Control who gets your Estate and when they get it
How can I protect my children in my Will?
- Name guardians for your minor children
- Set up trusts for your children's shares of your estate
- Name people you have confidence in as trustees of your children's trusts
- Allow the trustees of your children's trusts to spend trust money for their maintenance, education and advancement in life
- Delay distribution of your children's shares of your estate until they reach a suitable age
- Put conditions on your children's receipt of their shares of your estate
- Set up specialized, individualized trusts for disabled, addicted or spendthrift children
What are mirror Wills?
Most married couples consider their assets to be one joint estate to be used for the benefit of the whole family. This is accomplished by mirror wills that typically provide that on the death of the first spouse, the entire estate goes to the surviving spouse, and on the death of the second spouse, the entire estate goes to their children. The wills "mirror" each other so the succession is the same, no matter which dies first.
What is Turning Point Law's process for producing personalized Wills?
- You contact TPL (by phone, email or link from our website)
- We book your initial meeting
- We email you a client profile or you download it from our website
- You fill in the profile as much as possible
- At the initial meeting, we review the profile in detail, discuss your wishes, answer your questions and confirm your instructions
- We book your signing meeting 2-3 weeks down the road
- We prepare your documents and email drafts to you
- You give us feedback on the drafts
- At the signing meeting, we review the documents with you in detail and answer all your questions
- If necessary, we make changes to the documents
- You sign the documents and we witness your signatures
- We complete the formalities needed to make a valid will
- We scan your documents and give you the originals
- We email you .pdf copies of your signed documents
When should I review my Will?
You should review your Will every five years, or sooner if you have a "turning point" in your life, such as
- you have more children
- your children become adults and have children
- you get married or remarried, become an adult interdependent partner ("common law"), separate or divorce
- you retire
- you acquire property in another province or country
- you move to another province or country
- your executor passes away or is no longer the right person for the job
- the guardians of your children or trustees of your children's trusts pass away or are no longer the right persons for the job
- your spouse or children pass away
- you want to change who will benefit from your estate
- your assets change
Can I avoid making a Will by making all my accounts joint?
This is not a good idea for several reasons.
Why should I make a Will?
There are numerous good reasons why you should make a Will:
- To say who will benefit from your estate
- To say how and when your estate will be distributed
- To say who will administer your estate
- To provide resources to support your loved ones
- To appoint guardians for your children
- To deal equitably with the complexities of a blended family
- To set up a trust for a disabled child
- To set up a trust for an addicted or a spendthrift child
- To make gifts to charities
- To implement a business or farm succession plan
- To eliminate, reduce or defer taxes
- To simplify the administration of your estate
- To reduce the cost of administering your estate
Are there any good reasons why I should not make a Will?