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Your Will - Make sure someone knows where it is. Why? Lisa Patrick

There is  nothing wrong with giving it to your Tax Accountant to keep.  You visit them every year.
Your tax accountant would be the most liikely first place a family member would ask about it.
 
Remember it is a nightmare for the family if no Will can be found.  It's even worse if they know there is one and they just can not locate it.


A Ghost in the House? Lisa Patrick

 Sorry, even if your dead uncle’s ghost lives in his house after he died, while you are trying to sell off his estate items, if the house increases in value, that gain is subject to capital gains tax on the estate return.

Darlene Lafond, R.P.A., C.P.C.


Don’t be part of the statistic about Wills especially if you own a business. Lisa Patrick

Are any of these answers your answer to why you don’t have a Will?

There is no definitive statistics In Canada that I could find, but there is the collaboration  of research that states that many Canadians do not have Will.

Why?

  1. I don’t have enough money to worry about it.
  2. I am single.
  3. I don’t have any children.
  4. I don’t like to think about my death.
  5. Writing a will is time consuming, expensive and complicated.
  6. I am too busy building my business or working trying to make a living.
  7. I don’t want to deal with a lawyer.
  8. I don’t have money to get a Will drawn up.

Why have a Will here are several good reasons why:

  1. Avoid, or at least reduce, estate taxes.
  2. Don’t leave your children to the care of the government, name a legal guardian for any children you have.
  3. Don’t leave your family who are mourning for you in a mess handling your estate.  Appoint an executor to handle your estate and/or resolve any disputes over your estate.
  4. You have no assets, no bank account and nothing of monetary value, but maybe you have items of sentimental value that names may need to be placed on them.
  5. If you have children, preserve your assets by setting up a trust fund.
  6. You are single and have no dependents.  Make sure that what you have assets, those items that have sentimental value, etc. are appointed to who you want them to go to .. .don’t let the government decide … maybe there is no one to leave your estate to big or small .. .maybe the local hospital, or a child in need in your community could use the estate funds for education, food shelter…
  7. You own a business – YOU NEED a succession plan for your business.

Lisa Patrick
CEO


Testimonial to a good Accountant – Why you need an accountant to handle Estate Lisa Patrick

estate, I know my handling of my dads estate would have been completely different had I not had an accountant that asked me questions…. Gave me lists.

I started helping my dad with his tax stuff soon after he got sick.  He and I just used the routine method he had always taken to file his taxes.  When he died, I assumed the routine would be the same but I would have to do it with out him this year.

Well, what a shocker…  when I visited my dad’s tax office after his death…. The need for the “will” to even have them talk to me….surprised me; as I had been their at that same office several years prior to his death

Upon providing the office the Will, I was referred to a tax accountant.  ….   It was about proving to the government that I had authority to act on his estate after his death. The power of attorney was not good after he died.

The 22 questions that the tax accountant asked me, helped me realize that the final personal return for my father required some i dotting and t crossing..
We discovered that his walking impairment of the last two years resulted in him getting additional money back from those two years prior to his death…. Close to $2500 per year.
It was not that there was an error on the prior years, it was the question about disabilities in daily life,  that was explained in better detail directed me to contact my dad’s doctor.

Anyway, it is my experience that the final paper work is not just about papers, it is finding out that you basically take on a new household when you become an executor.  It was important that the tax accountant knew what I might not know.   Knew I might assume things but this tax accountant knew it was her job… to ask me…very specific questions…

The items my father had willed to his underage grandchildren, had to be set up specific to ensure we did not need to keep the estate open for the years they were under age.  She knew what to do to get the thing finalized…

So when visiting the tax person you believe will be handling the final things…. go to that meeting believing you should been shown something you do not know as they are the tax people… they should know something you do not know….feel confident in the questions that they ask of you … if they ask very little they may not be the right person for you.


Choose Power of Attorney instead of A Will – A Will? Lisa Patrick

Ask your choosen power of attorney if they will help your family finish your estate if you have no Will?

Call your bank, land titles, Canada revenue agency, any holders of your belongings and ask if they will help your family finish your estate if you have no Will?

A power of attorney does not work when you die!!!

Get a Will… Make it easier on your beneficiaries.

Do not do your Will like a form.  Think about your belongings and your legacy.  Make lists…
Your belongings do not have to have a dollar value to result in distribution on death problems..
Sometimes it is that knife collection that has a very nominal value that has your beneficiaries fighting.
Observe your beneficiaries interests & desires… remember to list things as are communicated.
 

Darlene Lafond R.P.A., C.P.C.
www.executorsvault.com


$ Gone When Someone Dies .. How to avoid This! Lisa Patrick

Many tax saving dollars are lost due to completing the final and estate return without consideration to illness as cause of death!  You may qualify for the disability tax credit !

This certificate T2201 provided by the government (www.cra.gc.ca <http://www.cra.gc.ca/> ) once completed by a medical practitioner, may result in up to 10 years tax refunds of approximately $2500 each.  YES, we have seen the cheques!
This credit may also be transferred to an individual that cared and supported the taxpayer with the illness.

Darlene Lafond R.P.A., C.P.C


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