Planning for the Future Part 4

In the last few posts I talked about the necessity of having a will. Before you go running off to the lawyer’s office to get your will made up, there are several questions that need to answered first. Some of these include:

  • Who do you want to be the guardian of your children?
  • Who is the backup guardian?
  • Who will be the executor of your will?
  • Do you want to have a trust for your child?
  • Who will be the trustee?
  • Have you discussed with these people the roles you want them to assume?
  • Do you have the full names, addresses and contact information for these people?
  • Who is the beneficiary of your RRSPs?
  • What assets do you have and are they jointly held?
  • Have you set up an RDSP for your child and do you want to rollover your RRSP into this account?
  • Have you considered the Persons with Disabilities (PWD) clawback?

These are just a few of the questions that need answered before you see a lawyer. PLAN has an excellent wills and trusts course that you should take before drawing up a will. It includes a detailed worksheet that you will fill out as you answer these and many other questions. You can then bring this along to the lawyer’s office and this will greatly speed up the process.

A will can be as simple or as complicated as you want. For those with modest assets you may just need to set up an RDSP for your child and then name an executor and guardian for your child. If you want to setup a trust (more on this in a future post), you need to see a lawyer who specializes in this area. Contact PLAN for a list of lawyers who can assist you.

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