1.12.2010

The Importance of Estate Planning...

This blog is usually my outlet for complaining, making fun, etc. But this entry is serious.

In early December my father-in-law (FIL) passed away suddenly. Since then it's been a mad dash to get his apartment cleaned out, funeral arranged, finances rectified. Most, not all, of the uncertainty and stress my husband and I are experiencing could have been alleviated if my FIL had a Will.

Husband and I did a Will soon after we were married five years ago. We don't have a lot but we wanted everything to be neat and clean should anything happen to us.

Luckily, regarding my FIL's estate, we've had a lot of good people willing to take the extra time to help us out. The woman at my FIL's bank has been wonderful in pointing us in the right direction and speedy in reimbursing us for out-of-pocket expenses. OASIS in North York sent a truck and two drivers to pick up almost all of the furniture in my FIL's apartment, at no charge.

Since I worked in estate law for over 4 years in the States I thought I could handle all the Administration paperwork. I was on the right track, but needed a little more help. We purchased a kit from Staples entitled Ontario Probate Kit: Everything you need to Probate an Estate. I have to say that this kit has been invaluable in getting together the court paperwork my husband needs to become Administrator of his father's estate. I was able to get the paperwork done quickly and easily. The paperwork has yet to be filed, but I have my fingers crossed that that will be smooth sailing. 

In all my Googling, I could not find a singular source which would point me in the right direction. I was mostly redirected to lawyers whose costs for estate settlement ranged from $300 - $3,000.  At those rates my FIL's entire estate would go to the lawyer, not leaving anything for his two sons. The kit cost $30 and is reimbursable as an estate expense. 

As much as people don't like to think about dying, it's inevitable. Luckily my FIL's estate was simple: no real estate, car, children under 18 or pets. Please take the time to devise a Will outlining your wishes at your death: funeral arrangement, division of property, organ donation, etc. Your loved ones will have one less thing to think about while mourning.

1 comment:

c said...

Very good post. I highly recommend that people get wills and keep them up to date. My mother died without a will and it was an expensive nightmare. My sister's child was screwed out of her inheritance because her mom's will was done when the child was quite young so it all went to her husband & the child got nothing because the husband didn't see why the child should have anything. So I suggest do one for children under 18 and once there no longer under 18 revise it to fit their adult status.