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Archive for April, 2010

Q: I have opened a Tax Free Savings Account (TFSA). Do I need to update my Will?

Monday, April 26th, 2010

A: There is generally no need to update a Will just because you have opened a TFSA account. All assets including a TFSA that you own solely and which are not designated to a beneficiary become part of your estate on death. You can only name a beneficiary for assets such as life insurance, RRSPs, RRIFs, segregated funds and TFSAs. If you name a beneficiary for your TFSA, it will pass directly to that person, if he or she is alive, on your death and will not be subject to probate fees.

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Who Will Care for a Child If Parents are Gone (Part 2)

Monday, April 19th, 2010

If parents are separated or divorced, a custodial appointment in a parent’s Will is only effective if that parent was entitled to custody of the child at the time of the parent’s death.  It is essential that both parents, especially those who are married or who have joint custody due to separation or divorce, reach a consensus as to who should be appointed custodian.  If parents name different custodians in their Wills and then the parents die in a common accident in circumstances that make it impossible to determine who died last, neither of the custodians named will have custody.

Many parents, whether biological or adoptive, are surprised to learn that they do not have the right to name a permanent custodian of minor children. (more…)

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Who Will Care for a Child If Parents are Gone (Part 1)

Thursday, April 8th, 2010

Although not a subject many parents like to think about, parents of a minor child (under the age of 18) should consider who will look after their child if both parents die.  This is a decision often debated and agonized over but, all too often, ignored. Hopefully, the information provided over the next few weeks will help you make an informed decision and will encourage you to put that decision in writing.

Although the term guardian is commonly used to mean a person having custody of a child, the correct legal term is ‘custodian’.  (more…)

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