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Sunday, September 9, 2012

Materials to record information for the next generation

I've added a couple of  new links that I think many of you will find useful. I'm always telling you to do your planning, make your wishes clear, etc. Now I've come across a couple of tools that will help you do that by helping you organize your information for those who will one day need to access it. The links I've added are:

Open Sesame! Password Reminder Book.  This is a spiral bound little notebook for you to record all of your various passwords so that if your executor needs to wind down your online affairs, he or she can do so.

Putting Things in Order: A Journal to Organize Your Life for the Next Generation. Need I say more? Many of you have asked me for something to use to gather and record your information, so this should fit the bill.

Both of these have been added to my list of "Interesting Links" here on my site.

8 comments:

  1. Keep blogging! I know it's time consuming, but your blog always has interesting stuff!

    Best Regards,
    Sydney Lawyers

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    Replies
    1. Thanks for the kind words :) Yes, blogging takes time but I love sharing all the interesting stuff I find with the readers. And thanks for reading.

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  2. Hi Lynne,

    Hopefully I explain my problem sensibly. My step-father passed away on June 20, 2016, and my Mother passed away in 1994. At that time, I was their only heir and I would have received their whole estate after he passed. He remarried approximately 19 years ago and sometime after he told me in his very direct way, as only my Dad could.... "Janis gets the house but don't worry, you won't be forgotten, you'll be taken care of because I have money set aside for you in a Trust Fund" that I would receive after he passed away.

    His new wife knew about this Trust Fund because she mentioned to me that it wasn’t as much as it was because of the company that it was invested in went under and a lot of money was lost. I assumed my Dad kept whatever was left in there, otherwise my he would have said. He was a man of integrity and wouldn’t lie about a thing like that. He was honest and straight forward. I know because I felt a bit uncomfortable and didn’t know what to say when he told me this. I think I said ok but not much more. I had no reason to believe that it wasn’t still there for me gathering interest over all these years. That is the only thing I’m interested in, I didn’t expect anything else after he died, just what he promised.

    Is there any way I could find this out. Have I any legal rights, nothing was written down, it was only verbal from my step-dad after he re-married. He died from complications of advanced Alzheimer’s and was diagnosed in 2009 before that he was on what his wife called ‘happy pills’ to keep him calm. As I mentioned previously, his wife denies knowing anything about a Trust Fund, but she did discuss it with me in the past shortly after he told me his plans. I’m not in his Will and I don’t want anything else, just what was promised to me. Unfortunately I don’t have the income to pursue this through a lawyer as I am a pensioner, except possibly on my own.

    Thanks for your advice. Dale

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  3. My husband was adopted legally. His birth father had previous relationships of which a son was born. He recently passed away in BC. No will no spouse no children. Is my husband entitled to anything as he was a half brother

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    1. In my opinion he is not entitled to anything. When A has a child and B adopts the child, the child is no longer legally related to A.

      Lynne

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    2. Even if the man who died was his half brother?

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  4. Hi Lynne, Recently my mom found two sealed envelopes stating they contain my dad's will and hers. The first problem is that she has never made a will (and my mom is of sound mind). However, we can't speculate on what is in the sealed envelopes so that is a moot point and opening them is not an option (would know she was snooping. In her own house, yes it's that dysfunctional). My mom's main concern is that my dad wants to leave her destitute once he passes away (he has stated as much many times). They have been married 40+ years, own their home, along with other assets, etc. However, they have a strained relationship to say the least. My mom has worked hard all her life and even though she has not earned as much as him in their lifetime, the difference is not that great and she spent a few years rearing children. I/we suspect my sibling has been taking advantage of the family dysfunction to gain financial benefit for their
    family, even though my dad is more than happy to go along with that. My only concern is for my mom's financial security. Could my dad legally leave half of their assets to my sibling while my mom is still alive if his will states that those are his wishes? My mom has worked hard her entire life and I'd hate to see her struggle financially in
    retirement. Is there a cause for concern? Does my sibling have a right to assets my parents acquired together if my dad decided to leave his half to the sibling? Is there anything my mom can do to protect herself?

    ReplyDelete
    Replies
    1. I don't think all of your questions can be answered in a blog post, but I'm going to address what seems to be your biggest concern. If your father makes a will leaving only half of his estate to your mother, she will automatically have the right to claim more (if not all) of his estate. Married people, particularly those in a long marriage with no pre-nup, simply cannot leave each other less than what is reasonable. Her right to this support is called Dependents Relief or Family Relief and is available in all parts of Canada.

      Is there a cause for concern? Probably. If she can't even open an envelope in her own house without fear of repercussions, she has no reason to trust him to do the right thing.

      I suggest that your mother talk to an estate planner about how her assets are set up (joint, beneficiary designations etc) so that she can get a picture of what will happen when your father passes. There are always so many variations on the facts, and the laws vary across the country. She needs individual advice that I just can't provide here.

      Lynne

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