B4 - Wednesday, March 21, 1984 - North Shore News ll business |e NORTH SHORE Executive Association retiring president Don Fleming, right, of West Van Furniture, presents the | gavel to Len Macht of Crash Pad Collision, the newly elected President. The North Shore Executive Association is a group of North Shore business people whose objectives are to promote business amongst its members. « : 1 a WHAT’S IN a will?. In- structions on how you want your estate distributed after your death. A properly-made will can save your heirs considerable trouble, and often a good bit of money; a slipshod or non- existent will can make your heirs remember you for all the wrong reasons. SPECIAL LAWS Each province has specific laws as to how the estate is divided if a person dies in- testate — that is, without a will. This distribution may be quite different from what you intended. Also, depending on pro- vincial laws, the size of the estate, and the type of assets, your heirs may quite likely have to go through probate to get a court-appointed ad- ministrator to distribute the estate. This can be expensive, and might not have been necessary if the will was pro- perly made. GET GOOD LEGAL ADVICE A lawyer or notary can at abo assure you that your final wishes have been legally re- corded, and will be respected. He or she can also make sure any provincial family laws concerning rights of beneficiaries have been taken into account. If your estate is small and its distribution very simple, you can purchase will forms at a stationery store. Proper- ly filled out and witnessed, these do-it-yourself wills are valid legal documents, but might have to go through probate. MYSTERY A_ holograph, or hand- written will, figures in many a mystery novel, as it can bea subject of interesting com- plications. Unless you know exactly what you are doing — are a lawyer or notary yourself — or you have vir- tually no assets — only a gold bracelet to leave to your niece — you are doing your heirs no favors by hand-writing your will it must be pro- bated, and if there are legal problems it could be invalid In Quebec, where there are succession duties, a ho- lograph or do-it-yourself will is particularly risky. It is best to seek-the advice of a lawyer or notary to avoid paying more tax than necessary. HOW EXPENSIVE People sometimes’ hesitate because they think a will is expensive. Actually, it often costs no more than the family’s weekly grocery bill. A will is one of the cheapest services available from a lawyer, and can save much more than its cost in expenses for probate, or in legal fees to straighten out a_ tangled succession. NOT TIME-CONSUMING Making a will need not be time-consuming or trouble- some. Experienced lawyers and notaries can draw up a good will very speedily, as most of the text is standard. Literally, a few minutes with your lawyer or nolary can save weeks and months of wrangling among your heirs. Any changes to the will, also should be done through ta will? a lawyer or notary. As the children grow up, if you divorce and remarry, open a new business, etc., the will should be modified or re- written to reflect new circumstances. DON’T LOSE IT Finally, once the will is written, make sure your heirs know where it is. Put the original in a safety deposit box, safekeeping with the lawyer, or on file with the notary and keep a copy at ‘house or office. Make sure someone you trust where to find it. knows lf you have specific in- structions on disposal of your body, you want your heirs to know immediately what to do. Tell them ahead of time. Often, people will not look at your will until after the funeral. 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