PLANNING A LAST WILL AND TESTAMENT
What Happens Once I’m no Longer Around?
Andrew Davidson and Susie Jones have enjoyed good health for most of the 54 years they have been married thanks to an exercise regime involving swims and long walks, which began long before any of their six children left home. They also love to travel and have visited the old continent on several occasions. Their eldest daughter, Stephanie, exclaims: “ My parents are always so busy…forever on the move. However, lately, I’ve noticed they are slowing down somewhat and they seem to be worried, but I guess that’s just the way things go when you get older!: “The last curve in the road is coming up for us”. Perhaps it’s just time for us to reduce our speed and prepare ourselves for the inevitable end!” Andrew sums up accordingly. Susie chimes in: “That’s true! If one of us were to pass away tomorrow, why should we burden our children with painful decisions involving our home, furnishings and savings?”
Susie and Andrew’s worries are not all uncommon, since most seniors will be faced by these very same questions at some point in their future. Nevertheless, most fears can be allayed by having a notary draw up a will.
However, you do have to know what should be included in the will. Quebec applies the freedom of testation principle, meaning almost any clause can be chosen and written into the will with only a small handful of legal restrictions.
It is therefore recommended to create a list of assets and liabilities. Before thinking of what to write up in the will, you must know what it is exactly you will be passing on to your heirs. Will it be a home? Mutual funds or bonds? Jewelry ? Maybe sentimental heirlooms such as grandpa’s stamp collection or grandma’s antique furniture? Just by making a list of your assets will help give you a better perspective once you go see the notary.
Goals are easier to identify once people have done a bit of tweaking on their lists and have a better idea of their current assets. Furthermore, each beneficiary’s situation can be evaluated in order to find out if there are any special needs, e.g. alcohol or drug abuse, and/or intellectual or physical handicaps. Marital status is also taken into consideration.
Read more on our website:
https://schneiderlegal.com/planning-a-last-will-and-testament/
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