Sign in to follow this  
MaryJane

Last Will & Testament

Recommended Posts

GerdaT
2 hours ago, FaithFUL said:

Or convince the godparents to come to Canada... I really wouldn't like the kids to come back to SA considering that we're doing this for them. But I suppose one doesn't have a choice if there is no family (or close friends) in Canada.

Hahaha!... That's the plan!

Share this post


Link to post
Share on other sites
Jaco_W

Hi all

We decided to redo our wills here in BC (current wills are from SA).  We will go to a notary or lawyer,  but I'm just doing some homework before the time and thought I would ask members of this forum what they did or learned.

I know that it is recommended to have a will for each country where you have assets.  I assume pension funds /RAs don't count because beneficiaries are nominated for them and I think that this then bypasses one's estate.  Am I correct?  This is really the main assets we have left in SA.  We also have bank accounts in SA and UK.

Also, the scenario that is probably a bit more complicated is should both my wife and I pass away leaving underage children.  I wonder how others have dealt with this.

We would want to appoint my sister that lives in the UK as their guardian (kids have UK passports).   Can a Canadian/BC will do this?  And  because they are underage their inheritance will have to go into a trust.  Can a Canadian/BC will create a trust in another country like the UK?  

I would also appreciate some ideas about what you did about executor in this scenario as I believe that we cannot appoint my sister for example as executor if she does not live in BC.  (If only one of us passes away then the other one will be appointed executor)

 

Share this post


Link to post
Share on other sites
MaryJane
6 hours ago, Jaco_W said:

Also, the scenario that is probably a bit more complicated is should both my wife and I pass away leaving underage children.  I wonder how others have dealt with this.

We would want to appoint my sister that lives in the UK as their guardian (kids have UK passports).   Can a Canadian/BC will do this?  And  because they are underage their inheritance will have to go into a trust.  Can a Canadian/BC will create a trust in another country like the UK?  

Hi Jaco

We appointed my sister-in-law as guardian of the kids (should we both die). My sister-in-law is based overseas. I believe this is possible. Not sure about the trust though.

Share this post


Link to post
Share on other sites
milo23
Posted (edited)

We paid about $200 for both of us but that is small town Sask. That was for will, powers of attorney and We also added a medical DNR - do not resuscitate for each of us. 

We made sure our families in SA know who our accountant (trustee) and lawyers are and our friends in Canada know as well. 

 

As as far as children go we have nominated my brother (also in Canada) and should he be unable my sister in law  (in australia). The lawyer explained that the trust would be set up in Canada and then dealt with from here with the rest of the assets (we have a corporation). I have no idea how immigration for minors to Australia would work as the Australians are full of immigration nonsense and so much stricter than Canada  

We have a list of policies - RESPs, RRSPs, life insurance and other investments as well as the contact details for our financial advisor and accountant. 

Edited by milo23
  • Like 1

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this