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Don Archi's Law Blog

Considerations when making a will

You finally made the decision to have your Will prepared by a professional.  What should you do to be prepared for your first meeting with your lawyer?

 

You will need to provide your lawyer with all of the information necessary to meet both your needs and your wishes.  You need to describe all of your personal circumstances.  Your lawyer needs to be able to “fine tune” your Will; a Will document should never be “one size fits all”.

 

Here are some of the things to consider and information to gather before the first meeting:

 

1.     Put together a list of your assets (including type and value)

2.     Be familiar with your Family Tree

3.     Insurance Policy details including your named beneficiaries

4.     Are there any potential beneficiaries who are missing, disabled or chronically ill?

5.     Recent marriages or co-habitations.  Is a marriage in your future?

6.     Recent changes in your life.

7.     Details of businesses or private corporate shares owned.

8.     Details of home ownership.  Copy of your Transfer/Deed of Land should be made available.

9.     Details of any other real estate owned.

10. Details of dependents.

11. Who would you like as Estate Trustee (Executor)?

12. Special or valuable items to be left to specific individuals.

13. Guardianship of minors.

14. Funeral arrangements.

15. Charitable donations so as to reduce taxes due on death, if applicable.

16. How you want to divide your estate when you die.

 

In my next blog, I will deal with the topic of Powers of Attorney. 

 

If you have any suggestions for future blog topics, please send your suggestion to me at info@archilaw.ca


Friday, February 4, 2011

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