Will and last testament
Estate planning is an effective means of passing your possession and everything your own either through a will or other effective means.
Will and last testament: A will, also called as a person’s last testament is an effective way to let your family know how you know your property and possessions can be distributed. After your passing, your possessions and your property are called your estate. You will be called the testator.
Any gift that you make through a will to an individual is called a bequest. Under the Income Tax Act, for deaths on or after January 1, 2016, an individual is deemed to have disposed of capital property just before dying to the qualified donee at the moment it is transferred.
Upon a person’s passing, if a duly executed will is not available, his estate would be distributed in accordance with the Succession Law Reform Act, 1990. This may leave room for complication, litigation and incidental costs.
Executor named in your will: Your executor is the person you name in your will to take charge of administration of your property and possessions after your death. Your executor will carry out your instructions in your will. This includes your funeral instructions as well. You may appoint more than one person as executor and you may also appoint substitute executors.
Funeral planning: Your funeral planning, no matter how complicated it can get, can be a part of your will and your executor will be the person administering your wishes relating to your funeral planning.
Requirement for making a will: Generally, a person aged at least 18 years old and of mental capacity to understand what property they possess and what they are doing by making a will is capable of making a will. However, any person under 18 can also make a will if they are either a member of the Canadian Forces or a sailor at sea or on a voyage; or are thinking about marriage, are married already or were married. It is recommended to have at least two witnesses.
You may not need a lawyer to draft your will. A handwritten will also called a holograph will can be made at low cost or no cost. The disadvantage of this option is that there may be room for mistakes, family disputes, will challenges, delays in distribution and costs.
Any assets distributed, either under a will or under intestate law, is still subject to an estate administration tax, currently taxed at 1.5% of the total value of the assets exceeding $50,000.
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