The legacy of love blog

What Exactly Is An Executor/Executrix?

executor executrix Jan 24, 2019

An Executor* is the person appointed by the testator (the person that created a Will) to carry out the provisions in the Will and see to the settling of the estate. Asking someone to be your Executor is not an easy task. This person will become responsible for nearly 150 duties after your death, including:

  • Checking for insurance on the deceased’s life and property
  • Securing the list of the deceased’s property and arranging for the property to be safely stored
  • Ensuring buildings...
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Duty of care

Uncategorized Jan 17, 2019

When acting as the Personal Representative of an estate, your conduct must meet a certain standard. In legal terms, you have a duty of care in how you handle things and you owe this duty to all persons interested in the estate. If you do not meet the standard, you will be held personally liable for the losses that occur.

We suggest treating the property as if it were your own. You must act honestly, prudently and to the best of your ability. If you do, it is unlikely that you will be held...

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It’s a New Year: Make or Update your Will!

will Jan 16, 2019

Many of us make New Year’s resolutions each year and, more often than not, these resolutions prove to be unsustainable. In fact, right about now, you may be starting to question whether or not you will be able to achieve some of your goals! Making a new Will or updating an existing Will is a resolution that is relatively easy to achieve.   

Two of the most important functions of a Will are:

  1. To appoint an executor to manage your affairs and wrap up your estate when you are...
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What are some of the key benefits to creating a Trust?

trust Jan 10, 2019

A Trust allows you to control your assets from beyond the grave. You can clearly outline who gets your assets, when they get them and under what regulations or situations they’re able to use them. It provides a means for you to spread your assets out and spread the tax liabilities. It also allows your assets to flow to people outside of your estate. If you create a Trust today for all your family members, that money will leave your estate and it will not pass through your Will, so...

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Holograph Wills

If your parent has written down their wishes and it is entirely in their own writing, we will treat it as a holograph Will.

A holograph Will is a Will that is in the testators writing with no other written words on the document.

One of the most famous holograph Wills is actually found at the University of Saskatchewan. In that Will, a farmer was out farming, cut off his arm and bled to death. He wrote his Will on the fender of a tractor saying ‘I leave everything to my loving...

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The top ten things your kids don't want

assets estate planning Jan 01, 2019

The following is excerpted from No Thanks Mom: The Top Ten Objects Your Kids Do NOT Want (and what to do with them) by Elizabeth Stewart.

In the following list of the Top Ten Objects Your Kids Do Not Want — inspired by conversations (or lack thereof) about my keepsakes with my 30-year-old son, Lock, and his wife, as well as by similar conversations I’ve had with hundreds of boomer clients and their millennial heirs — I will help you find a remedy for dealing with...

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What to do?

assets Dec 22, 2018

We were sitting in the coffee shop

Telling lies and swelling tea

When the subject of our treasures rose

Mainly those belonging to me

I thought about the question

And all the stuff I've come to cherish

50 years I've been collecting things

Where'd they go if I should perish

You see my kids, they're not mechanical

Though I taught them the best I knew

To save these things all wizzy

Some were rolled, a lot were new

Now the barn's right full of old car parts

Some fenders, lots of chrome

But I just...

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Three factors to consider when naming an Executor

executor Dec 20, 2018

1.     Pick someone who lives in the Province of Alberta:

When you are looking at picking an Executor for your estate, you want to make sure you pick somebody who lives in the province of Alberta. If you pick someone from outside of the province, we may have to post bond which can be time consuming and costly. Additionally, if you have an Executor who is a United States citizen, there can be tax implications as they are considered our foreign trustee. 

2. ...

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Does every Will have to be probated?

probate will Dec 13, 2018

No, not every Will has to be probated. For instance, assets that are held jointly with a right of survivorship would pass outside the Will. As another example, a home held jointly between a husband and wife would pass to the survivor of them upon the death of one of them. Probate is not needed to transfer title to the home and for this reason, probate does not typically occur on the death of a spouse.

Many people place their children on title to their home in the hopes of avoiding probate....

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Advancing money to children

Sometimes our children or close family members run into a financial bind and need to borrow money. In many cases both the lender and the borrower assume that this money will be paid back quickly. What happens if the lender, who is frequently an elderly parent, dies before the loan is repaid? In my experience this is when the family feud begins, as the borrower will say this money was a gift to them, and the other beneficiaries, frequently the borrower’s siblings, will feel it is a loan...

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