Page 26 - Fives Funeral Home Funeral Planning Guide

issues may appear somewhat intimidating at first. Fortunately, with a little guidance and preparation, dealing with such matters does not have to be so overwhelming.
Administration of a Will
A Will is an instrument by which a person (the “testator”) makes a disposition of his/her property, to be performed or take effect after his or her death.
A well-drafted Will may provide for the welfare of the testator’s family, distribute the testator’s assets in accordance with his/her wishes and secure the efficient management of the testator’s property. Handwritten Wills (“holographic Wills”) can be made by a testator without the services of a lawyer, problems can arise if not done properly and/or in accordance with applicable legislation. A properly drafted Will can be a simple, inexpensive way to address many estate-related matters, and can make matters run much smoother upon death.
While there are many benefits to having a Will in place, there are some things that
may not be accomplished in a Will. It is important to keep in mind that some items may not flow through your estate, and thus may not be distributed in accordance with your Will. During the estate planning process it is important to speak with a lawyer experienced in such matters and knowledgeable of your unique situation.
A well designed estate plan can help minimize probate (and other) taxes, and can alert you to any personal statutory claims that may impact your ability to deal with your assets as intended.
A lawyer can discuss any potential claims that a dependant may have under Law, and with respect to any potential claims or entitlements. An awareness of such responsibilities and rights can help prevent unintended consequences or surprises upon death.
In addition to certain statutory claims, there are other legal limitations that must be considered when drafting a Will. Documents such as a marriage or cohabitation agreement, a separation
Page 26 - Fives Funeral Homes & Cremation Services