GARY LLOYD GOTTLIEB, Q.C. BARRISTER & SOLICITOR & NOTARY PUBLIC 600 Bay Street, Suite 309, Toronto, Ontario, Canada M5G 1M6 tel. (416) 977-3835; fax (416) 977-3807; e-mail: click
here website: www.glgqc.com
DO
I NEED A WILL?
THIS IS AN OUTLINE OF
A SPEECH BY GARY LLOYD GOTTLIEB, Q.C.
A FEW WORDS OF CAUTION:
This talk is not intended as general or individualized
legal advice; its purpose is to provide general information.
This talk is not all-inclusive; I can’t cover
everything.
A will should be considered in conjunction with
two other topics:
powers of attorney
estate planning
SOME ELABORATION:
Re. powers of attorney:
the difference between powers of attorney and
a will
the 2 types of powers of attorney: personal
care and property
Re. estate planning:
Estate planning does not mean you must have lots
of money and other assets and want to engage in sophisticated tax
planning.
Estate planning simply can mean deciding whether
you should hold any of your assets in joint tenancy with someone else;
for example, a bank account, a condominium apartment, or a house.
Re. “Do I really need a will and powers of attorney
for personal care and property?”
Likely yes.
SOME EXAMPLES:
From the world of the rich and famous:
Superman – Christopher Reeves
Superman’s wife – Dana Reeves
From the world of the rest of us:
The fellow whose companion left $4500 in assets
but no will.
The $17,000 estate where there was a will but
the legal fees would be disproportionate to the value of the estate.
Some lessons to be learned:
Have a will and powers of attorney: you
don't know what tomorrow will bring.
If you don’t have a will and powers of attorney
and don’t do some estate planning, problems and disproportionate expense
likely won’t arise until after you become incapacitated or die. It’s
not like a toothache that demands immediate attention.
Even if you have a will and powers of attorney,
you can still encounter disproportionate legal expense if you haven’t engaged
in proper planning.
SOME MISCELLANEOUS POINTS:
“Why shouldn’t I just do my own will, with or
without a will kit?”
The answer in a nutshell: “Why don’t
you buy a clippers and give yourself a haircut?”
The Succession Law Reform Act:
Holograph wills
Revocation by marriage
Intestate succession
Survivorship
Support of dependents
The Family Law Act:
Equalization of net family properties
Election to take under the Family Law Act or under
the will
Joint Ownership Problems:
“Joint Ownership Issues: The Problematic Presumptions”
“Joint Accounts: Make No Presumptions About Presumptions”
CLOSING COMMENTS:
There is no such thing as a “simple” will.
To do a will properly, a lawyer needs to obtain
full information from you and must document it properly.
You should do some preparation before seeing your
lawyer:
Prepare information about what you want to do
in your will:
who you want your executor(s) to be
who you want your beneficiaries to be and what
you want to leave them
the names, addresses, occupations, and phone numbers
of the executor(s) and beneficiaries
Put the information in a computer file and take
the computer file and a hard copy to your lawyer.
Wills and powers of attorney can be straightforward
rather than complex, but you have to decide what’s appropriate by discussing
it with your lawyer.
You can’t make a proper decision unless you provide
your lawyer with full information.
Your lawyer can’t give you proper advice without
first obtaining full information from you. Your lawyer should
also document the advice given and your instructions.
DO
I NEED A WILL?
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