Golden and District Community Foundation – The Canadian government encourages all citizens to have a will in place. A will is a legal document that ensures your loved ones are cared for and that your wishes are followed after your passing.
The Golden and District Community Foundation (GDCF) is developing resources to help you make a lasting impact through will and estate planning as part of our Legacy Giving program.
While many people prefer to have their wills drafted by lawyers to ensure everything is done correctly, they often don’t know what to expect during the first consultation. It’s common to have questions about the process, such as: How does the process work? When should I update my will? And, perhaps most importantly, how much will it cost?
To help, GDCF reached out to Bruce McKenzie at Ewan & McKenzie for advice. He recommends that everyone should review their will at least every 5 years to make sure their will is consistent with their estate goals. Bruce offers a free initial interview to review wills.
And for those people who do not have a will, Bruce recommends they make an appointment with the Golden lawyer of their choice to discuss estate planning, especially if they have a spouse and/or children.
Here are some important things to consider when thinking about your will:
When to Update Your Will: You should update your will in the following situations:
● Changes in the health or ability of your guardian to care for your children.
● Changes in health or your relationship with your executor.
● Changes to financial circumstances, such as having received an inheritance or the purchase of property.
● Changes in marital status, including the death of a spouse.
● A partner buys or is buying a business.
● A family member requires future care due to illness or disability.
● Your children have married, separated, or divorced.
● You wish to change your investment trustee or add/change beneficiaries.
● You wish to consider obtaining power of attorney or a representation agreement.
● You want to consider other estate planning alternatives such as trust agreements, joint ownership, life insurance and having named beneficiaries for some investments.
● You want to leave a gift to GDCF or another charity.
Unlimited Revisions: You can rewrite your will as often as needed (or as your budget allows).
Probate Fees: Probate fees cover the legal costs of handling your estate after death. These fees vary depending on your estate’s size and local laws, and some assets may avoid probate
fees. Being aware of these fees helps you plan effectively, ensuring your beneficiaries receive the maximum value. You can also minimize fees by structuring your estate through trusts or joint ownership. Lawyers and accountants can provide estate planning advice which will be best for you.
GDCF Legacy Giving: GDCF can help ensure your wishes are carried out, whether through your will, life insurance, or a Legacy Giving investment. A Legacy Giving investment, like the Allen Williams Memorial Fund, can have a lasting impact on the community.
Allen Williams, a visionary and beloved community member, was honored after his tragic death with contributions to support local rescue services, providing approximately $2,000 annually for Golden Search & Rescue.
Want to discuss your will? Contact your Golden lawyer to set up your first meeting.
For more information about leaving your legacy with GDCF, give us a call at 250-344-8610.
