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 RISING WOMEN EXPERTS... It’s time for us to start thinking about creating a Will. Can you
offer some insight on this process?
By Marlene Darby of Darby Mortgage Solutions Inc.
Your Will is the most important document that you will invest time in doing
for the financial security and peace of mind for your loved ones.
A Will is a simple document, and if it is property executed, it should set
out how your possessions will be distributed. It can provide the opportunity
to choose a guardian for any children under the age of 18 years, who are
considered “minors” and for any other dependants you may have and, it makes
a statement of your life’s values. It can also minimize taxes and enables
you to make a meaningful contribution to a personal cause or issue.
There are 5 simple steps to making and preparing a Will:
1) Make a list of everything you own. This list should include property,
furnishings, personal effects, jewellery, antiques, cars, recreational
vehicles, cash, bank accounts, securities and investments.
2) Make a list of all the people who you would like to remember in your
Will. You can also include your friends or arrange to donate a cash gift to
your favourite charity.
3) Choose an Executor. This is extremely important as this person will be
responsible for doing a lot of work on your behalf. The duties are complex
and will include filing Court documents, your final tax return and other
investments. You should also name an alternate executor, in case the first
executor predeceases you or becomes unwilling or incapacitated to act on
your behalf.
4) Drafting your Will. In Alberta, two types of Wills are allowed; the
formal Will and the holographic Will. A formal Will must be typed or
handwritten and must be signed by you and two witnesses. All three of you
must sign the Will in the presence of one another. A beneficiary named in
your Will nor the spouse of a beneficiary can be a witness to a formal Will.
A holographic Will must be “entirely” in your own handwriting and must be
signed by you and dated. It does not have to be witnessed.
5) Execution of your Will. As set out above.
Review your Will every 3-5 years and ensure it reflects any updated tax laws
and more importantly, your current situation, family, investments and/or any
other changes. Additions to your Will can be done by way of a Codicil.
For advice on creating a Will, contact Marlene Darby, President of
Darby Consulting Services at 403.234.8333 or email
madarby@telus.net
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