1. Why a Will is the cornerstone of a good estate plan.

• Get to dictate where assets go, guardian of children, who administers estate
• Without a Will, the law decides who gets assets and it’s not necessarily all to a spouse
• Streamlines estate administration and can help to reduce taxes/fees on death

2. What makes for a good Will?

• Revokes previous Wills
• Names executor and alternate
• Disposes of household items
• Gifts
• Residue – no missing pieces
• Administrative provisions – a few pages at least
• Signed and witnessed

3.  Beyond the Will, what should someone pay attention to when creating or updating their estate plan?

• Assets, family situation, contractual or support obligations    
• Executor and an eye to the administration of the estate

4.  What should someone consider when naming an executor?

• Should be ideally in province, definitely in Canada
• Financially savvy, time, age
• Relationship with beneficiaries, potential for conflict
• Consider professional executor

5. What are some of the main issues that can complicate estate planning and administration

• Poor Wills, Will challenges (undue influence)
• Joint assets – who actually owns them?
• Conflict – siblings; blended families
• Cottage
• Accusations against executor

6. What is probate and how can it be avoided or minimized?

• Probate is a court process to get court’s stamp of approval on the Will
• Probate fees approx.. 1.5% of the estate values
• Planning techniques: assets joint with spouse, beneficiary designations, gifting during life
• Each of the above has complications and pitfalls so important to be done holisticall

7.  Why a trust can be an important part of an estate plan.

• Trusts – give someone benefit of money, but trustee controls
• Terms can be very flexible – from discretionary to set; can end at a certain age or continue, can have one or more beneficiaries
• Generally used to protect vulnerable beneficiaries – minors, disabled (ODSP), spendthrift, vulnerable spouse
• Can sometimes be used to provide some income splitting, but less so now with changes to trust taxation
• Need a trustee who knows what they are doing, trustworthy, time, objective