The conversation that is awkward or sometimes taboo. Do you have a will? We are so scared to talk about for fear of it bringing bad luck, not something we want to face, or just pure denial. Did you know that in Ontario a guardianship appointment in a Will is only good for 90 days and after that the guardian must obtain a court order approving the arrangement? Also – if both parents die while their children are minors without a will while the children still inherit the estate – their inheritance is held by the Ontario Office of the Children’s Lawyer while they are minors and released to the child when they turn 18. With a proper estate plan we put that money into a trust and the parents decide who controls it and when and under what circumstances children ultimately access their inheritance.
Here are the top three takeaways from our interview with Marni:
1) Guardian Appointments in a will are only good for 90 days BUT appointing a guardian is clear evidence of intention regarding who you want to be your child’s guardian
2) If I do not have a will my spouse will get the first $200,000 of assets held in my name alone. He will have to split everything else with my kids and if my children are under 18 the government will manage my child’s money until they turn 18. Once they turn 18 my children will get the whole of his or her inheritance.
3) Avoiding putting a proper plan in place is not the answer. As parents we have a duty to protect our kids and once I have my will in place I can put it away.
To contact Marni visit: http://www.airdberlis.com/people/bio/marni-pernica
Watch our full interview below: