Estate Planning

The Annotated Will, LSUC February 21, 2008

By Hull & Hull LLP

I recently attended this CLE program of the LSUC chaired by Laura Kerr, Jennifer Pfuetzner and Corina Weigl. The panel used an annotated Will as a framework to consider drafting tips, and highlighted many significant recent developments.

Notable provisions included “Air Miles Designations” (of value if a testator or testatrix has acquired a significant quantum of frequent flyer points), a “Debts, Funeral and Testamentary Expenses” clause which included provision for “reasonable travel expenses” for relatives and/or friends wishing to attend the funeral, and an updated “RESP” clause. Because an RESP is the property of the deceased subscriber (usually the parents or grandparents of the beneficiaries), consideration should be given to whether the testator wants to plan to continue after his death (and, if so, who should become the succeeding subscriber). Alternatively, the testator may prefer that the Trustee collapse the plan and direct the proceeds into the residue of the estate.

Many more issues were canvassed with a focus on emerging concepts in estate planning. Most significantly, the attendees were urged to keep an eye on the definition of “issue” in light of the current reality of more complex family relationships (i.e. common law, step families) as well as potential challenges raised by the more widespread use of reproductive technologies in today’s world.

Sarah Hyndman Fitzpatrick

Full post as published by Toronto Estate Law Blog on February 25, 2008 (boomark / email).