• Something you should know if you have a Will dated earlier than 2001

• Wills

• Power of Attorney

• Health Care Directives

Will Noun (Plural wills)

1. A Will is a legal document that states who is to receive a person’s estate and assets after their death. Not only that but it speaks about a person’s assets, dependant children, and other loved ones through articulating on paper what their intent, volition, and decision was with respect to the above.  

Having a Will is very important and helps simplify things through a very difficult time. With the help of MacDermid Lamarsh, this is easy to do. Many people do not have one, or have not updated their Will for changing life circumstances. Having a Will, gives you peace of mind, in knowing that everything has been taken care of.

What do you need to consider?

The Executor

You will need to decide who will be in charge of administering your estate when you are gone. This person is called your executor. The person should be someone of good character and someone you trust. It is a good idea to name an alternative person in case the first person is unable or unwilling to act as executor. You can name more than one person to act jointly, or consecutively. 

If you do not have anyone in mind to act as executor, you can name a trust company. Keep in mind that a trust company will charge a fee for acting as executor. 

Funeral Costs and Debts

Funeral costs and debts must be paid before anyone else can receive any assets or gifts as a beneficiary.

Beneficiaries of Insurance and RRSP's

You should name beneficiaries for all and any insurance on your life or RRSP's. Saskatchewan law permits you update the beneficiary under an insurance policy or investment by way of your Will; however, it is advisable to also write directly to the insurer to ensure that this is taken care of.

Distributing your Property

It is important to note in preparing your Will that, spouses have a legal obligation to provide for each other in their estate and parents have a legal obligation to provide for their children while they are minors or dependants. Failure to do so may lead to a legal claim against the estate.

In a Will you may leave specific gifts to certain people, and the balance to others. The remaining property can be divided in equal or unequal shares.

A Will should also cover the possibility that some or all of the people intended to receive your property or asset(s) are not alive to receive it. In this situation, you must also consider who should it go to in that case?

Guardians & Future Care of your Children

In the event that both parents pass, it is advisable to indicate who will be the guardian(s) for your child(ren). You may want to also choose an alternate person in the event that the first named person is not able to act as a guardian.  You can have the same person named as your child’s property guardian, or it can be another person. 

A Will should use the estate assets to care for any children and provide for their education in the event that both parents pass. It is hard to say what your children's needs will be in the future or what the cost of living will be and therefore it is important to have a Will that is flexible and a lawyer will help you accomplish that. 

You need to consider at what age you would like your child(ren) to receive any assets or property from your Estate. Whatever age you choose, often between the ages of18 to 25, it is important to know that if there are two or more children, the division of the Estate should occur when the youngest child reached the desired age for distribution; otherwise the result may be unequal division of the assets.

 

Misc.

It is important to let your lawyer know what you own.  If you do not advise your lawyer fully of all assets and property, your wishes may not be executed and your beneficiaries may be disappointed. 

A will may also provide instructions about burial, cremation, etc.