Unique Will Story
Here is an interesting Will story.
In 1936 a rich Toronto fellow died. In his Will he made some specific gifts and left this direction regarding the balance of his estate:
‘… at the expiration of en years from my death to give (the balance) to the mother who has since my death given birth in Toronto to the greatest number of children as shown by the registrations under the Vital Statistics Act. If one or more mother have equal highest number of registrations under the said Act to divide the said moneys and accumulations equally between them.’
Some mothers had several children during those 10 years. Some children were illegitimate sued to have their mother(s) included. The case hinged, in large part, on whether or not ‘children’ included illegitimate children. In late 1937 the Supreme Court of Canada ultimately decided ‘children’ did not include illegitimate children and the clause was valid.
I Don't Have Much. Do I Need a Will and Power of Attorney?
I just live on a pension in a rental apartment. I don’t really have much. Do I need a Will and Power Attorney?
- Senior Citizen
Dear Senior Citizen,
YES.
One of the best gifts you can give to your family, is to take a little time to make things easier after you are gone or unable to handle your affairs.
Even if you don't have many assets, there will be matters to look after when you're gone. Your executor is the person you pick and designate in your will to arrange for your funeral, to receive and distribute your personal items and your final cheques.
If, as you grow older, you become unable to handle your financial matters, it is important that you have chosen the person you want to do it for you. The person you pick in your "Financial Power of Attorney" will then be in charge. If you don't have a Power of Attorney, the Government, through the Public Trustee, will become involved, or your family will have to go to Court to get permission to take the job on.
Death is one of the two famous inevitabilities. Do you want to be kept alive on a machine or let go mercifully? You may wish to put a "Living Will" provision in your "Personal Care Power of Attorney", to let your family know your thoughts. Believe me, they will be glad to know how you feel on this issue, instead of being left wondering if they did the right thing.
-Brad
Does an executor appointed in a Will always have to get a Certificate of Appointment when dealing with a bank?
The Certificate of Appointment is issued by the court to the executor as a result of a Court application. A tax based on the estate value is paid when the court application is filed. The law office will charge for dealing with the court application. This all translates into increased estate administration costs, which means less money for beneficiaries. the bank will require the executor to obtain a Certificate of Appointment to establish an estate account if the executor will want to withdraw funds from the estate account. Frankly, who deposits funds and does not want to withdraw the funds at some point.
If the deceased had an account at the bank and has had a positive history with the bank, it is possible the bank will agree to waive the requirement for the Certificate of Appointment, However, this will only apply up to a certain amount of money. If estate funds to be deposited/withdrawn from the estate account exceed that amount the Certificate of Appointment will be required. This is a concern to executors when a Certificate of Appointment is not required for any other estate administration reason.
When making your Will, be sure to ask your bank if a Certificate of Appointment will be required by your executor. The answer will play a role in your estate planning decisions. Whether it is a big role or a little role is up to you. But, don’t rely totally on the bank’s response either. The bank’s rules/policies in force when you pass away will guide the requirements. There is no guarantee the rules/policies will be the same as when you asked the question.