To discuss the drawing of a Will, there is certain basic information which must be obtained from a client concerning:
A client should prepare and bring a general list of assets and liabilities and a copy of any current will.
In drafting a will, a client is not limited to the following. Any suggestions made here are guidelines only.
Client's name (including any other names by which client is known);
Address;
Occupation;
Marital Status (full details if separated, divorced or widowed)
Any restriction on the leaving of any assets in a Will, for example,
Seperation Agreement, jointly owned property, etc;
Dependents - full names; address; are any children illegitimate, adopted or step-children?
Assets:
Land and Buildings - please list including out of province real estate
Personal Property - including heirlooms, collections, etc.
Stocks and Bonds, bank accounts, pensions, R.R.S.P.s (advice ownership)
Business, mortgages and/or leases.
Executor - he or she will be the one who will attend at the lawyer's office to see that the assets are transferred to the beneficiaries. They will also have to make some decisions with respect to whether assets should be sold or transferred, what tax decisions should be made, etc. You must have a competant adult as an Executor and you may have as many people as you want, although it is better not to have too many. You may appoint your spouse as an Executor in the first instance, but it you do so, then you should also select an alternate. We need the Executor's full name and address. Always select an alternate Executor, as well.
Special Bequests - Although there is no obligation to make specific bequests, they can be put in if you wish. For example "$5,000.00 to Canadian Cancer Society" or "my antique dresser to my daughter, Lucy". We would need an accurate description of the article and the beneficiary. If there are a large number of items of a personal nature such as ornaments, ect., that also can be dealt with by leaving a list with the Will.
Distribution Clause - The usual clause is "Everything to my spouse, and if my spouse predeceases me, then everything to our children in equal shares". If it is possible that your spouse and all of your children may die with you in a common accident, then you should make provisions as to who is to receive your Estate in that case.
Other Clauses - Apply where different classes of beneficiaries exist or when different percentages of the Estate, other than equal proportions are to be distributed. Basically, the Will can outline whatever you wish in this regard.
Under 18 Clause - Usually children cannot take any inheritance. It is held in trust for them until they reach 18 years, the age of majority. The Executor will invest it for them until they turn 18. The age can be varied upwards in certain cases. Special provisions can be written in the Will for challenged children and adults.
Guardians - They act as replacement parents for orphans under 18 years of age. We need their full name and address. Usually no fees are given to guardians, but provisions for this can be written into the Will.
It is essential for you to ask the permission of the Executor or Guardian to use their names before the Will is signed.
Standard Clauses - There are a number of clauses which we add to a Will to give the Executors the authority to deal with your assets as you could deal with them. This makes it easier for them to transfer the assets to the beneficiaries. We also put in "underage" clauses which allow the estate to be wrapped up and the funds held in trust by parents or guardians for a "minor" child or children, but with the provision that if any of the money is needed for the food, clothing, education or general welfvare of the children, then it can be used for those purposes.
Special Clauses - If you have any special burial instructions, or if you want to be cremated, this can be put in the Will specifically as well.
Marriage will cancel your current Will unless there is a declaration in the Will that it is made in contemplation of marriage.
Survivorship Act - In the event that both a husband and wife die, this Act applies and the Wills will be probated separately as if each of the spouses has survived the other.
THIS IS ONLY A GUIDELINE
The cost of preparing a Will depends upon how complicated it is. Please feel free to phone or e-mail us about this. After obtaining some general information from you, we will be able to give you a free and accurate quote you can rely on as to what the preparation of your Will will cost.
The above is only a guideline and subject to change.
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