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We all keep vital and private information stored securely in our mind . Whether it ’ s a banking password , a savings account kept confidential , or maybe there is a trusted neighbour with a copy of our house key .
In the unfortunate event that something should happen to you – how can your family assist you ? Who should they contact first ? What should happen with your bill payments , your home and investments , or your pet care ?
You may not think about these important matters until it ’ s too late . And that ’ s not fair to your loved ones .
I created the WISH Workbook after my mother ’ s unexpected aneurysm . As we struggled through the emergency situation and after months of my mother ’ s rehabilitation , our family learned the hard way what it means to have this important information written down somewhere .
The WISH Workbook is not a will , but it fully complements one . Everyone should have a Will prepared and updated regularly .
The WISH Workbook will help you in case of an emergency . It will help your spouse know what to say to the emergency doctors at a time when their thinking maybe clouded by emotion ... And it will certainly help your children know how to help YOU , at a time when you may not be able to even speak . It ’ s so important , and certainly worth the $ 20 .
I encourage you to consider buying one for yourself , your spouse , even your friends who you think “ have everything ” – order them one for Christmas ! Once completed , you can hand it to your lawyer for safekeeping , or to your trusted children – should something happen to you .
Please visit my website to see samples , and watch my video , as I share our family ’ s story . There ’ s also more information on the inside back cover .
You will never regret being prepared .•
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What if something happens ?
– By Suzanne Soto-Davies
Suzanne Soto-Davies is the founder and publisher of Silver and Gold magazine , and the author of the WISH Workbook : www . whatifsomethinghappens . ca
Click to check out our website ! www . silvergoldmagazine . ca
ESTATE + WILL LINGO
– By Elizabeth Norm
Estate – In the financial and legal sense of the term , an estate refers to everything of value that an individual owns – real estate , art collections , antique items , investments , insurance and any other assets and entitlements – and is also used as an overarching way to refer to a person ’ s net worth . Legally , a person ’ s estate refers to an individual ’ s total assets , minus any liabilities . Estates are most relevant upon the death of an individual .
Estate planning is the act of managing the division and inheritance of your personal estate , and arguably represents the most important financial planning of an individual ’ s life .
Generally , an individual draws up a will which explains the testator ’ s intentions for the distribution of their estate upon their death . A person who receives assets through inheritance
is called a beneficiary .
A will is extremely important and everyone should have one . According to a January 2018 poll by Angus Reid Institute , over half of Canadians don ’ t have a will prepared . Not having a will prepared can leave your family in a bind , as property will be distributed based on a government-mandated formula – and that could mean that important people in your life would be left with nothing but a lot of struggles to sort things out for you , over a period of – what is often – years .
In Canada , there is no way to register a Will until after you have died , and at this time , the Will is registered with the
probate courts . Probate is the process of legally establishing the validity of a will before a judicial authority . If a court determines that a will is legal , it also grants probate – or approves – the trustee to carry out the wishes of the deceased person .
How an estate is distributed : With a will When a person dies with a will , the estate is normally distributed according to the directions in the will , once the funeral and burial expenses and any debts have been paid .
If you are named as the estate trustee ( also called
the “ executor ”), you are authorized to administer the estate of the deceased person . You are considered the deceased person ’ s personal representative , and will carry out their wishes as stated in the will .
In some cases , the will can be challenged and the law takes precedence over the wishes of the person who died – a lawyer can help sort these cases out .