{"id":18610,"date":"2014-10-02T10:16:26","date_gmt":"2014-10-02T14:16:26","guid":{"rendered":"http:\/\/canadianbudgetbinder.com\/?p=18610"},"modified":"2025-01-30T07:39:42","modified_gmt":"2025-01-30T07:39:42","slug":"how-death-can-affect-you","status":"publish","type":"post","link":"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/2014\/10\/02\/how-death-can-affect-you\/","title":{"rendered":"Your Last Will And The Legal Ramifications Of Death"},"content":{"rendered":"\n

<\/span>Estimated reading time: <\/span>16<\/span> minutes<\/span><\/p>\n\n\n\n

Don’t neglect the importance of a last Will. Learn how to create one and secure your affairs before death to ease the burden on your loved ones.<\/p>\n\n\n\n

Nobody wants to talk about death, but it is essential to ensure your wishes and affairs are taken care of properly. <\/p>\n\n\n\n

Today, I want to discuss your last Will, how to create one, and why you need one.<\/p>\n\n\n\n

How Death Can Affect An Executor Of The Will<\/h2>\n\n\n\n

When a loved one dies, the grief of death is often overwhelming and difficult to bear.<\/p>\n\n\n\n

I know this feeling all too well, as my stepfather passed away in 2013 after a COPD diagnosis and several cancer recurrences.<\/p>\n\n\n\n

If you\u2019re a surviving spouse or a very close relative, you may have to oversee the funeral arrangements and burial or cremation rites.<\/p>\n\n\n\n

During this time of mourning, it isn\u2019t likely to be a forethought whether or not the deceased had a last will<\/strong>, significant assets, or debts.<\/p>\n\n\n\n

However, setting up an estate cannot be delayed for long.<\/p>\n\n\n\n

Whether the deceased lived alone or had a surviving spouse, someone must assume the excellent task of sorting through the person\u2019s financial life and personal belongings.<\/p>\n\n\n\n

This is to meet the law\u2019s requirements for settling an estate.<\/p>\n\n\n\n

Related:<\/strong> How to Avoid a Frozen Bank Account After Your Spouse Passes Away<\/strong><\/a><\/p>\n\n\n\n

Last Will And Testament <\/h2>\n\n\n
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\"Your-Last-Will-And-The-Legal-Ramifications-Of-Death\"<\/figure>\n<\/div>\n\n\n

Upon the individual’s death, one of the first questions is whether the deceased had a valid last Will and testament.<\/p>\n\n\n\n

There are three common types of wills in Canada,<\/strong> which I will discuss below.<\/p>\n\n\n\n

Formal Will<\/strong><\/h2>\n\n\n\n

A formal Will is a typed document that outlines one\u2019s wishes to sign in at least two witnesses.<\/p>\n\n\n\n

Note that the witnesses cannot be beneficiaries or the spouses of beneficiaries.<\/p>\n\n\n\n

A lawyer usually drafts formal wills as they know the proper wording and ensure that all issues are addressed.<\/p>\n\n\n\n

Notarial Will<\/h2>\n\n\n\n

Similar to a formal Will, a notarial Will is solely used in the province of Quebec.<\/p>\n\n\n\n

The document is prepared by a notary and signed before the notary in the presence of at least one witness.<\/p>\n\n\n\n

The witness may also be a beneficiary or the spouse of a beneficiary.<\/p>\n\n\n\n

Holographic Will<\/h2>\n\n\n\n

A holographic Will is a handwritten document signed by the person with no witnesses required and must be probated by a court or a notary if done in Quebec.<\/p>\n\n\n\n

However, this option is potentially problematic because a holographic Will can be lost, damaged, or destroyed.<\/p>\n\n\n\n

They are often misinterpreted and can be more easily challenged in court.<\/p>\n\n\n\n

Check with your provincial government; some provinces do not recognize a holographic Will as a legal document.<\/p>\n\n\n\n

Budget Options For Creating A Will<\/h2>\n\n\n\n

A cheaper option is a Do It Yourself Will Kit,<\/strong> which uses a software program to generate pre-printed forms.<\/p>\n\n\n\n

Reviewing the pre-written legal terminology with this option is up to you.<\/p>\n\n\n\n

According to the law, if the last Will is not worded correctly, some provisions can be invalid.<\/p>\n\n\n\n

My Experience In Executing A Will<\/span><\/h2>\n\n\n\n

My stepfather had listed me in his last Will to serve as the executrix of his succession.<\/p>\n\n\n\n

Succession is the term used for an estate in Quebec.<\/p>\n\n\n\n

He had also named his brother an alternate executor if I predeceased him or chose not to accept the role.<\/p>\n\n\n\n

My role as the executor was time-consuming and complex.<\/p>\n\n\n\n

It took several months to complete everything that was required of me, mainly due to the processing times of the government.<\/p>\n\n\n\n

There were several issues to handle when liquidating my stepfather\u2019s estate properly.<\/p>\n\n\n\n

You can hire an estate planning firm to be the administrator for those who don’t have the time, desire, or inclination to handle the details.<\/p>\n\n\n\n

The administrator can help the executor\/executrix navigate all government requirements, especially for large and complex estates.<\/p>\n\n\n\n

I initially consulted with the family notary and accountant to clarify some points, but I felt confident enough to handle the responsibility mainly independently.<\/p>\n\n\n\n

Responsibilities As Executor of the Will After Death<\/h2>\n\n\n\n

The following summarizes the key responsibilities I fulfilled as executor for my stepfather\u2019s estate.<\/p>\n\n\n\n

Related<\/strong>: Th<\/strong><\/a>e Ultimate Guide For Planning Ahead of Your Death<\/strong><\/a><\/p>\n\n\n\n