Give Manitoba

Manitoba 21 By Kristin Marand A well-rounded plan for the future must include conveying your wishes for what will happen after you pass. A will is a roadmap for how your wishes are to be carried out, addressing circumstances around end-of- life care, how your debts will be resolved and who will receive your property. The following is intended as general information and does not constitute legal advice. "Without a last will and testament, provincial legislation will govern the distribution of your assets, with no regard for your testamentary wishes," explains Ian Scarth, partner at MLT Aikins law firm. "Generally, assets will be distributed to your next of kin; however, any friends, charities or extended family you may have wished to benefit will be excluded." Two kinds of wills are recognized in Manitoba: a formal will or a holograph (handwritten) will. A will can be written by anyone over 18 who is mentally capable. It must be in writing, since recorded wills (audio or video) do not meet the requirements of The Wills Act. Typically, wills are written after significant life events, such as a marriage or partnership, the birth of a child or the acquisition of assets. The first step in the planning process is to take stock. Make a list of everything you own and any jointly owned items, including valuables, property, bank accounts, insurance policies and pensions. Consider what you want your will to contain, including who gets what, who will act as your executor and any special bequests or gifts you have in mind. You will need the names, addresses and occupations of the people in the will. "Generally, a lawyer will schedule an initial meeting to gather information about assets, family tree, debts and testamentary wishes. Once the lawyer has sufficient information, they will draft a copy of the will," Scarth says. "Usually, a second meeting is scheduled to review the draft and make any changes or adjustments. The lawyer will explain the terms and effect of the clauses of the will to make sure it reflects your intentions." Make sure you discuss the process with your lawyer at the outset so that you understand whether you will be billed an hourly rate or a set fee and the timeline for completion, Scarth advises. "The terms of your testamentary documents should be clearly explained so that you understand what the documents will do," he says. Drafting a will includes naming an executor, which is the person who will see that your will is carried out as you wish. You will also need two witnesses to sign the will — a lawyer can be one and the other must be someone who will not benefit from the will. You should also discuss charitable gifts with your legal counsel and accountant to determine the best way to proceed. "There are a number of advantages to including a charitable gift in your will, including a tax credit on your final tax return; the ability to change, amend or revoke the gift; or allowing you to discuss the gift with your family," Scarth says. In addition to creating a will, granting someone power of attorney can ensure your wishes are carried out under circumstances of incapacity. This process ascribes a scope of power to someone to manage your finances and make decisions on your behalf. Consider discussing a health-care directive containing specific instructions about the type of medical treatment to be provided at the very end of your life should you be unable to communicate. "You should review your last will and testament every five years or whenever a significant life event occurs, such as a death in your immediate family, marriage (common-law status included), divorce or separation, your financial portfolio changes or you want to change your beneficiaries," Scarth adds. You may change, revoke or destroy your will at any time; however, Scarth notes that making changes directly on the will itself is not a good idea since those changes may not be valid. Any changes should be made by an addition to the will known as a codicil or by creating an entirely new will. Your will should be stored in a safe place, such as a safety deposit box, safe or locked drawer or cabinet. Map out your wishes with a will DRAFTING A WILL

• Cover