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Wills

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mimico_polak

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So...following my surgery I realized I am an idiot and currently do not have a will for me and my wife.

We don't have a lot of assets (house, some bank accounts, RESPs, RRSP, TFSA) etc but I think it's time to get this lined up.

Anyone have a recommendation? Ideally same guy would do our HELOC to the house as well as I want to get the funds and I don't want to put this off any longer.
 
No idea on who and very little what but in for the recommendations as it is something my wife and I have been putting off for years.

As for my very little for what, friends that have done it say beware of the rabbit holes the lawyer may want to go into. What-ifs. Of course what if you or your spouse or both pass. What if the kids at the same time (it is a question). Going deeper will just never stop.

BTW, you can always revise as things change.
 
There are online DIY will and power of attorney kits. If your needs are simple, just fill in the blanks and get it notarized. If its going to be complicated use a lawyer that specializes in estate law.
 
TK4 said:
There are online DIY will and power of attorney kits. If your needs are simple, just fill in the blanks and get it notarized. If its going to be complicated use a lawyer that specializes in estate law.
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I'm pretty sure that I remember @Joe Bass was saying something about the online wills. But my memory is foggy nowadays.

I also recall a few members unfortunately lost their parents and I wouldn't mind having some insight from them into the process as they may see issues that weren't anticipated due to family passing.
 
Any family lawyer can do a will and power of attorney for not a lot of money.Don’t quote me on this but I think my lawyer charges $500 for a basic will and a little more if it’s for you and your partner.I just happen to be having dinner with my lawyer tonight, I’ll ask her and get back to you.
 
Sorry buddy
I don't remember either
After we did our wills I kinda forgot about everything to do with the process

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Joe Bass said:
Sorry buddy
I don't remember either
After we did our wills I kinda forgot about everything to do with the process

Sent from my Pixel 3a using Tapatalk
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That traumatic eh? LoL

Thanks @Bobo. Appreciate it.
 
Power of Attorney is actually more important, if your dead you dont care so much, someone has to make decisions if you dont die when you should . and the kit from any CANADIAN online source is ok , have it witnessed and notorized . And put a copy on file with a family member you trust or a friend.

Any family lawyer can do a will , and GET ONE sooner than later. Dying without paperwork has tax implications and is a serious pita for the survivors. We paid $500 for a couple and $250 for a rewrite when both kids were out of school.
 
We did wills maybe 15 years ago. I thought it was about 200$ then. Straight forward will, small town lawyer.
 
mimico_polak said:
That traumatic eh? LoL

Thanks @Bobo. Appreciate it.
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In Oshawa, my lawyer charges $600 for a basic will including Power of Attorney for Property and Power of Attorney for Personal Care. For couples it’s $800. Most people fall into the “basic will” category. However, they can get pretty complicated due to a number of factors.Just do your family a favour and find a decent lawyer and get one done soon. Any decent lawyer will also give you a lot of good advice for that $600 that will save your family a lot of grief down the road.
 
If you care about your kids and others left behind, get a will done! I would get a lawyer to do it vs online cheapie will.
You can cover the basic will, POA's and other issues such as who cares for your kids if you & the wife go together before your kids are able to care for themselves and DNR orders etc. Think about who you want as executor/executrix for your will as well.
You'll have to probably update your will as time goes by but that's just normal and won't cost a lot.

Die without a will & the government steps in to handle things. I will assume you don't want that.

Also, make a basic list of assets, bank accounts, investments, life insurance policies, valuables you might have etc. Make sure your executor has that list and keep it updated with them. Once you're dead, you can answer questions about that stuff and your last tax return completed.
 
Thanks for reminding me. When I was young, I was told anything is better than nothing, even if it's something handwritten on a paper napkin. Of course, the more assets you have, the more you'll probably want a lawyer to draw one up for you. My wife's lawyer friend sent us a huge questionnaire last year that neither of us have had the time to go through. We still have our napkin as a backup...

A friend of mine is the executor for his friend's will and he was amazed how much time and effort he is spending over the past year or more. I'll ask him about some of the challenges if anyone cares. Knowing this, you probably want to choose someone who is going to take it seriously.
 
Relax said:
A friend of mine is the executor for his friend's will and he was amazed how much time and effort he is spending over the past year or more. I'll ask him about some of the challenges if anyone cares. Knowing this, you probably want to choose someone who is going to take it seriously.
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That's one of the important and interesting questions. Do we choose a lawyer friend who is smart, eminently capable and will do their best to follow our wishes or do we pick a sibling or two to do the role? Money stays in the family if a sibling does it and the lawyer doesn't need the money. Leaning towards the lawyer as they are impartial and in the off-chance our family is wiped out and we have left a potentially inequitable split (eg. leave my brother the house and her brother money), it will avoid some friction.

My in-laws had a lawyer draft their wills. Mostly as expected but one flaw in the logic. Lawyer says don't worry about it. When the last one dies, the grandkids get $X (in trust if they are young). There is a strangly worded clause if they die within 30 days of each other (but not at the same time), the clause is in force on both wills and the grandkids get double. I discussed it and that is not their intent but their lawyer said it didn't need to be changed. Ugh. Ah well, I will unwind if required. Hopefully that doesn't happen as it could be a mess if the money was in a trust.
 
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Good Point @Green Meenie about the list of assets / accounts / life insurance policies etc....I've been meaning to do it for years.

I wrote a very basic one on my phone during my wait for surgery because who knows what could've happened...no account numbers so if it falls into the wrong hands...at least it's nothing more than names of institutions and types of accounts. Nothing too identifiable but it would give my wife a roadmap.

Thanks all for the suggestions, prices appear to be in line with my $650 quote. And another $600 for the work to allow the HELOC to be registered to the house, so I think it's fairly cheap insurance. Lawyer also said 'you're an idiot if you take the second mortgage unless you're 100% sure you need that amount.'

I think for now the plan is to take the HELOC, top up some accounts, and use the money for renovations as they come (fence, interior insulation, interior renovation).
 
mimico_polak said:
Good Point @Green Meenie about the list of assets / accounts / life insurance policies etc....I've been meaning to do it for years.

I wrote a very basic one on my phone during my wait for surgery because who knows what could've happened...no account numbers so if it falls into the wrong hands...at least it's nothing more than names of institutions and types of accounts. Nothing too identifiable but it would give my wife a roadmap.

Thanks all for the suggestions, prices appear to be in line with my $650 quote. And another $600 for the work to allow the HELOC to be registered to the house, so I think it's fairly cheap insurance. Lawyer also said 'you're an idiot if you take the second mortgage unless you're 100% sure you need that amount.'

I think for now the plan is to take the HELOC, top up some accounts, and use the money for renovations as they come (fence, interior insulation, interior renovation).
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Geez man , at least three of us told you take a HELOC as a building loan and convert to a mortgage later if the rates are better and you don’t end up with money you don’t need .
Mail me my $10.00 , cheaper than that convo you had with the lawyer .


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Will? Living at home with my parents at 19.i took up skydiving and they made me buy life insurance, a will and a plot.
 
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