LIFE AND DEATH PLANNING, NOVA SCOTIA

Index

revised April 1, 2009

A. Introduction: This guide is about legal documents you need, starting at age nineteen or older, and changes you may need to make to them as you age. The emphasis is on saving money at any age. Also saving money not only on the first death but also on the second, and perhaps third, death.

B. Before discussing Wills you need an Enduring Power of Attorney, a Living Will, and an appointment of a Guardian in Health Care. Now and for the rest of your life.

C. So you are unmarried, co-habiting, or considering marriage. You need a Will. You may need a co-habitation agreement or a marriage contract. If you are already married you should have a marriage contract.

D. Fees and Taxes — What the probate taxes, legal fees and executors fees add up to.
Note: This choice will download an Excel spreadsheet.

E. A RANT about probate taxes and other taxes and fees.

F. What is a Will? A discussion of the requirements of a valid will and some examples.

G. What are we trying to accomplish? Setting the family scene to show some things to be considered to save probate tax and future income taxes.

Z. Topics to be added
a Self-Benefit trusts ITA 73(1)
b Subsection ITA 107.4(1) ("QD") trusts ("QD" = Qualifing Disposition)
c Bare trusts ITA 104(1)
d Revocable trusts
e Joint Spousal or Common-Law Partner trusts ITA 248(1)
f Joint Partner or Alter Ego trusts ITA 248(1)
g Family Trust
h Trust for Principal Residence
i Trust for non income non capital gain assets
j Life Insurance Trust
k RRSP or RRIF Testamentary Instrument

t Maintenance and Custody Act
u Matrimonial Act, Marriage Contracts
v Tax rollovers
w Corporations
x Testator's Family Maintenance Act
y Intestate Succession Act
z Divorce Act

Comments

Important: The information in this guide is based on my (See "Who am I? at the end of this page) understanding of current law. I do not accept responsibility for any liability that may arise as a result of any action taken or not taken as a result of this information. This guide does not constitute legal or tax advice.

I strongly recommend you get independent advice before you take any action. This guide is intended to provide a way of thinking about what is available for your Life and Death Planning. It is based on the laws of Nova Scotia and may not be accurate elsewhere. The information may not be up to date, less so after 2008. This is not legal advice. Using anything on this guide does not create a lawyer-client relationship. Forms or partial forms provide a background to think about, to show what may be available. Documents used to show some point may not be complete, may be out of date, or just incorrect. Do not use them.

Use of any information or document in this guide constitutes acceptance of these terms and conditions.
Before seeing your lawyer you may wish to make notes about what you think applies to your circumstances and what documents you wish to discuss. Who do you want to act in your place, names, addresses and so on.
The palest ink is better than the best memory, make notes!

All the examples that follow are for explanation only. You should have your lawyer prepare any documents you wish to have.

When predicting what may happen there are usually three things to keep in mind: it will get better; it will get worse; it will stay the same. So if you are making a budget make three. If you are planning your will you could die tomorrow, or next week, or when you are 105 years old! Try for 105!

LIFE AND DEATH PLANNING, Nova Scotia

This guide is under continous construction.

Index

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