fa

EVERYBODY TELLS you
to have a current will. So
you might be surprised to
hear that even with a will
you can’t always leave your
assets the way you want, al-

‘though you can take some

steps to reduce the risk of

-~ having the wishes in your

-will challenged.

prevented the head of a family,.
who while living was legally”
responsible for the welfare of his «.

or her. family, from i ignoring those.” ,

society,” said Owen Dolan, Qc, a
partner of Clark, Wilson law firm.
Those laws have been modified
and vary ‘from province to pro-
vince. Here in B.C., ‘The courts

e saying that unless very unusual
“ circumstances exist, a parent may
not disinherit an adult. child even.
“if (nat child‘has no need or
potential need for support from
the parent,”’ said Dolan.

‘*¥ou are most likely tobe af-.

fected by the wills and family
lief. laws if you have had more .
than one marriage, or you have

hildren resulting from more than.

to leave unequal amounts to your
children.”’

Dolan, of North Vancouver,
said that when somebody applies
to have the terms of a will
changed, the courts look at the
economic need of the claimant,
the claimant's age, the estate’s
size, number and status of other
potential claimants, disability of
any potential claimant, relation-
ship cach potential claimant has
had with the testator and the
length of that relationship.

If you are married to the
mother or father of your children,
the courts have said that if you
leave all your assets to your
spouse that’s fine, because your
spouse is legally and morally

obligated to the childrer..

And if you are unmazried and

; ‘childless, you needn't worry ei-
ther.

Dolan said you should do
whatever you can to avoid a will
variation action following your
death.

. ‘Your estate-will bear the brunt

. of all legal expenses,’’ he said.

“Also, family member is pitted

‘against family member, which can

be emotionally damaging to all

“ concerned,’’

What can you do? Dolan said
you should get experi advice
because there are so many
variables. Your options include:

- not making a will. This is an ex-
treme approach; provincial law
says who gets what.

arranging your estate to
p r oO Vv i d e
income to one-or more
beneficiaries for life or a’ fixed
period of time, and leaving the
capital to other beneficiaries.

For example, you could provide
a life income.to a second spouse
and on his or her death, the capi-
tal» would be divided equally
among all your children.

@ arranging to have your assets
pass outside your estate. Name a
beneficiary for your RRSP, pen-

-sion(s) and life insurance policies;
make sure your will is .consistent .,

with these designations.
Hold real estate or. bank depos-

..) its-in-joint names so the survivor . |

THIS SEMINAR 1s DESIGNED FOR
INDIVIDUALS’ APPROACHING RETIREMENT
. AND, THOSE ALREADY RETIRED

Options regarding RRSP Funds
« RRIF and Annuities
* Reducing Income Tax,

e How to Incredise Your Return
; in Today" 's Low Interest Rate

"Seminar Location:

* Lonsdale Quay Hotel
Resolution room - 3rd Floor
*Free Parking beneath marker

= ~ AREAS! OF DISCUSSION WILL INCLUDE:
@ Haw Capiral Gains Tax Can

Affecv You

¢ How to Leave Your Estare
Intact for Your Children

-* Increasing Your Cash Flow _.
* through Charitable Giving

Date & Times: -
Wednesday, January 26, 1994
2:00 p.m.
and 7:00 pun,

“This s seminar. is being offered without cost or ‘obligation
os but space is limited
For reservations or more information, please telephone
1 Ashley at.664-8098
Compliments of |.
Marc Latta & avid Tafel

44 While most claims against an estate are made
under the wills and family relief laws, the validity of
the will itself can be challenged. id

will get complete ownership. when
you die.

Inter vivos trusts (set up while
you are alive) escape the wills and
family relief laws.

Contracts concerning your
assets made while you are alive
must be honored by your estate
prior to any distribution under the
Will,

“You can sign agreements like
marriage or separation agreements
to waive the provisions of the wills
and family relief laws, but the
courts may or may not consider
such agreements,’ Dolan said.

While most claims against an
estate are made under the. wills
and family relief laws, the validity
of the will itself can be challenged.

“You must execute the will ac-
cording to the terms of the law,”
Dolan said. ‘‘And the - person
making the will must be of sound
mind.

“There is an accepted principle
in law that whatever degree of
mental soundness is required for

crimes, marriages, giving evidence
and so on, making a will requires
the highest degree of mental
soundness.””

Dolan said criteria for deter-
mining mental capacity when
making a will include the follow-
ing: the testator must understand
the nature of the document and
the effect of signing it; the testator
must know and appreciate the
value of the estate, who should be
included in the will as
beneficiaries, and how the estate
should be divided among. the
beneficiaries. ;

A will may also be declared in-

_ valid if the person signed the will

‘under undue influence or duress
of another person or persons.”
Mike Grenby is a North
Shore-based. columnist and in-
dependent financial adviser who
works with individuals; he will
answer, your questions as space
allows — write to him c/o The
North Shore News, 1139 Lonsdale
Ave., North Vancouver V7M 2H4,

One Year

| This Chat shows the

1 STRATEGY-OVER 400 FUNDS AVAILABLE! |
PLUS

AS ABOUT OUR FREE MUTUAL FUND
CHART SERVICE

of the |
AGF Asian Fund for a 74-week period. * |
Ask for a Free Chart
on your Mutual Funds

The North Shore’s only }.
Full Service Investment Firm [|

981-6600

RBC
DOMINION
> SECURITIES
Member of Royal Bank Grp
201-250 15th St, West Vancouver

Three Year.

-torusruND 26.77% 16.05%

At: 55% ||

A BALANCED FUND
THAT’S WoRTH A CLOSER LOOK.

AT FIRST GLANCE, THE WIDE APRAY OF
mutual funds can be an eyesore. That's why
we'd like you to Jook at Lotus Fund. Our
Fund is simple: a
professionally managed fund that offers top

vision for Lotus

performance and long-term growth.

© No load

e No redemption fee BN
RRSP eligible. be)

Cat us topay at (604) 257-1000.
Our investment professionals can assist «|
you in meeting your financial objectives .° |.
and help..you see things in-a totally oan |
different way.

LOTUS FUND

i

M.K. WONG MANAGEMENT LTD.
FUND ADMINISTRATOR

Average annual return with income reinvested December 31, 1993, Past performance is no assurance of future performance. The Lotus Fund simplified Prospectus, contains

Important information: you should obtain and read a copy from M. %. Wong Management Lid. befote investing. Fund unit values and investment returns will Nuctuate, ;

¢