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Difference between revisions of "Preparing Your Will: Step-by-Step"
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Preparing Your Will: Step-by-Step (view source)
Revision as of 23:10, 24 April 2017
, 23:10, 24 April 2017→What should not be included in your will?
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A will often isn’t read until after the funeral. As a result, most wills don’t include details relating to the funeral service. You should tell the executor or your family or leave a letter saying what kind of ceremony you want when you die, and whether you want to be buried or cremated. | A will often isn’t read until after the funeral. As a result, most wills don’t include details relating to the funeral service. You should tell the executor or your family or leave a letter saying what kind of ceremony you want when you die, and whether you want to be buried or cremated. | ||
Any assets you own jointly with others don’t need to be included in your will. These assets go directly to the surviving joint owner on your death. They don’t form part of your estate, but are said to "pass outside the will. | Any assets you own jointly with others don’t need to be included in your will. These assets go directly to the surviving joint owner on your death. They don’t form part of your estate, but are said to "pass outside the will". For example, if you and your spouse own your home as joint tenants, the home goes directly to your spouse on your death. | ||
Also, assets where you have designated a beneficiary don’t need to be included in your will. For example, retirement benefit plans such as RRSPs and RRIFs, where you have named a beneficiary under the plan, pass outside the will. When you die, the bank or trust company transfers the RRSP or RRIF, or pays it out, to the beneficiary you named. | Also, assets where you have designated a beneficiary don’t need to be included in your will. For example, retirement benefit plans such as RRSPs and RRIFs, where you have named a beneficiary under the plan, pass outside the will. When you die, the bank or trust company transfers the RRSP or RRIF, or pays it out, to the beneficiary you named. | ||
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| text = You can designate the beneficiary of a life insurance policy or benefit plan in your will, even though the proceeds “pass outside the will” and don’t form part of your estate. If you do, the beneficiary designation will alter any previous designation. Similarly, a beneficiary designation you make in your will may be altered by a later designation that is not in a will. | | text = You can designate the beneficiary of a life insurance policy or benefit plan in your will, even though the proceeds “pass outside the will” and don’t form part of your estate. If you do, the beneficiary designation will alter any previous designation. Similarly, a beneficiary designation you make in your will may be altered by a later designation that is not in a will. | ||
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=== Does the law say you have to leave your estate to your family? === | === Does the law say you have to leave your estate to your family? === | ||
