Millions of Canadians do not have a will. Are you one of them?

 

Do you have a will? In 2013, a CIBC survey put the number of Canadians without a will at just over half the population. Given that a will specifies how your assets will be divided after you pass and, that without it in place, loved ones could be left dealing with courts to settle your estate, having a will in place is important.

On Thursday, May 17, a forum, Your Final Wishes: Steps for Planning Your Final Affairs, was held at the Seniors Circle with the hopes of equipping residents with the information they need to settle their final affairs. Local experienced professionals from several areas including estate planning, law, funeral service, and real estate were on hand to answer questions and explain issues that regularly arise in their respective businesses.

Leo Zelinski, a local commercial realtor with REMAX, opened the forum and introduced each of the presenters who spoke. He talked a bit about property titles and transfers and the importance of having those in place. Second to speak was Brienne MacLeod, a lawyer with Birdsell Grand LLP. She nailed home how necessary it is to have a will and the considerations that need to be addressed for blended families, business owners, and adult dependent children.

MacLeod also spoke about the importance of having a living will. “Enduring Power of Attorney and a Personal Directive are what people commonly refer to as living wills. They are documents that are only in effect while you are living. Enduring Power of Attorney typically refers to financial decisions whereas a Personal Directive typically refers to medical decisions. They trigger in two scenarios. One, you have it immediately coming into effect or two, when you have one or two doctors signing off saying that you don’t have the mental capacity to make decisions for yourself.”

She said choosing the right people to be your voice is very important as is making sure that you are regularly updating your information especially if you get divorced or if the person you chose passes away. She also touched base on blended families and the importance of updating your will as you remarry or have more children. If you don’t, your family could end up having to go to court to fight for your estate.

One of the things that people often speak of when dealing with a loved one’s estate is the process of going through probate. “By having things set up in advance for your personal representative to be able to step into your shoes, essentially, it can really shorten the timeframe.” The expected wait period for an estate in probate is anywhere from six to nine weeks once an application is submitted, but not having everything prepared in advance can lengthen the time families wait.

Following MacLeod’s presentation, Certified Financial Planner with Edward Jones Investments, Clifford Mertick spoke about the varying acronyms such as RRIFs, LIFs, LIRAs, and RRSPs and what they mean. He also mentioned that dealing with non-certified financial planners is a big risk that he doesn’t recommend. “A good financial advisor should not be promising you major returns. A good one will try and get you modest returns but more so will try and protect you on the downside. They will also consider your total picture including your tax situation, your debts, your rental properties, and your life insurance.” Specifically, on life insurance, Mertick said clients need to be careful if an advisor is looking into their insurance policies with the sole intent of replacing it and selling them something new. “There may be some very good value in those old life insurance policies.”

The final speaker at the forum was Frances Marion, Funeral Director at Park Memorial Funeral Home & Crematorium. She offered advice on pre-arranging funeral services in advance and why having a contract in place prior to death can save family a lot of hardship and tough decisions. She also spoke about options and considerations for final disposition and the different estimated costs associated.

Residents who were unable to attend the forum are encouraged to reach out to the professionals mentioned above and ask any questions they may have.