Completing a will is often one of those tasks that you know you need to do, but never find the time or have the patience of doing. Luckily for you, our firm can help!

Below is a list of questions to which you will need answers for prior to drafting your will:

  1. Who will be my executor?

An executor or trustee of your will should be a person that you trust to make the right decision on your behalf. They will be in charge of carrying out your Estate matters, such as, but not limited to, applying for probate, paying any expenses, including taxes, maintaining or selling your property, and distributing your Estate to the beneficiaries. Typically, it is often a spouse or child. You can also appoint multiple executors to work together as co-executors.

  1. Who will be my alternate executor?

It is beneficial to have one or two alternate executors just in case the first executor is unwilling to be an executor, is unable to continue to be an executor, or is deceased. You can have two or more alternate executors to act either alone or together as co-executors.

  1. Who do I want my belongings to go to?

Most often it is best not to state specific items in your will, as you will continue to acquire and sell assets throughout your life. It is often beneficial to allow your Estate to fall into a residue. A residue is all of your assets in one pot. You can then decide how you would like the residue distributed.

If you have a spouse, you may want the residue to go to your spouse first, and if they are not alive on the date of your death, then it can be distributed to your children, your grandchildren, nieces, nephews, parents, siblings, friends and/or charities. It is up to you on who you would like your residue to go to.

You will need to have the full legal names of each beneficiary.

  1. What portion of my Estate will go to each beneficiary?

You can distribute your Estate in as many parts as you like. It is best to think of what you have and what percentage of your residue you would like to go to that specific person or charity. Exact money amounts are difficult as we can never foresee the future and can’t guarantee that your Estate will have those funds.

  1. At what age are my beneficiaries able to receive their portion?

You have the option of setting an age in which young beneficiaries are able to access their portion of your Estate. Most often it is either 19 or 21; however, you have the ability to set the age you prefer. This age doesn’t mean that the minor child is not able to benefit from their share. The executor/trustee has the discretion to provide the minor child with funds as they see fit.

  1. How will a portion of my Estate be distributed if the person I want it to go to is not alive at the time of my death?

As an example, you can state that you want 25% of your Estate to go to your child. However, if you child is not alive on the date of your death, then you must decide how it will be distributed. Some options include, having their portion pass on to their children, if they have any, and if they do not have children, then their portion can be added back into the residue of the Estate and distributed among the other named beneficiaries. Alternatively, you can make it so that their portion goes back into the residue.

In the event that all or some of your residue fails to be distributed, for instance because the beneficiaries are not alive, then it is also best to have a name or names in mind that you would want to give your residue to.

  1. What will happen to my physical body?

It is never an easy thing to think about, but it is best to think of it now and tell your executor or family members how you would like them to deal with your remains, should you have a specific preference. You can make a provision in your will as to whether you would like to be cremated or buried, and where you would like your remains scattered or buried. If you have a plot purchased, you can also state this in your will. Alternatively, you can leave it to your executor/trustee to decide.

There are other items that need to be decided upon that are fact specific. These specific questions will depend on whether you have minor children, a child that has a disability, or a mixed family where you are in a marriage with stepchildren.

Additionally, it is beneficial to speak to your accountant regarding how to structure your assets so to minimize overall taxes.

Contact us today to set up a consultation and we will be happy to advise you on your estate planning needs.