src="//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"> Seniors And Wills | Boomers & Beyond
Jul 062017
 

(NC) No matter what the size of your estate, every adult should have a will, say specialists in this field. Without one, you risk leaving the distribution decisions to an impersonal formula, with the government writing the terms.

A valid will ensures that your property will be dealt with according to your wishes and with a minimum of complications and expense for your estate. Without a will, your spouse may not receive as much as you would wish, your heirs will receive fixed percentages, regardless of their needs, and a court appointed administrator will handle your affairs. In making a will, it is important to give careful thought to what persons, needs or organizations you would like to benefit. It is best to consult a lawyer or notary to ensure your will is properly drawn up. This is much less expensive than most people imagine.

Here are 10 reasons for drafting a will:

  1. It’s your property: A will guarantees that your assets will be distributed according to your wishes.

  2. Children/Grandchildren: A will provides for the care of any children who are minors, enabling you to choose a guardian. Should both parents die, it assures the children do not become a ward of the Court.

  3. Speedy settlement of affairs: Without a will, lengthy court delays could create undue hardship for your family.

  4. Estate planning: When skillfully drafted, a will allows you to incorporate tax-saving measures and avoid unnecessary taxes, resulting in increased funds for your beneficiaries.

  5. Simplified distribution of your estate: By providing a blueprint and a list of directions, families will not have to guess about what you wanted.

  6. Peace of mind: A certain peace of mind comes from knowing that you’ve drafted a will that sets out your true intentions.

  7. Questions of capacity: If a person loses mental capacity, it’s not legally possible to write a will.

  8. Supporting your favourite causes: A will assures that you can continue to help organizations you have believed in during your lifetime, such as a health, education or sports charity, or an human rights organization like Amnesty International.

  9. Relieving any burden on your family: Reviewing the contents and nature of your estate and making known your decisions ahead of time for its disposition makes it easier on all family members.

  10. Ability to be creative: There are relatively few rules that limit a testator’s (person who writes a will) ability to make creative, thoughtful dispositions of property.

Write for a free information package on wills and bequests to Amnesty International, 312 Laurier Avenue East, #315, Ottawa, Ontario K1N 1H9.

www.newscanada.com

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May 112017
 

(NC) The topic of will-writing is often fraught with myths and misperceptions. Many of us believe that only the rich, elderly, or people in dangerous lines of work need to worry about having one. In fact, up to half of Canadians die without a will, leaving their legacy unprotected and friends and family with uncertainty about their estate.

This is why legal practitioners recommend that every person should have a will covering these five essential points:

• Determine who you want as your executor — the person who will carry out your wishes in settling your estate.

• Carefully plan for your dependents.

• Name a guardian for young children.

• Detail specific monies or gifts to friends, relatives or charities.

• Put in writing the details of your funeral arrangements.

A will is more than a simple outline for the final distribution of your property and effects. It is an occasion to plan for the financial support of the people and projects who you have actively supported during your lifetime. In addition to family and loved ones, many people also consider organizations in their will. Some common examples include a church, charity, or favourite organization like Amnesty International..

Laws about will-making and taxes vary from province to province and the specific wording to ensure that your wishes are carried out may require the help of a lawyer. Experts strongly recommend that you seek legal advice on this subject.

Find more information and get a free information package at www.amnesty.ca/legacy.

www.newscanada.com

Mar 162017
 

(NC) One of the very best financial decisions you can make for you and your loved ones is to write a will. It is astonishing how many people in Canada do not have one — more than half, according to some estimates. For some, just knowing where to start can be an obstacle.

For others, maybe it does not seem urgent, but dying without a will could mean that your property will not be distributed in accordance with your wishes. So what are the secrets to writing a good will? Here are a few key points to keep front of mind:

  1. Choose your executor carefully. The executor is the person you have chosen to carry out the directions of your will. It must be an adult and it should be someone you trust. It is also a good idea to name an executor who is younger than you.

  2. Take care of your loved ones first. Most of us plan to leave something to those closest to us. If you don’t name your loved ones in your will and state how much you want them to receive, your estate might not automatically go to the right people.

  3. Name guardians for your dependents. If you have children under the age of 18, your will should name the person who will be your children’s guardian if you die. If you have pets, they will also need a caretaker.

  4. Name the special causes you want to support. Think about the favourite causes you want to leave a gift to. It could be a health charity, a local animal shelter, or a human rights charity like Amnesty International.

  5. Seek expert help. You might be tempted to write a will on your own, but that decision could end up costing your loved ones more. Speak to a lawyer who specializes in estates. Their guidance might not be as expensive as you imagined and will likely pay off in the long term.

Find more information at www.amnesty.ca/legacy.

www.newscanada.com

Feb 122017
 

(NC) While writing a will does not need to be complicated, it’s always advisable to contact a lawyer or notary. Ensuring there are no small mistakes that could cause difficulties in future years and the peace of mind that comes from knowing everything has been done correctly are well worth the cost of legal advice — which is often far less than people imagine.

Here are answers to some common questions about writing a will.

Can I write my own will without consulting a lawyer?

You can, but it’s not usually advisable. Homemade wills are generally valid if certain minimum requirements are met, at least in some provinces. But there’s no substitute for the professional expertise of a competent lawyer or notary. Laws about will-making and taxes can vary from province to province. The specific wording needed to ensure your wishes are met is important to keep in mind. A small mistake in a homemade will might cause complications to your estate and result in your wishes not being carried out.

What is an estate?

Everyone has an estate, if they own anything at all. The term applies not just to real estate but cash, cars, furniture, books — any property at all. The smaller your estate, the more important that it be settled quickly, as delays usually mean more expense. Your estate may also be larger than you realize. Don’t make the mistake of thinking of your property’s original cost. In many cases, its value may have increased.

How much does it cost to have a lawyer draw up my will?

That depends on how simple or complicated the will is. Ask the lawyer in advance what it will cost. It’s a question they answer routinely.

To receive a free information package on wills and bequests, write to Amnesty International, 312 Laurier Avenue East, Ottawa, Ontario, K1N 1H9.

www.newscanada.com

Dec 242016
 

(NC) While writing a will does not need to be complicated, it’s always advisable to contact a lawyer or notary. Ensuring there are no small mistakes that could cause difficulties in future years and the peace of mind that comes from knowing everything has been done correctly are well worth the cost of legal advice — which is often far less than people imagine.

Here are answers to some common questions about writing a will.

Can I write my own will without consulting a lawyer?

You can, but it’s not usually advisable. Homemade wills are generally valid if certain minimum requirements are met, at least in some provinces. But there’s no substitute for the professional expertise of a competent lawyer or notary. Laws about will-making and taxes can vary from province to province. The specific wording needed to ensure your wishes are met is important to keep in mind. A small mistake in a homemade will might cause complications to your estate and result in your wishes not being carried out.

What is an estate?

Everyone has an estate, if they own anything at all. The term applies not just to real estate but cash, cars, furniture, books — any property at all. The smaller your estate, the more important that it be settled quickly, as delays usually mean more expense. Your estate may also be larger than you realize. Don’t make the mistake of thinking of your property’s original cost. In many cases, its value may have increased.

How much does it cost to have a lawyer draw up my will?

That depends on how simple or complicated the will is. Ask the lawyer in advance what it will cost. It’s a question they answer routinely.

To receive a free information package on wills and bequests, write to Amnesty International, 312 Laurier Avenue East, Ottawa, Ontario, K1N 1H9.

www.newscanada.com

Dec 122016
 

(NC) Although we may think about it from time to time, most of us don’t really think seriously about preparing a will. But having a will offers peace of mind that our intentions regarding distribution of our estate are clear. Learn more about preparing one of the most important documents you will ever have.

Consulting a lawyer saves money.

Drafting a will on your own can end up costing you more money in the long run. For instance, not knowing enough about tax laws or unintentionally misusing a legal phrase can leave your estate in legal limbo for a long time. Having a lawyer draw up your will is not as costly as you think. You can save on legal fees by preparing a full checklist of your assets and documents beforehand.

What will happen if I don’t have a will? Without a will, the court appoints someone to manage your estate. Provincial law determines who inherits your assets. More of your money might be spent on administration and lost tax advantages and go to people you never intended.

What is an executor? An executor is someone you choose to pay any outstanding debts, file final income tax returns, and oversee the distribution of your assets to your beneficiaries.

Who can be an executor? You can choose a friend, relative, lawyer or trust company. The important thing is that you choose someone you trust to fulfil all the above functions in a responsible and timely manner.

Receive a free information package on wills and bequests by writing to Amnesty International, 312 Laurier Avenue East, Ottawa, Ontario K1N 1H9.

www.newscanada.com

Sep 302016
 

(NC) Every adult should have a will, no matter how large or small their estate. Without a will, your property will be distributed by means of an impersonal formula established by provincial laws. In essence, this means the government would write the terms of your will for you.travel

A valid will ensures your property will be dealt with according to your wishes and with a minimum of complications and expense for your estate. Without a will, your spouse may not receive as much as you would wish, your heirs will receive fixed percentages regardless of their individual needs, and a court-appointed administrator will handle your affairs.

When making your will it’s important to give careful thought to what persons, needs, or organizations you would like to benefit. It’s best to consult a lawyer or notary to ensure your will is properly drawn. And it’s much less expensive than most people imagine.

Here are the top eight reasons for drafting a will:

  1. Children/grandchildren: A will provides for the care of your children who are minors, enabling you to choose a guardian. Should both parents die, it assures children do not become wards of the court.

  2. Speedy settlement of affairs: Without a will, lengthy court delays could create undue hardship for your family.

  3. Estate planning: When skillfully drafted, a will allows you to incorporate tax saving measures and avoid unnecessary taxes. This in turns results in increased funds for your

beneficiaries.

  1. Simplify the distribution of your estate: By providing a blueprint and a list of directions, families will not have to guess about what you wanted.

  2. Peace of mind: A certain peace of mind comes from knowing you’ve drafted a will that sets out your true intentions.

  3. Questions of capacity: If a person loses mental capacity, for example, through Alzheimer’s, it’s not legally possible to write a will.

  4. Supporting your favourite causes: A will assures that you can continue to help organizations you have believed in during your lifetime, such as a health charity or a human rights organization like Amnesty International.

  5. Relieving any burden on your family: Reviewing the contents and nature of your estate and making your decisions known ahead of time makes it easier on other family members.

For a free information package on wills and bequests, write to Amnesty International, 312 Laurier Avenue East, Ottawa, ON K1N 1H9.

www.newscanada.com

Aug 142016
 

(NC) A will is more than a simple outline of the final distribution of your property and effects. It’s an occasion to plan for the financial support of the people and projects that you have actively supported during your lifetime. It can also be the time to finally help those people and groups you always intended to support, but didn’t have the resources for.will

While everyone involved in estate planning agrees with the need to make a will, remember that it is your will, so focus on your own wishes and feelings. A will is an important document, but if it doesn’t express your wishes, it’s not done well. Talk it over, consider the future, make a draft, and think again. Your will is probably one of the most important and personal documents you will ever prepare.

Every person should have a will — make sure it covers at least these seven essential points to avoid difficulties in the future:

  1. Make sure only one will exists.

  2. Determine who you want as your executor, the person who will carry out your wishes in settling your estate.

  3. Carefully plan for your dependents.

  4. Name a guardian for young children.

  5. Detail specific monies or gifts to friends, relatives or charities.

  6. Consider what people or organizations mean a lot to you for the residue of your estate. One’s church, a charity, or a favourite organization like Amnesty International are often on this list.

  7. Put in writing the details of your funeral arrangements.

Laws about will-making and taxes vary from province to province, and formulating the specific wording necessary to ensure your wishes are carried out may require the help of a lawyer. Experts strongly recommend that you seek legal advice when making out your will.

For a free information package write to Amnesty International, 312 Laurier Avenue East, #316, Ottawa, Ontario, K1N 1H9.

www.newscanada.com

Jul 062016
 

(NC) Writing a will is one of those responsibilities many people put off indefinitely. But nobody should be without a will — it gives you the unique opportunity to exercise your rights and to decide where your assets go. A will ensures your wishes are respected and that nothing is left open to misinterpretation.seniors 1

Without it your estate is distributed according to the laws of the province where you live. These laws are inflexible and may not take into consideration the care of people or organizations you wish to remember. The way to ensure your wishes are followed is to have a will.

Q: Aren’t provincial laws adequate for most situations?

No, because they’re impersonal — they don’t make exceptions and property is distributed according to an all-purpose plan. For example, these laws may deplete your estate unnecessarily, requiring that a court-appointed administrator be bonded.

The laws also try to guess your desires concerning who should be your administrator and who should be guardian of any minor children. They also cannot make charitable bequests or gifts to causes you supported in your lifetime, such as Amnesty International. Only a personal will can do that.

Q: Don’t only wealthy people need wills?

This is a common misunderstanding. In reality, the smaller the estate the more important it is to settle quickly in order to avoid additional expense. This can only happen with a properly written will.

Q: Don’t only people with troublesome relatives need wills?

Wrong. Even family members with the best intentions may be puzzled and confused as to what your wishes may have been in the absence of a will.

Q: Isn’t it expensive to have a will prepared?

Wills are usually less costly than people expect and definitely less than the emotional and financial cost of not having a proper will.

Lawyers charge for their time and knowledge, so the more time you save them the more money you’ll save yourself. Before seeing a lawyer, make a list of all your property including real estate, bonds, savings accounts, RRSPs, jewelry, family heirlooms and works of art; list the people you want to provide for along with their ages, addresses and personal relationship to you; name your executor and alternative executor (preferably both younger than yourself) and suggest a guardian for any minor children.

To receive a free information package on wills and bequests, you can write to Amnesty International, 312 Laurier Ave. East, Suite 204, Ottawa, Ontario K1N 1H9.

www.newscanada.com

Jun 032016
 

(NC) One of the best decisions you can make when it comes to financial planning is writing a will. But it’s astonishing how many Canadians don’t have one — more than half of us according to some estimates.health care

Writing a will seems to be one of those things that many of us put off for another day. Maybe it doesn’t seem urgent, or perhaps the whole process seems daunting and can stir up uncomfortable emotions. But dying without a will could mean that your property won’t be distributed in accordance with your wishes. So put that procrastination aside and write that will with these five easy tips.

  1. Choose your executor carefully. The executor is the person you have chosen to carry out the directions of your will. It must be an adult and it should be someone you trust. It’s a good idea to name someone relatively young as executor so that they’ll likely outlive you and be able to carry out your wishes.

  2. Take care of your loved ones first. Most of us plan to leave something to those closest to us. But if you don’t name your loved ones in your will and state how much you want them to receive, your estate might not automatically go to the right people.

  3. Name guardians for your children. If you have children who are not of legal adult age, your will should name the person who will be your children’s guardian if you die.

  4. Name the special causes you want to support. Think about favourite causes you want to leave a gift to. It could be a health charity, a local animal shelter or a human rights charity like Amnesty International.

  5. Seek expert help. You might be tempted to write a will on your own, but that decision could end up costing your loved ones more. Seeking expert advice is strongly recommended — speak to a lawyer specializing in estates. Getting their guidance might not be as expensive as you imagined and will likely pay off in the long run.

Writing a will is a fairly straightforward process and your loved ones may be thankful that you took the time. A general information package is available free from Amnesty International at 312 Laurier Avenue East, Suite 250, Ottawa, Ontario, K1N 1H9.

www.newscanada.com

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