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Thread: Wills

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    Default Wills

    We need to update our will and the lawyer wants $1000.00 for it since hes basically doing a complete new will. The $1000 is for the full package which is something like POA added in. I found https://www.lawdepot.ca/contracts/ca...=QGLandingPage which looks like it will do a will but after talking to a friend hes saying i need a trustee or something like that to actually distribute the funds. Seeing as how were all parents now im sure theres a wealth of knowledge from members that they can share about wills and estate planning. Thanks in advance
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    and I did not have the only say in the matter (most people just want it done ASAP and don't care about quality).
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    If anything we made a better decision because we had a consensus and were all on the same page.

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    If you’re open to a self serve option check out willful.co

    Did mine and my wife’s will on there and it’s nice because you can update any time if anything changes. I think it was $200 or so for the full married package including PoA. I think there’s a referral thing that can get you a discount, let me know if you want me to send you one.

    If your estate is crazy complicated though, def go thru a real lawyer.

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    ^^Thanks! Our etstate isnt too complicated or else id for sure go lawyer route.
    Quote Originally Posted by Mitsu3000gt View Post
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    and I did not have the only say in the matter (most people just want it done ASAP and don't care about quality).
    Quote Originally Posted by Mitsu3000gt View Post
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    If anything we made a better decision because we had a consensus and were all on the same page.

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    I'm curious too - We have nothing at the moment & have been meaning to do this for many years.
    Originally posted by killramos
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    Looked into this a bit more and its pretty complicated. I just figured a simple will would take care of it but thats just the tip of the iceberg. That willful looks pretty good so i might take you up on that sabad66


    Quote Originally Posted by Pauly Boy View Post
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    I'm curious too - We have nothing at the moment & have been meaning to do this for many years.
    GET ON IT if you have kids. We have one in place but it was done when we only had one kid and have meant to take care of it since but FFWD 5 years its still not done.
    Quote Originally Posted by Mitsu3000gt View Post
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    and I did not have the only say in the matter (most people just want it done ASAP and don't care about quality).
    Quote Originally Posted by Mitsu3000gt View Post
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    If anything we made a better decision because we had a consensus and were all on the same page.

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    Sign up thru this link and you get $20 off, and I get a $10 Amazon gift card
    https://willful.co/?grsf=kcm8hk

    Doesn’t hurt to go thru the steps for free first to try it out. You don’t have to pay until the very end I think when you want to print off the Will. There may also be other deals around if you google for willful promos so give that a shot first. I know they do a Black Friday promo but not sure if you want to wait til November for this

    Rereading your original post again, I believe what your friend was talking about is an executor not a trustee but I could be wrong about that. Basically for executor you want to pick someone who is really organized and knows their way around this stuff so that if you do pass, your last wishes will be executed properly and efficiently. I believe the default suggestion is you each assign your spouse so whoever the survivor is becomes the executor. But you can always pick someone else you trust if you don’t want to assign spouse.

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    Also pick a secondary. You could both die in an accident.

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    Seems expensive to me, but maybe that's just Calgary's legal scene.

    My folks retired in central Sask, and split up in 2014. I was made my mom's sole heir, and my father's, but their property was separate (my mother owned 4 sections of land, 2 homes, my father 1 home and 1 lake home/large cabin, plus their pensions), so it was a bit complicated, plus with DNRs and other health related things in all three wills (I made one as well). All 3 wills cost $500, and our lawyer came to my mother's home to do hers as she wasn't ambulatory back in 2017 when we did them before she passed later that year.

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    Quote Originally Posted by Gman.45 View Post
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    Seems expensive to me, but maybe that's just Calgary's legal scene.

    My folks retired in central Sask, and split up in 2014. I was made my mom's sole heir, and my father's, but their property was separate (my mother owned 4 sections of land, 2 homes, my father 1 home and 1 lake home/large cabin, plus their pensions), so it was a bit complicated, plus with DNRs and other health related things in all three wills (I made one as well). All 3 wills cost $500, and our lawyer came to my mother's home to do hers as she wasn't ambulatory back in 2017 when we did them before she passed later that year.
    I dont know much about the legal scene in Sask but i would check it out ASAP. From what i found out a will is not the be all end all. I think Sabad66 is right that you will need an executor or trustee to disperse everything. If you dont have all that in place the courts would take everything your parents owned and then hire their own exec/trustee to sell everything off and then disperse the funds. This will cost you money to hire that person and if theres complications it can take years before you see anything. As mentioned im just starting to research all of this as i have a couple properties too so i want to make sure it gets handled properly so please take my info with a ton of salt lol If i were you though i would definitely go talk to a lawyer because your family has a lot of assets so the last thing you want to do is have a death in the family then deal with all the legal garbage after.
    Quote Originally Posted by Mitsu3000gt View Post
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    and I did not have the only say in the matter (most people just want it done ASAP and don't care about quality).
    Quote Originally Posted by Mitsu3000gt View Post
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    If anything we made a better decision because we had a consensus and were all on the same page.

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    We did ours years ago with a lawyer in Calgary and I think it was $800ish so your price is in the ballpark. I know there are a lot of do it yourself options, but the fact that I've got kids involved, and that myself or my wife won't be around (obviously if we're dead) to deal with anything that isn't addressed in a DIY form made it an easy decision to go with a real lawyer.

    She was good, I think we had 2 meetings with her, and she made some suggestions and offered some guidance, and I have peace of mind knowing that it shouldn't be disputed when the time comes to use it. I'm just always worried that something will be missed, or not applicable, or some other BS in the DIY ones and it'll turn out to be useless.

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    Quote Originally Posted by Rocket1k78 View Post
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    I dont know much about the legal scene in Sask but i would check it out ASAP. From what i found out a will is not the be all end all. I think Sabad66 is right that you will need an executor or trustee to disperse everything. If you dont have all that in place the courts would take everything your parents owned and then hire their own exec/trustee to sell everything off and then disperse the funds. This will cost you money to hire that person and if theres complications it can take years before you see anything. As mentioned im just starting to research all of this as i have a couple properties too so i want to make sure it gets handled properly so please take my info with a ton of salt lol If i were you though i would definitely go talk to a lawyer because your family has a lot of assets so the last thing you want to do is have a death in the family then deal with all the legal garbage after.
    As I said, my mother already passed away, after we had said wills created, so one of the wills has already been executed and everything worked out correctly. Obviously you need an executor, and that was appointed in the will(s). I'm not quite sure what you're referring to as the issues to be concerned over, a will obviously should have all facets covered, that's the entire point of having a lawyer create one, it isn't just a few lines of "I hereby bequeath so and so all my shit, the end". If probate is what you're referring to, if required there are fixed costs to this, and it certainly wouldn't have been much $ in the grand scheme of things in my case. Most assets can be transferred to named beneficiaries through operation of law. Again, in my case, the land was already registered jointly - my mother's PRIF/RRIF/whatever, her bank accounts, and life insurance policy were all paid or transferred as the case may have been to my name in pretty short order.

    edit - Missus corrects me and says that each will was $500, not $500 total for all 3 of them, so $1500 is in the ball park- ish for a Calgary vs SK legal fee. Well, maybe in the parking lot of the ball park, but closer in costs at least, and this was in 2017, 4 years ago now.

    Rocket, a trustee/executor is merely someone you appoint to take charge of your estate, both assets and debts, who will be responsible for distributing your assets as you've directed in your will, as well as ensure any debts and outstanding bills you have are cleared up. They'll also be responsible for filing your final tax return with the CRA. If you're married and have children as you've said, IMO spending the $ on a lawyer is probably worth it, unless you simply can't afford it. You'll need to ensure all potential scenarios are covered, and legal help is important with regards to ensuring your children are provided for. Your trustee, unless a lawyer/tax expert/etc themselves, will likely have to seek legal help AS your trustee, so they don't have to be an "expert", just someone that you "trust" (get it).

    As an example from my case why having a lawyer may be beneficial - my mother was certain that all her investments through her investment firm had me listed as heir, but our lawyer found 2 of the mutual funds hadn't been xfered to my name from when my folks divorced and my father was still listed as her heir on the funds. IE even IF she had listed me as her heir in the will, it could have been a fight/gong show had my father decided to contest those 2 funds which had been missed by the "pros" at the investment firm, but caught by our lawyer. There are so many little details, so if you do decide to spend the $ on a lawyer, do your best to ensure that he/she is experienced. There has got to be some good recommendations in Calgary from the lawyers who are members on Beyond...
    Last edited by Gman.45; 02-27-2021 at 04:45 PM.

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    As other have mentioned, the executor carries out the instructions as directed by the Will. It can be anyone. They just follow the directions of the Will upon death.
    So when the go to the bank. The bank will also need a true copy of the Will (not a photocopy). So make sure you have copies. The bank will also read through the instructions (They do this to cover themselves as well as the client. But mostly themselves)

    This might not apply to you. But if you have a life insurance policy. The Will has no authority on the beneficiaries on that policy. The beneficiaries of the life policy receive the benefit and not as directed by the Will.
    For example if the Will says Bob and Jane get the assets and financials after death. But the Life policy says Bob gets the payout of the LIFE policy. Then Bob will get the payout of the life policy.
    Your lawyer can't advise or give any direction on life insurance matters. Thats law. I have had clients mislead on this by their lawyer and accountants.
    Also talk to a financial planner and accountant to give you a estimate of your financials in x years ahead with inflation. Then roughly calculate any taxes to be paid upon death. In most cases it may not apply to you. But life insurance (done properly) can be used as a wealth transfer tool as its all TAX FREE.

    Get a contingent beneficiary. I cant stress this enough. What this means if you and your partner die in a car crash and your children are under 18. The contingent directs and holds the assets/money in trust to a age that is directed. For example, you may want the majority of the financials held in trust by the contingent till your children reach age 27.

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    I want to put it out there that power of attorney can be revoked. We have a family member who continually tries to access an elderly family member's finances. The elderly relative knows he's a piece of shit, but feels threatened by him and can't say no. He presented her with a new POA, with a notary who I don't believe did their diligence, and I spent the better part of Christmas having it revoked and the previous POA restored. If you have two kids and one of them is chronically manipulative and untrustworthy, that documentation needs to be locked the F down well in advance of your eventual mental deterioration.

    Originally posted by teamPRO


    howbout suck my black kettle...

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    Quote Originally Posted by Gman.45 View Post
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    As I said, my mother already passed away, after we had said wills created, so one of the wills has already been executed and everything worked out correctly. Obviously you need an executor, and that was appointed in the will(s). I'm not quite sure what you're referring to as the issues to be concerned over, a will obviously should have all facets covered, that's the entire point of having a lawyer create one, it isn't just a few lines of "I hereby bequeath so and so all my shit, the end". If probate is what you're referring to, if required there are fixed costs to this, and it certainly wouldn't have been much $ in the grand scheme of things in my case. Most assets can be transferred to named beneficiaries through operation of law. Again, in my case, the land was already registered jointly - my mother's PRIF/RRIF/whatever, her bank accounts, and life insurance policy were all paid or transferred as the case may have been to my name in pretty short order.

    edit - Missus corrects me and says that each will was $500, not $500 total for all 3 of them, so $1500 is in the ball park- ish for a Calgary vs SK legal fee. Well, maybe in the parking lot of the ball park, but closer in costs at least, and this was in 2017, 4 years ago now.

    Rocket, a trustee/executor is merely someone you appoint to take charge of your estate, both assets and debts, who will be responsible for distributing your assets as you've directed in your will, as well as ensure any debts and outstanding bills you have are cleared up. They'll also be responsible for filing your final tax return with the CRA. If you're married and have children as you've said, IMO spending the $ on a lawyer is probably worth it, unless you simply can't afford it. You'll need to ensure all potential scenarios are covered, and legal help is important with regards to ensuring your children are provided for. Your trustee, unless a lawyer/tax expert/etc themselves, will likely have to seek legal help AS your trustee, so they don't have to be an "expert", just someone that you "trust" (get it).

    As an example from my case why having a lawyer may be beneficial - my mother was certain that all her investments through her investment firm had me listed as heir, but our lawyer found 2 of the mutual funds hadn't been xfered to my name from when my folks divorced and my father was still listed as her heir on the funds. IE even IF she had listed me as her heir in the will, it could have been a fight/gong show had my father decided to contest those 2 funds which had been missed by the "pros" at the investment firm, but caught by our lawyer. There are so many little details, so if you do decide to spend the $ on a lawyer, do your best to ensure that he/she is experienced. There has got to be some good recommendations in Calgary from the lawyers who are members on Beyond...
    Sorry for missing that part about your mom passing.

    Thanks for all the info guys!! Gonna go lawyer route
    Quote Originally Posted by Mitsu3000gt View Post
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    and I did not have the only say in the matter (most people just want it done ASAP and don't care about quality).
    Quote Originally Posted by Mitsu3000gt View Post
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    If anything we made a better decision because we had a consensus and were all on the same page.

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    Sorry for missing that part about your mom passing.

    Thanks for all the info guys!! Gonna go lawyer route
    No worries - smart decision IMO.

    Some great info from TonyTiger55, particularly regarding the life insurance policy.

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    My Wife is helping her Mom with her Will, POA and a few other items. Rate she was quoted was $750.

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