Wills and Will Planning RBC Wealth Management

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Wills and Will Planning RBC Wealth Management Private Banking Wills and Will Planning RBC Wealth Management RBC Wealth Management® provides comprehensive services designed to address your multi-faceted financial concerns, simplify your life, give you the freedom to pursue your other priorities and provide you with the confidence that your goals will be achieved. Whether you need assistance managing your family’s wealth, maximizing your business investments or providing stewardship for non-profit assets, RBC Wealth Management brings together the solutions you need in key areas such as financial planning, private banking, investment management and estate and trust services. Tailored to your individual needs by your RBC® advisor, RBC Wealth Management provides the specific services you need, today and in the future. Your RBC advisor, supported by a team of specialists, helps you address your various wealth management needs through each stage of your life: > Accumulating wealth and growing your assets > Protecting your wealth by managing risk > Managing the affairs for a loved one > Converting your wealth to an income stream > Transferring wealth to your heirs > Creating an enduring legacy RBC WEALTH MANAGEMENT PUBLICATIONS To help you understand your choices and make informed decisions, RBC publishes a wide variety of financial, tax and estate publications, written by leading authorities on wealth management for high-net-worth Canadians. Please ask your RBC advisor for more information about other RBC Wealth Management publications. TABLE OF CON T EN T S 1. The importance of your Will �������������������������������������������������������������������������������������������� 2 2. Passing away without a Will (intestacy) �������������������������������������������������������������������������������� 2 What happens to the estate if you do not have a Will or the Will is considered invalid? ������������������������������� 2 Administration of the estate ��������������������������������������������������������������������������������������������� 2 Rules of distribution of the estate ��������������������������������������������������������������������������������������� 3 3. Planning your Will ������������������������������������������������������������������������������������������������������ 5 Purpose of having a Will ������������������������������������������������������������������������������������������������� 5 Types of Wills ������������������������������������������������������������������������������������������������������������ 5 Effect of a change in marital status �������������������������������������������������������������������������������������� 5 4. Issues to consider when planning your Will ��������������������������������������������������������������������������� 6 Identification and revocation clause ������������������������������������������������������������������������������������ 6 Appointment of an executor ��������������������������������������������������������������������������������������������� 6 Payment of debts, taxes and fees ���������������������������������������������������������������������������������������� 7 Specific bequests ��������������������������������������������������������������������������������������������������������� 7 Legacies ������������������������������������������������������������������������������������������������������������������ 8 Residual estate ����������������������������������������������������������������������������������������������������������� 8 Testamentary Trusts ����������������������������������������������������������������������������������������������������� 8 Gifts to minors ����������������������������������������������������������������������������������������������������������� 8 Power clauses ������������������������������������������������������������������������������������������������������������ 9 Life interest �������������������������������������������������������������������������������������������������������������� 9 Encroachment clause ��������������������������������������������������������������������������������������������������� 10 Family disaster clause �������������������������������������������������������������������������������������������������� 10 Survival clause ���������������������������������������������������������������������������������������������������������� 10 Business interests ������������������������������������������������������������������������������������������������������� 10 Guardians ��������������������������������������������������������������������������������������������������������������� 10 Family law considerations ���������������������������������������������������������������������������������������������� 10 Burial instructions or organ donations ��������������������������������������������������������������������������������� 10 Testimonium and attestation clauses ���������������������������������������������������������������������������������� 10 5. Testamentary trusts ���������������������������������������������������������������������������������������������������� 11 Reasons for creating testamentary trusts ������������������������������������������������������������������������������� 11 Children’s and grandchildren’s trusts ���������������������������������������������������������������������������������� 11 Spousal trusts ����������������������������������������������������������������������������������������������������������� 11 Cottage trusts ����������������������������������������������������������������������������������������������������������� 12 6. Preparing your Will ���������������������������������������������������������������������������������������������������� 13 Use of a preprinted form or computer program to prepare a Will ����������������������������������������������������� 13 7. Reviewing your Will ����������������������������������������������������������������������������������������������������� 13 8. International and multiple Wills ��������������������������������������������������������������������������������������� 14 9. Probating a Will �������������������������������������������������������������������������������������������������������� 14 10. Challenging a Will ������������������������������������������������������������������������������������������������������ 16 11. Conclusion �������������������������������������������������������������������������������������������������������������� 16 Appendix I — Will-planning checklist ������������������������������������������������������������������������������������� 17 Appendix II — Will-review checklist ��������������������������������������������������������������������������������������� 18 Glossary ���������������������������������������������������������������������������������������������������������������������� 19 Wills and Will Planning 1 1 > T HE IMPOR T ANCE OF 2 > PASSING A W AY W I T HOU T YOUR WILL A WILL (IN T ES T ACY ) A valid Will is an important document that all adults A Will is a vital tool that enables you to leave your assets to should be encouraged to maintain throughout their the beneficiaries you choose. lifetime. Unfortunately, while the need for this document is widely accepted, its creation is commonly overlooked. WHAT HAPPENS TO THE ESTATE IF YOU DO NOT HAVE A The aim of this publication is to assist you in gaining a WILL OR THE WILL IS CONSIDERED INVALID? better understanding of the issues and opportunities that If you die without a valid Will or if your Will cannot be should be considered when preparing a Will. Your Will located, you are considered to have died “intestate.” should be prepared within the context of an overall estate Similarly, if you do not dispose of all of your assets in plan. This may include alternate methods of passing your Will or by alternate methods (e.g. by designating a assets to your beneficiaries, for example by designating a beneficiary or through a joint account, except in Quebec) beneficiary on a registered plan or holding assets in joint you are considered to have died “partially intestate.” In names with a right of survivorship (except in Quebec). either case, your estate is to be administered under the An estate plan can help ensure that all elements of your provincial or territorial intestate succession legislation for current situation are addressed and your estate objectives the province or territory where you live. are met. This publication is not intended to replace the professional advice provided by your professional legal All provinces and territories have laws that govern the advisor, but rather to assist you in the preparation of your distribution of your property if you die without a Will. If Will plan. Once you have read this publication, use the you die leaving surviving family members, no matter how checklists at the end of this guide (in the appendices) distant the relationship, your assets will be divided among to outline the basic terms that you wish to include in those family members who are most closely related to your Will. Upon completion, review them with your you. professional legal advisor, who will help you to prepare In the unlikely event that you do not leave a Will and have your Will. no living relatives, those assets that would have been distributed according to the terms of the Will go to the province or territory in which you lived. This is referred to as property that is “escheated” to the government. Estate assets that pass to beneficiaries who
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