Be your own boss: make a will

BY NANCY KELLY

Kings County Register

When it comes to estate planning, “if you fail to plan, then plan to fail,” says lawyer Eric Sturke.

Sturk was the guest presenter at an estate planning information session, sponsored by the Kings County RCMP Seniors Safety group, June 11 in Berwick. Sturk offered advice about drafting wills, trusts and designating powers of attorney; and explained the ins-and-outs of after-death taxes and fees imposed by the government.

It’s common for people to find it hard to think about what will happen when they die, Sturk said. Avoidance “only leaves a problem for someone else.” Not preparing a will results in extra costs and hassle for surviving family members - and can also set the scene for family discord.

“You are not doing your family any favours by not having a will.”

When drafting a will, there are few standards, explained Sturk. “You can have as many executors as you want and you can change your will as many times as you like so long as you are mentally competent.

“Preparing a will is all about your right to choose. Why would anybody want to give the government the right to choose where their assets go” - which is what happens when you die without a will.

“When you have a will, you are the boss,” stressed Sturk.

Trust agreements, powers of attorney and medical directives were also discussed. Sturk recommends families talk about these issues before it is too late.

“On your death, the government assumes you sold all your assets. By giving away your things to people you trust, you can reduce your net worth” and, therefore, the amount of tax to be paid.

Sturk recognized many seniors resent having to give up there independence and will ignore the importance of preparing for their last years.

“When your children try to step in and help you manage your property, you resent the help - even though you need it.”

Facing a loss of control in your declining years can be difficult, added Sturk, “so it is best to make these decisions while you still have your faculties.”

Because there can be so many variables, Sturk says it is important to seek professional counsel when organizing end-of-life documentation.

“The more thought you put into your directives, the better the situation will be.”