By Elaine Blades
Having a well-drafted will that clearly expresses your intentions is essential.
If you’ve written instructions someone will find confusing, they can’t ask you for clarification. It’ll be too late.
I’ve reviewed far too many wills where not enough was said to truly reflect the testator’s intentions. For instance, say your will has the following clause:
To pay $10,000 to each of my sister Elizabeth and my friend Catherine.
Click here to read more
by Larry MacDonald for Money Sense Magazine
Q: My fiancée Michelle and I are building a custom home together. We have a $1.5 million budget in mind but we’d like to go higher if we can afford to. Or should we actually be spending less? We need to make a decision and we’re not sure what to do. — Darren, Toronto
A: There is no doubt that you guys are in a unique position. Darren, you’re earning the entry level minimum this year, but hope your agent can negotiate a big contract next spring. Your career could last 10 years, but an injury or a bad season could easily cut things short. And it’s hard to say what your potential income-earning ability might be thereafter.
By Carla Hindman, Director of Financial Education, Visa Canada
One of the most important decisions you’ll make when writing your will is determining who should be named executor of your estate. Even if you’re just leaving behind household goods and a small savings account, someone – whether appointed by you or the government – must settle your affairs.
Some people consider it an honour – or duty – to take responsibility for ensuring that their loved one’s final wishes are carried out. But serving as an executor can be onerous and time-consuming, even for those with a strong financial or legal background. In a worst-case scenario, executors who act imprudently or in violation of their duties can be sued by beneficiaries and creditors. Read more