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Kenneth C. Pope, Henson Trust Specialist

Will Preparation - Questions to be Decided in Preparing Your Will

Executor and Trustee     Top

Who do you want to appoint to be the Executor and Trustee of your Will?

This is usually your spouse, a reliable family member or a trustworthy friend. If these are not available, you could consider a Trust company or your lawyer. You may also decide to appoint the same person or persons as Trustee(s) of the Henson Trust.

Alternate Executor and Trustee     Top

Who do you want to appoint to be the alternate Executor and Trustee of your Will should the first person appointed be unable to act or decline to act?

Guardian of Infant Children     Top

Who do you want to appoint as Guardian of your infant Children? Do you want to appoint an alternate Guardian as well, in case the first-named Guardian is unable or unwilling to act as Guardian?

Power of Attorney for Property     Top

Who do you want to appoint to have your Power of Attorney for Property?

This comes into effect upon signing the document. The purpose for the Power of Attorney for Property is to allow someone to handle your affairs should you become incapable of so doing, e.g. Alzheimer's or some other illness or incapacity.

It is usual to appoint a reliable family member or trustworthy friend. Should no such person be available, you could consider appointing a Trust company or your lawyer. Also, it is usual to appoint someone who resides in the same city that you are in for practical reasons, but this is not necessary.

Substitute Attorney for Power of Attorney     Top

Who do you want to appoint to be the substitute attorney for your Power of Attorney should the first person appointed be unable or unwilling to act?

Trust Company Fees     Top

Please note that Trust Companies do charge a fee to act as Trustee and Executor of your Will, as attorney in a Power of Attorney, and as Trustee for a "Henson" Trust and that they do not like to handle estates valued at less that $250,000. They typically receive between 3 and 5 percent of the value of the estate for acting as Executor. Trustees of Henson Trusts are limited by law to fees of 1% - 1 & 1/2 % of the value of the Trust per year, they do not have to charge a fee for their services, but this is what they are entitled to.

Power of Attorney for Personal Care     Top

Who do you want to appoint to have your Power of Attorney for Personal Care and who do you want to appoint as your alternate attorney?

This person will have to make decisions for your personal care should you lack the capacity to do so, eg. if you are in a coma or on life support, etc. This Power of Attorney also comes into effect upon signing the document, so it is best to leave it locked in your lawyer's safe, until needed, along with the Power of Attorney for Property. If you appoint two or more persons to have your Power of Attorney for Personal Care, it is recommended that they be appointed jointly. This is to ensure that family members or close friends (if those are the persons appointed) have had a chance to come to terms with your imminent death should a decision have to be made to remove you from life support. In this way, there should be no rancorous feelings or resentments built up if one of your attorneys has come to the decision that it is time to "pull the plug" and the other attorney still needs a little more time to reach that decision.

Cremation or Burial     Top

Do you want to be cremated or buried?

In actual practice, the executor will make this decision and your instruction in the Will indicates your wishes but has no legal force. Some persons make the choice based on religious considerations. Some have an aversion to burial or to cremation. Cremation is generally less expensive because there is no burial plot and upkeep to pay for.

Inheritance Age     Top

What do you want the age of infant inheritance to be?

If your children have already reached the age of majority, you must still consider at what age you would want any possible grandchildren to inherit. Some people feel that 18, since it is the legal age, is the appropriate age to receive the inheritance. Others feel that 21 is the right age. Others feel that children are not mature enough to handle a large sum until they reach the age of 24 or 25 years. Still others feel that 30 years is an appropriate age when a very large sum is involved.

Addresses     Top

Please include the addresses and telephone numbers of the persons appointed as your Trustee and Executor, attorney for your Powers of Attorney, and those of the alternates.

Organ Donation      Top

Do you want to leave your organs for organ transplant?

This is a personal decision. Some people do not want to do this because they feel uncomfortable about it. Others are very much in favour of leaving their organs for organs transplant.

Personal Property     Top

To whom you wish to leave your personal property, bearing in mind that this includes cars and boats?

Usually married couples leave all their personal property to each other first of all, and then, if the surviving spouse should not survive the deceased spouse for thirty days, the personal property is left equally to the children, or if there are no children, to other family members or close friends. Some people leave all their personal property to charities if there are no spouses, children, family, or friends.

In each Will, there is provision for a simple memorandum to be written in the form of a letter or simple list naming certain persons to receive certain identified items of personal property. For example, if the wife wishes to leave all her personal property to her husband, but wants to leave all her clothing to her daughter, certain items of jewellery to her daughter and some friends, and a favourite painting or some other object to her son, it is simple to do so. The wife's Will would state that she is leaving all her personal property to her husband and that the persons named in the memorandum attached to her Will are to receive the items specified. The memorandum can be written as a simple list, describing each item and stating to whom it is to be left. The memorandum is then attached to the Will (after the Will is signed) and can be changed as the testator wishes.

Residue of Estate     Top

To whom do you wish to leave the residue of your estate?

The residue includes bank accounts, RRSP's (unless designated beneficiaries are named), your house, and everything other than your personal property.

Again, usually married couples leave the residue of their estates first to each other, and then if the surviving spouse does not survive the deceased spouse for thirty days, equally among their children. You may also wish to leave one or more Specific Bequests, either of property (such as a cottage) or money to certain children, relatives, or friends. You may also wish to leave a certain amount of money to your church or favourite charity. Exactly how and to whom you leave the residue of your estate is your decision.

Trustee of the Henson Trust     Top

Who do you want to appoint to be the Trustee of the Henson Trust for your child?

This should be a financially astute and highly reliable individual. This person will be administering the Henson Trust for the duration of your child's lifetime. You may wish to consider a Trust company, bearing in mind that they do charge for their services. Usually, they charge about 1 percent of the value of the Trust.

Estate Inventory     Top

You will receive a lengthy Estate Inventory Form, either with this list of questions or after you have signed your Will. The Estate Inventory does not need to be completed before you make decisions about your Will and is intended only to help you to itemize your estate to assist you and your Executor.

Life Plan     Top

You will also receive a LifePlan Guide for your child. This is a comprehensive form that reminds you to list information about your child, such as medical details, medication, education, daily routine, and your child's preferences. This can be very useful to the Trustee and/or Guardian in enabling him or her to care for or assist your child after you are gone.

Please note: Henson Trusts and LifePlan Guides do not apply to those who do NOT have disabled family members. Henson Trusts are highly specialized Trusts that apply only to those who have disabled family members.