Life With A Baby - Will and Estate planning

Friday, January 21, 2011 12:43 PM

Message # 504677

Debbi (Administrator)

A useful article I read in the Globe and Mail outlines ten financial steps to take before you die.

#1 is... have an up-to-date will.Yes I know it's morbid, but it's really something that we should think about because clearly dying is something out of your control. My financial advisor, many years ago, recommended my husband and I set up our wills. When our daughter was born, he reminded us again - we need to ensure that we get to choose who cares for our daughter should something happen to both of us, and also, ensure that she will be taken care of.

She is now almost 2, and still we have not set up a will. I attended an estate planning seminar a few months back, and it was mentioned that working with a lawyer would be a minimum (or average, I don't remember which) of $700 - which is probably one of the reasons we didn't go that route yet.

Do you have a will - if so, could you share how you go about doing it, how much it cost etc? Is this something you can do by yourself, or is it better to work with a lawyer?

If not, why not?

Friday, January 21, 2011 1:08 PM

Reply # 504703 on 504677

Dar

My husband and I had a will before our son was born. It was written in a way that would cover all future children we may have. It cost only $175 from a lawyer. I was going to do the will myself without a lawyer but after talking to a few friends, we decided that we are better covered with the lawyer.

$700 seems pretty crazy, does it not?

Friday, January 21, 2011 2:44 PM

Reply # 504803 on 504677

Amanda

Its ironic that as i was googling questions to ask your childs "guardian" for making up a will, i got an email alert asking about Will and Estate planning.....

So My husband and I just purchased our first home, and as I was talking to our lawyer, i brought up the question about doing a Will. I asked the difference between doing the computerized version you get at Staples, as oppossed to getting it through a lawyer.

Difference is, the DIY Will isn't a law binding contract?! and if there were ever any complications, your wishes might not be met. I figure when it comes to the well being of my child, i want to spend the little extra for his futures best interest. My lawyer quoted us $250 per individual.

Friday, January 21, 2011 4:03 PM

Reply # 504876 on 504677

Brooke

My husband and I always feel shameful that we still haven't set up a will and our daughter is almost 5 months, although we knew we needed one right after I got pregnant. The main reason for the delay is that we want to get the proper insurance coverage first. But it's not a good time to buy when I was pregant, or right after giving birth. It also took us some time to shop for the right insurance. Anyways, we finally applied for the insurance and as soon as that is approved, we will set up the will. Our broker mentioned something around $300, but not sure it's for one person or a couple. One of my single friends set up her will for no more than $200 with a paralegal. BTW, we did designate a guardian for our daughter by wiritting (through email). That will help and legally binding (I heard) in case something happens to us before our will is in place.

Saturday, January 22, 2011 9:00 AM

Reply # 505194 on 504677

Denise (Administrator)

As a financial advisor, I always remind my clients and friends the importance of setting up their wills.

I did mine after my daughter was born. It was with the lawyer and it costs us $250 plus tax (for couple. I think it is $175 for individual). It also covers living will which allows someone you chose to make the decision for you when you cannot (e.g. in coma).

As I know, if you just pick up a package form and do it yourself, you need to have 2-3 witnesses and if something happens, the court will have to call the witnesses to verify the information......

Denise

Last modified: Saturday, January 22, 2011 9:00 AM | Denise (Administrator)

Tuesday, January 25, 2011 10:09 PM

Reply # 507454 on 504677

Sandra

Yes, my husband and I have wills as well as a power of attorney (POA) for personal care. The cost was $99 for the will and $75 for the POA (plus HST). Unless you have a very complicated financial situation or have some very intricate plan for distributing your estate, then a will with the standard clauses is usually sufficient. A POA for personal care is extremely important as well.

The whole process of getting the will took about 15 mins to give the lawyer the necessary info and about the same time to go back and sign the documents.

Friday, January 28, 2011 3:02 PM

Reply # 509283 on 504677

Debbi (Administrator)

Wow - thanks for all the information everyone!

Our situation is a little complicated in that we have international assets to consider, but we definitely need to get our 'papers' in order.

And clearly I need to check with another lawyer ;)

Saturday, January 29, 2011 5:09 AM

Reply # 509618 on 507454

Gia

Sandra Athron wrote:
Yes, my husband and I have wills as well as a power of attorney (POA) for personal care. The cost was $99 for the will and $75 for the POA (plus HST). Unless you have a very complicated financial situation or have some very intricate plan for distributing your estate, then a will with the standard clauses is usually sufficient. A POA for personal care is extremely important as well.

The whole process of getting the will took about 15 mins to give the lawyer the necessary info and about the same time to go back and sign the documents.

Hi Sandra, where did you get yours done? or whom is your lawyer, if you don't mind to pass on the info. For $75, i would rather have the professional do it.

Friday, February 04, 2011 5:48 PM

Reply # 516024 on 509283

Dar

Debbi wrote: Wow - thanks for all the information everyone!

Our situation is a little complicated in that we have international assets to consider, but we definitely need to get our 'papers' in order.

And clearly I need to check with another lawyer ;)

Debbi,

We used to have international assets to consider as well. We had a will in the UK as well as one in Canada. They were both drawn up in a 'generic way' to cover any children we may have. The rest of the details in both wills were similar (e.g. guardian for the children). The only difference was that one covered the details in Canada and one for the UK. We did it that way because we didn't know how else to cover everything in both countries.

Perhaps there are lawyers who can take care of a will for international assets. However, they may also charge more! :-)

Tuesday, April 12, 2011 7:10 PM

Reply # 569395 on 504677

M	Hello ladies, Would anyone be willing to refer your lawyers that charged the reasonable rates? I want to get POA for my mother and mother-in-law as well as a will for my husband and the little one. Many thanks in advance, M

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