Page 161 - A Canuck's Guide to Financial Literacy 2020

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are mentioned below. However, be aware that not all of the countries are
enforcing the conventions.

Australia Belgium Bosnia Herzegovina
Canada Croatia Cyprus
Ecuador France Vatican City
Iran Italy Laos
Libya Niger Portugal
Russia Sierra Leone Slovenia
United Kingdom United States

Vatican City, Iran, Laos, the Russian Federation, Sierra Leone, the United Kingdom, and
the United States are all signatories of the treaty.

Mirror Will

▪ A mirror will is typically written by spouses that want to have similar terms to the
other. It can be particularly important in stating beneficiaries, choice of
executors and guardians for minor children. Things can start getting
complicated when second marriages come in the spotlight.
Mutual Will

▪ A mutual will is similar to a mirror will. The terms and the agreements of the
written content are the same but changes cannot be made to a mirror will
without the other’s consent.

Joint Will

▪ Joint will is a single written document by two or more people, often husband and
wife that details how their estate will be settled when they die. Often couples
own property jointly and this type of will allows the decisions of estate
settlement to be made together.

Choosing an Executor

A will typically names an executor who will be responsible to carry out the wishes of the
testator’s will. The executor could be a single individual or multiple. Depending on the
complexity of the estate, it can also be a trust company. It’s important that the executor is
someone who has financial acumen and the willingness to be part of the estate settlement
process as it could take time and resources.

Some of the tasks that the executor would be responsible for but not limited to:

1. Completing applicable forms related to probate
2. Detailing the financial assets of the estate
3. Settling and debts outstanding with creditors and the Canadian government

4. Distributing the assets of the deceased as directed in the will