There are many different varieties of Trust, and this can become confusing to anybody not familiar with the relationship between Trusts and Wills. In this article we will give an overview of Trusts, what they mean, how they work, and which types of trusts can be incorporated into your Will. At LegalWills.ca we support a number of different types of trusts, but certainly not all of them. It is also important to be certain when reading about trusts that you are reading Canadian material. Resources from the United States are very different, and much of the US information is not applicable to Canadians with Canadian assets.
What exactly is a Trust?
A trust is made up of three components. There is a “Grantor” (or “Settlor” or “Trustor”) who describes the parameters of the trust. There is a “Trustee” who manages the trust once it is set up, and then there is a “Beneficiary” of the trust – the person who benefits from the trust being in place. The key point is that by making the Trustee manage the contents of the trust on behalf of the beneficiary, there is more control over the contents of the trust. The beneficiary does not control the trust themselves.
If you have young children, it is critical to write a Will. The challenge of course is that you are busy. Co-ordinating time with a lawyer, and perhaps your partner, is very difficult. So difficult, that this is a task that is unlikely to make it to the top of the To-Do list for today, or even this week.
Fortunately online services like the Will writing service at LegalWills.ca makes the process much more convenient and significantly more affordable than preparing a Will with a lawyer.
This article gives an overview of why a Will is critical, what you can do within a Will, specifically if you have children, and how you can prepare a Will in a cost effective and convenient way. We also discuss why and how you can update a Will if circumstances change.
What are the key elements in a Will?
You probably think of a Will as a document that describes the distribution of your assets (possessions) after you have passed away. This is, of course, a significant part of a Will, and one of the most important reasons for preparing one.
LegalWills.ca features that are not supported by any other leading online Will service.
We often see reviews of online Will writing services. These reviews typically look as far as pricing, look and feel of the website, maybe support options. Unfortunately reviewers rarely take the Will service itself for a test drive. They don’t usually imagine different scenarios to determine how capable the Will service is in addressing different demands.
At LegalWills.ca we confidently regard our Will writing service as the most complete, and most flexible service of any online Will application.
In this article, we will take a quick look at just eleven things that you can do at LegalWills.ca, things that are not supported by other leading online Will writing platforms.
According to a recent survey conducted by BMO Bank of Montreal, 89 percent of Canadians consider their pets to be a member of their family. It stands to reason then that most people would want to ensure that somebody looks after their pet after they are gone. But hardly any Canadians have set up a pet trust to ensure that their pet receives proper care after they are gone.
If you make no provision for your pet as part of your estate plan, your dog or cat could potentially end up at the humane society. In 2015 82,000 cats and 35,000 dogs were taken into Canadian shelters, of which 48 per cent of dogs and 57 per cent of cats were adopted.
A Pet trust is not just for the wealthy
Whenever there is mention of a pet trust in the news, it is usually because of an extreme bequest, or staggering wealth of the pet owner. We saw is with Leona Helmsley who in 2008 left $12 Million to her pet Maltese. Continue reading
Learn to write a Will at LegalWills.ca
An increasing number of Canadians are turning to services like the one at LegalWills.ca to write a Will. But every day we received requests from our customers to clarify a term, or clause in their Will. Usually this request comes with an apology for their lack of understanding, and every time we have to give the reassurances that;
- Although writing a Will is extremely important, it is not something that most of us do more than once of twice in a lifetime, so there is no reason to expect anybody to understand these terms.
- A Will is such an important document, but the legal profession intentionally tries to make the document more complicated that it needs to be by using arcane language. There is absolutely no reason for a Will to say, “I give, bequeath and devise” when a simple “I give” would work. Or to say, “I nominate, constitute and appoint” when a simple “I appoint” would mean the same thing. But using arcane language is a way of pushing people into using the services of a legal professional because it seems beyond the capabilities of the layperson.
- Nobody should be required to learn all of these terms in order to write a Will, and there are no clear concise guides that we could find.
Having said that, our Wills still use a lot of legal language, because the document is based on Continue reading
First a definition;
A stepfamily or blended family is a family where at least one parent has children, from a previous relationship, that are not genetically related to the other parent. Either one or both parents may have children from a previous relationship. Children from a stepfamily may live with one biological parent, or they may live with each biological parent for a period of time.
Writing your Will can be a very simple process, but because it is only done a few times in your life, it can be intimidating. It can seem daunting because there are so many unfamiliar terms used in the estate planning world. Expressions that are second nature to the legal community, but are not in everyday use for the rest of us. Before you make a Will, it is important to familiarize yourself with some of the more common expressions.
Just because the terms are unfamiliar, they are not complicated concepts. In this article we will explain a few of the words that you will need to know before you make a Will. We hope that we can demystified the process a little.
The term intestate is typical of much of the legal language in that it is derived from Latin, and in today’s World it means that you have died without a Will. Continue reading
At LegalWills.ca we claim that you can create a well-drafted Canadian Will in as little as 20 minutes. Clearly, there are some important decisions to be made, and it’s not something that should be written hastily, but if you have a straightforward situation and you know how you want your estate to be distributed, it really shouldn’t take you very long to prepare your Will.
To illustrate this, in the following video I create my Canadian Will, or more specifically my Ontario legal Will, in about 5 minutes.