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Personal Protection Planning. W. Bruce Drake Hooey • Remus Make a Will Month 2005. Make a Will Month. Presented by the Law Society of Upper Canada and the Canadian Bar Association (Ontario) and sponsors Barriers for Don’t Power Lack of Knowledge Time Access/Cost Kit Contents.

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personal protection planning

Personal Protection Planning

W. Bruce Drake

Hooey • Remus

Make a Will Month 2005

make a will month
Make a Will Month
  • Presented by the Law Society of Upper Canada and the Canadian Bar Association (Ontario) and sponsors
  • Barriers for Don’t Power
    • Lack of Knowledge
    • Time
    • Access/Cost
  • Kit Contents
will power overview
Will Power - Overview
  • Burdens of no will
  • Advantages of a will
  • Considerations and Special Care
  • Advantages of a power of attorney for property
  • What is a power of attorney for personal care?
  • Pathway to peace of mind
dalton will help you
Dalton will help you!
  • Law of intestacy applies
  • Table of Consanguinity
intestacy a traditional family
Intestacy - a traditional family
  • Legal spouse - no children
  • All to Spouse
  • Sleep Mode (15 minutes)
    • No: separated spouse, common law life partner, same-sex partner, bequests, charitable gifts, insurance, RRSP or pension designations, funeral, burial or cremation wishes, organ donations
intestacy oh oh
Intestacy - oh-oh
  • Legal spouse - no children
  • All to spouse
    • major red alert if separated from spouse
    • no recognition of common-law
    • no recognition of same-sex partners
intestacy a child
Intestacy - A child
  • Legal spouse - 1 child
  • First $200,000 to spouse
  • 1/2 of remainder to spouse
  • 1/2 of remainder to child
    • #1: minor’s share held by Children’s Lawyer
    • may be a problem for family home
    • child may be from a prior marriage
intestacy kids
Intestacy - Kids
  • Legal spouse - 2 or more children
  • First $200,000 to spouse
  • 1/3 of remainder to spouse
  • 2/3 of remainder split equally among children
    • #1: minor’s share held by Children’s Lawyer
intestacy kids1
Intestacy - Kids
  • No legal spouse but children
  • Equally among children
    • #1: minor’s share held by Children’s Lawyer
    • no recognition of unmarried parent of child
    • no recognition of different needs
    • no recognition of multiple families
    • no recognition of unequal advancements during lifetime
intestacy to mom and dad
Intestacy - to Mom and Dad
  • No legal spouse or children but parent(s)
  • Equally between parents
    • OK unless have a life partner to whom not legally married or unsatisfactory relationship with parents
intestacy thanks bro
Intestacy - Thanks Bro’
  • No legal spouse,children or parent(s) but brothers and sisters
  • Equally among
  • siblings
    • different needs
    • life partner
intestacy my favourite aunt
Intestacy - My favourite aunt
  • No spouse, children, parent(s), brothers or sisters but niece(s) or nephew(s)
  • Equally among living nieces and nephews
    • no recognition of different needs
    • no recognition of children of nieces and nephews
    • life partner
intestacy the stretch
Intestacy - The Stretch
  • No spouse,children, parent(s), brothers, sisters, niece(s) or nephew(s) but next of kin of equal degree (cousins)
  • Equally among cousins
    • life partner
    • location
intestacy a winner
Intestacy - A Winner!
  • Equally among cousins
  • Make an estate lawyer
  • very happy
intestacy homer says doh
Intestacy - Homer says Doh!
  • No legal spouse, children, parent(s), brothers or sisters, niece(s), nephew(s) or cousins
  • NOT #1 but ...
  • lost to the Government of Ontario by doctrine of escheat
burdens of don t power
Burdens of Don’t Power
  • Law of intestacy applies (Thanks, Ernie)
  • Choice of trustee decided by a judge
  • Minor beneficiaries interests administered by a government lawyer called the Children’s Lawyer
  • Bonding
  • More expensive and slower
have it your way benefits
Have it Your Way Benefits
  • Certainty- Your way, not Ernie’s way
    • Trustee
    • Distribution
      • Lifestyle
      • Special Situation Bequests
  • Tax Planned
  • Minimize administration costs
  • One is good - two can be better
  • Overall best legacy - peace of mind
what do i need to think about
What do I need to think about?
  • Choice of trustees
  • Backup trustees
  • Specific gifts
  • Distribution plan
  • Designations
  • Special wishes
  • Minor children
trustees do the work
Trustees do the work
  • Ability, agreement and accessibility
  • Professional help
  • Number
  • Majority rule or unanimity
  • Backups
  • Administrative Powers
remember me specific gifts
Remember Me - Specific Gifts
  • Keepsakes
  • Cottages
  • Charitable gifts
    • Specified purposes
    • General purposes
  • Special Needs
plan i ve got a little list
Plan - I’ve Got a Little List
  • Almost complete flexibility
    • All to spouse and children is still most common
    • Lifestyle (multiple relationships, life partner)
    • Postponement for minors
  • Tax considerations
  • Joint ownership considerations
    • Real estate
    • Bank accounts
other beneficiary designations
Other Beneficiary Designations
  • Life insurance
  • RRSP
  • Pensions
my way special wishes
My Way - Special Wishes
  • Funeral
  • Burial/Cremation
  • Organ donation
guardians for minor children
Guardians for Minor children
  • Effective for 90 days
  • Not binding thereafter but relevant for court
special care situations
Special Care Situations
  • Marriage
  • Divorce
  • Family Law Act
    • Community of property
    • Dependants
    • Spousal election
  • Foreign executors or property
a will needs regular review
A Will Needs Regular Review
  • Changed financial situation
  • Trustee or beneficiary dies
  • Divorce, separation or new child
  • Changes in the law
end sleep mode
End Sleep Mode
  • Time for a new topic of interest to all: Powers of Attorney
power of attorney for property
Power of Attorney for Property
  • Empowers a trusted person or persons
  • Continuing effectiveness
  • Difficulties when no power
  • Considerations
personal care
Personal Care
  • Different purpose
  • Empower a trusted person
  • Effective on disability
  • Living will effect
  • Consequences of no power
  • Considerations
why bother
Why bother?
  • Survey says: about 50% do not have a will
  • Certainty
  • Peace of mind
how do i get one
How do I get one?
  • Lawyer
    • May be available free from a prepaid legal plan
    • Family lawyer or friend’s suggestion
    • LSUC Lawyer Referral Service 1-900-565-4LRS (4577); cost is $6.00 per call
    • Hooey Remus Make a Will Month consultation
how do i get one1
How do I get one?
  • Trust company
  • Will kits, stationers’ wills, Gov’t POA
  • Holograph will
make a will month1
Make a Will Month
  • Sponsored by:
  • the Law Society of Upper Canada
  • Canadian Bar Association (Ontario)
  • Sun Life
  • CIBC Trust
  • Certified General Accountants Association of Ontario
  • Canadian Cancer Society
  • Heart and Stroke Foundation