are thinking of getting your affairs in order, we can help.  Having your estate planning documents completed and signed will provide you with peace of mind that your family and assets are protected.

Starting the task of completing your Will and other estate planning documents can be daunting, especially if you have never signed a Will before or your family situation is complicated.   After the first meeting with us, clients often find that the process is easier than they expected.  We provide information and guidance to you each step of the way so that you can make good decisions and get your plan in place.

The following is some information to consider:

Wills

A Will is a legal document that sets out how the assets you own will be distributed after your death. A Will appoints the person who will act as executor to manage your estate. If you have minor children, it also names the guardian of your children. Your Will may be changed by you from time to time if necessary and only takes effect when you die. If you do not have a valid Will at the time of your death, you will not be able to control what happens to your assets; they will be distributed in accordance with the laws in effect at that time.

Testamentary Trusts

In some cases, it may be desirable to include a trust in your Will to take effect after your death.  Here are some examples of when a trust is appropriate:

• To protect children or grandchildren until they are mature enough to manage inheritance money properly
• To provide a fully discretionary trust for a disabled beneficiary to help preserve their entitlement to social assistance benefits (“Henson” trust)
• To fulfill your obligations to support your new spouse while still leaving an inheritance to your children from a previous relationship (spousal trust)
• To protect a beneficiary who has health or financial difficulties
• To retain control over funds left to beneficiaries after your death

Executor 

One of the important purposes of a Will is to appoint an executor.  The executor and trustee is the person who will handle your estate and distribute your assets in accordance with your Will.  In many cases, a family member or friend is appointed for this role.  If you do not know a suitable person to appoint, a corporate executor or professional person should be considered.  There are several good trust companies who will take on the role of executor of your Will if desired.