September 2023

Sep 13

8 Considerations When Making a Will For Your Blended Family (Including Mutual Wills)

By gtheule Estates, Wills

Preparation for a secure future is a fundamental responsibility towards your loved ones. It might appear daunting, especially in the case of blended families, but understanding the process can significantly reduce the burden. Here are eight crucial considerations for creating a will for your blended family, highlighting the importance of mutual wills:

1. Children’s Inheritance

Equal distribution is the foundation of harmony. A will ensures a fair inheritance amongst all your children, irrespective of whether they are part of your current or previous relationships. What is “fair” though is as individual as you are. You’re going to need to discuss that with your spouse or partner. Make sure that your discussions include topics like how an inheritance might work with step-children, as well as what happens if a step-parent outlives a biological parent. This can be the one of the more challenging topics, but it’s among the most important.

2. Providing for Your Spouse

The financial well-being of your spouse is another critical aspect. A well-structured will takes their future needs into consideration, ensuring sustenance and comfort even in your absence. It will also need to consider what happens depending on who goes first.

3. Guardianship of Minors

If there are minor children in your care, determine who’d be best suited to assume guardianship. Although this may be a difficult discussion, it is essential for the welfare of your children. Remember that, if your minor child has another living parent, that other parent will likely have the exclusive right to care for the children. While that’s not always the case, it’s something to consider.

4. Personal Possessions

Family heirlooms, sentimental gifts, or any item of personal significance requires careful consideration. Be explicit in your will to alleviate any unnecessary distress or disputes later.

5. Setting Up Trusts

Trusts are an excellent way to safeguard your children’s future financial well-being without overwhelming them with a significant amount at once—particularly beneficial for minor children or those not yet prepared for financial responsibility.

6. Considering a Mutual Will

A mutual will, sometimes called contractual wills, is a binding agreement between two people, typically spouses, to carry forward mutual promises even after one partner passes. This agreement’s serious nature obligates the survivor to uphold and respect the departed’s wishes, providing additional security for your family. Courts will usually uphold this type of will, if drafted correctly, even if the surviving spouse changes their will after the death of the other spouse. It can be hard to think that this might be an issue, but wills are about piece of mind and serious consideration should be given to exploring this as a possible option.

7. Open Communication

Maintaining transparency with your family about your will’s contents is vital. It not only eliminates confusion but also prevents potential disputes in the future. These discussions will absolutely involve your spouse or partner, but in many families discussing these issues with the (adult) children can help give clarity not only to them, but to you too.

8. Professional Legal Advice

Professional guidance could prove invaluable during this process. Legal advisors ensure each aspect of your will is addressed appropriately, helping you draft a comprehensive document that accurately reflects your wishes.

Creating this legacy for your blended family—through a well-planned will—does not have to be a challenging process. Remember, professional help is just a call away. Reach out to us at any time; we’re here to support you every step of the way.

Sep 07

Love0

Choosing an Executor for Your Will: Top 5 Things to Consider

By gtheule Estates, Power of Attorney, Wills

Creating a will is a bit like planning a neighbourhood gathering — you’re figuring out who gets what (picture the potluck dishes) and ensuring things run smoothly. And just like you’ need a coordinator for the party, you need to pick an executor for your will.

Your executor is like the captain of your post-life team, steering your affairs in the direction you wish. So, let’s stroll together through the top 5 things to consider when choosing your own will executor.

1. Trustworthiness

Just like you wouldn’t hand your house keys to someone you don’t trust, you shouldn’t select an executor you don’t have faith in. After all, they’ll be taking care of distributing your assets according to your wishes. Make sure the person you select is known for their integrity and honesty.

2. Organizational Skills

Handling a will involves a lot of paperwork and deadlines. Your chosen executor should be someone who’s good with details, timelines, and, let’s face it, a bit of bureaucracy.

3. Communication Skills

You’d want someone who knows how to diplomatically deal with Uncle Bob arguing over your famous lemon pie recipe, right? Much in the same way, your executor should bravely and tactfully handle any family conflicts that might pop up.

4. Availability and Location

Consider choosing an executor who is relatively local to you. This is very much like choosing a neighbour to water your plants while you’re gone. Having someone close-by can make the process smoother and faster, since they’ll easily attend to necessary paperwork and meetings. If you’re considering someone who lives outside of Manitoba, talk to us about that – there may be considerations ranging from the practical to the expensive (from a tax standpoint) that we’ll want to talk about.

5. Professional Assistance

Lastly, know that your executor can hire professionals to help, like us, your friendly neighbourhood lawyers. Any fees for legal assistance come out of the estate, not your executor’s pocket.

Choosing an executor is a critical step in creating your will. It’s all about making sure someone you trust has got things under control, just like the trustworthy neighbour you’d leave a spare key with. Remember, at Wolseley Law, we’re here to help navigate these decisions with you. Come and chat with us about your options.

Sep 07

Love0

Crafting a Will in Manitoba: A Step-by-Step Walkthrough

By gtheule Estates, Power of Attorney, Wills

We get it, the thought of sitting down to craft a will isn’t exactly a walk in the park. But when it comes to safeguarding the future of your loved ones and your hard-earned assets, it’s absolutely worth it.

Allow us to guide you through the steps to creating a will in Manitoba – we promise, it’s less complicated than you think!

Step 1: Get Started (Don’t worry, we’re here with you!)

First things first, take a deep breath. Understand that you’re taking a crucial step towards ensuring security for your loved ones. Now grab a pen, some paper, and let’s gather a list mentioning all your assets (like your house, car, savings, investments) and personal items of real or sentimental value (items of jewellery, art, or even your well-cared-for houseplants!). We’ll send you an intake form to start thinking about these things, if you’d like.

Step 2: Choose the Beneficiaries

Next, think about who you want to pass these assets onto. These folks are known as your beneficiaries. They can be anyone you wish – your kids, other family members, friends, even a good cause that you feel deeply about.

Step 3: Name Your Executor

Now, choose a trusty person to carry out the terms of your will. This is your executor, (kind of like that reliable friend you’d nominate to water your plants while you’re away). This should ideally be someone you trust, who’s organized and impartial. See our hints on choosing an executor, here.

Step 4: Guardianship Decisions

If you have children under 18, it’s crucial to think about who you’d like to take on guardianship duties should something happen to you. If you have kids this is likely the main reason you’re making a will, so this decision needs careful thought and plenty of discussions with potential guardians.

Step 5: Create the Will

Ready to get going? Great! We’ll meet with you to take instructions from you regarding what you might want in your will. We’ll have lots of questions for you, but if you’ve done a little light prep work we won’t be asking anything that you won’t already know the answer to. It’s a conversation, not a quiz!

Step 6: Sign and Witness

In order for a will to be legally valid in Canada, it must be signed in the presence of two adult witnesses, who aren’t beneficiaries or the spouse of a beneficiary. Typically that’s two people from our office who are there to make sure that the witnessing complies with the law around wills.

Step 7: Keep it Safe

Lastly, we’ll send you home with your will. Find a safe and secure place to store your will where your executor can access it when needed. Make sure to tell your executor where you’ve kept it. This is often just a secure spot in your house.

And voila! You’ve successfully crafted a will. Remember, setting up a solid will is all about making things as easy as possible for your family and friends – let us help make that process a little easier for you.