In this episode, John's tale takes a twist. Despite having a Will, it's outdated, leaving his ex-wife as the Executor and excluding his current wife and kids. The consequences are dire.
In our anecdotal series, John, a prosperous accountant, dies unexpectedly without a Will. His family grapples with legal chaos and financial stress, underlining the critical need for estate planning.
The presumption may be applicable where a person has gone missing for several years. The family of the missing person suspects they are dead, but there is no physical proof that they have in fact died. Pursuant to the presumption of death, that missing person will be legally presumed death after seven years.
To die intestate means a person dies without a will. A person may die intestate if they do not create a will, or if the will they created is invalid. Further, a person may die completely intestate or incompletely intestate.
Beatrice Roberts was an independent woman who managed her own finances and did so carefully. When she died, she wanted to divide her estate equally between her four children and one grandchild. However, she also set up a tax-free savings account (TFSA) and designated just one of her children.
In Goss Estate (Re), 2020 ABQB 121 a testator prepared his own will and attempted to create trust that would not be gifted to anyone but instead exist in perpetuity. This case demonstrates what will occur if a trust is found to violate the rule against perpetuities.
People acquire many different obligations in life: to take care of property, to pay debts, to pay taxes. Many of these obligations continue after we die as well. Another set of obligations that continue into the afterlife are those to partners and children.
Of all the documents you sign in your lifetime, your last will and testament is arguably the most important.
Making a Will is essential. While there are always more exciting ways to spend your time, ensuring your legal Will is appropriately prepared brings a formality to your estate planning.
