It’s unlikely Jules thought this moment would ever occur. She was on the line with her sis and BIL, plus me, as her financial guy. Jules was dying. Thirty years too soon. “I want to know everything is taken care of,” she whispered. “I want what I’m leaving to do some good.”
Her sister was POA and executor of her will, which was simple. Financial assets were to go to Bev, to be distributed at her discretion, “for beneficial works and social betterment.” On this afternoon Jules didn’t know that after she passed her sister would use the money to pay off her mortgage.
We discussed her funeral. Bev said things were tight at home, and they had no money to pay for one. “That’s okay,” Jules said, after a brief silence. “I have some money in my chequing account. Use that.”
It was the saddest moment of my professional life. Only later did I learn there was no funeral – just an “hour of remembrance” at her workplace. No cost. No idea where that money went.
Over the years my view of humanity hardened as I dealt with a lot of families where disability, decline and death brought out the worst. Adult children salivating over inheritances. Family members unwilling to provide expensive care for parents with dementia because it would eat into their share. Executors who had zero ability, inclination, time or patience to discharge complicated duties. Two offspring named as POAs who couldn’t agree on mom’s care, so she went wanting.
The last thing most people want is to have their families bicker and torn apart after they pass. Yet they plant those seeds of conflict through ignorance or a misplaced sense of obligation ‘to be fair’ to their kids. A big mistake is making a child an executor. An even bigger error is naming two of them.
Executing a will and fulfilling a person’s wishes, dealing with government, the CRA, pensions, beneficiaries, banks, creditors, real estate, lawyers and accountants is almost a full-time job. On average 70 functions must be performed, with the process taking about 18 months. If your 35-year-old son is executor he probably has a family, a job, obligations, no professional financial training and little extra time. He might also have moved to another province or country. He may be unaware he’s legally responsible (for years) for any labilities of the estate or back taxes that could be levied.
Dying’s a complicated thing. It takes much work to prepare. Not spending some time on this is wholly irresponsible and hopelessly unfair to those you leave behind. Everybody should have a will, properly drafted and executed (not the online kind) the location of which is known and protected. Try to find someone competent to be executor, with the time and common sense to do the job. Seldom is there any advantage in choosing a family member who may be utterly distracted by your passing, consumed with their own affairs and devoid of experience.
The best choice is an institution – trust company or legal firm, for example – with a fiduciary responsibility to carry out your wishes. We’ve delved into this option in past blogs, making the argument that a fee of 4% of so of an estate’s value is well worth the cost. This is the best guarantee that those you leave behind, and love, will not be burdened or stressed.
Of course, the more complicated your life has become (pensions, properties, assets, business interests, payments, partners, pets) the more complex will be the unwind. Is your kid really up to this challenge? It’s worth some thought to understand the complexity of your demise – and this calculator from my colleagues at Raymond James – might help in that process.
As for POAs, be careful.
A power of attorney for personal care gives that person the right to make immense decisions on your behalf – emergency health care, placement in a nursing home or LTC facility, and all aspects of daily care if you lose your marbles. The Continuing POA grants the right to make binding decisions on your finances, income, investments and property. Once you sign that, it’s effective. Spouses should name each other for both. A surviving spouse must then choose carefully. And do not name multiple children to carry this out.
Why?
Simple. To look after you and take action, both POAs must agree. Bad idea. People change, move away, become distracted or financially pressed. Ditto with multiple executors on a will. If they do not agree on everything, the process can be stalled and the will not acted upon – until a court intervenes.
Moreover, with two executors each one is legally responsible for the actions of the other. If one child were to remove money from the estate that was not legally allowed, for example, the other person is equally exposed to legal or tax consequences. Additionally, if one executor decides not to participate, or gets sick, or becomes disaffected, the will can languish, with no beneficiaries paid. Until that person renounces their duties, it’s all gummed up.
And you thought things ended when you croak?
You wish.
About the picture: “This is a photo of Sable, our Great Pyrenees x Lab mix, enjoying a hike in the Rocky Mountains near Calgary,” writes Andrew. “She has been with our family for 5 years. She is an incredibly intuitive and loyal companion – always up for an adventure, but just as happy to sleep outside our daughters’ rooms with one eye open. I imagine she guards them like her flock of sheep, which the Pyrenees breed is known for. As a daily reader I would like to thank you for all your advice over the years. We are in a much more comfortable financial situation due to it.”
128 comments ↓
So true.
I had a similar experience when my Father in Law passed away.
My SIL had POA and was “Executioner”.
I guess my parents raised us right. They appointed my older brother and I as co-executors, which violates several of Garth’s prime directives. And everything went smooth as glass.
Apparently we’re a rare commodity.
I say go out there and make some love this weekend.
I think all these material things are a cheap substitute for the beautiful pleasure two loving people can share.
Would you rather be thinking about that new appliance you just must have? That new counter top? The new driveway stone? Cleaning the gutters? Heavens forbid…gardening?
Or how to reach new levels of pleasure with your significant other?
Focus on the right things. :-)
Gah, what a sad story. ‘For the love of money is the root of all evil’. I’ve little doubt the sister in this story justified the use of her deceased sister’s estate for her own use as falling under ‘social betterment’. Just so happened it was her own ‘social betterment’ that she had in mind.
We have properly drawn up wills that need to be updated. On our list of things to do. Also have to update our POA. Burial plot is already purchased & we have whole life policies to cover the cost of our funerals. Am contemplating the marker for the plot – noticed when strolling about the cemetery that there were several stones in place for the intended eventual occupants. Some may find that morbid, but I think it shows practicality.
ECB raises rates 50 basis points, will Powell follow.
Good post…Thanks.
Went through that process of being an executor about 5 years ago.
The process took roughly 2 years to complete.
Fortunately, the family members were just trying to keep things fair and simple. But despite this, there were some very difficult times and arguements with loved ones.
And overall, just the pain of the passing of the elder family member hung over the whole process.
I don’t wish it on anyone.
If even one family member wanted to, they could have made the whole process last longer and cause huge rifts between loved ones. Sometime this could have happened through misunderstandings.
(Yes, it really does take 2 years of almost full time work to get everything done right.)
Pay whatever you have to for a qualified executor, to make things simpler on everyone.
And NOTE, the POA ends when the person in question passes away.
So make sure the Will is there and in place.
And happy St. Patrick’s Day to you as well.
Early today!
Having been named one of THREE executors on an extremely simple estate it is still taking over a year to obtain a certificate of probate and yes having the two other 2 are renouncing their obligations.
I am working to simplify all assets and holdings to one investment firm, have only one POA, only one bank account, engage a trust/legal firm and put in place a plan to gift large portions of my assets along the way before i go as part of my POA / trust company/legal firms duties to further simplify my estate.
Indeed it is brutal world out there.
And try and stay out of those Death Care homes. Science in Kanada…is different.
From a Blog entry on the Substack.com blogs…
“”Just a few months ago Au Chateau LTC home in West Nipissing made headlines (https://www.nugget.ca/news/demonstrators-set-to-protest-outside-au-chateau-tonight) … their COVID-19 vaccination policy which prevented essential caregivers from even entering their premises unless they took the COVID-19 shots.
But now in a bizarre twist, the home has just decided to make itself a Canadian outlier once again.
This LTC home appears to be the first in Canada to start segregating visitors based on their choice to take the flu shot.
The new precautions dictate visitors must show proof of having received a flu shot before entering the premises. If they refuse or if they have not taken a flu shot, they will be directed to go see their doctor in order to go on an indefinite course of the prescription drug Tamiflu*.
*According to the government of Ontario Tamiflu is an antiviral medication which is used to treat the symptoms of the flu. It is not a tool used to prevent the transmission of the virus.
———-
From the Subprime Slime Dept.
These guys must be popular these days. At par their preferred shares yield at 8%.
https://www.brightpathcapital.ca/about
Brightpath Capital has funds available with attractive rates on first and second mortgages.
We specialize in arranging mortgages for people who are self-employed, new to the country, experiencing credit issues, or looking at renovation/flip projects. We also offer bridge financing for residential properties with flexible terms to suit your needs.
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It’s definitely complicated.
The complications are exacerbated when the family dynamic is dysfunctional to begin with, and when parents want to be “fair” about the handling of their estate even though their offspring (the siblings) are of divergent skills and abilities and don’t even get along with each other.
I know about this first hand.
I asked dad to either hand over the responsibilities directly to me, or appoint a professional.
He refused and made us “co-executors” and “co-POAs”.
Dad passed.
Mom got dementia.
Fortunately, I was able to use my charm, wit, cunning, shrewdness, and powers of moral suasion to get my sibling to see things my way (the right way), and we ultimately got the situation under control.
I had to corral my parents for two years prior into a lawyer’s office to get them to make wills and POAs.
Disaster was averted.
Mom’s in a home and well taken care of.
I am truly blessed that there were sufficient finances in the estate to cover the ongoing care (which exceeds $100K per annum). It’s serious dough for serious care.
Mom had her 100th birthday last month.
She has no physical illnesses other than dementia.
Still gets her hair and nails done.
That insurance company annuity dad bought 30 years ago at 9% interest was a good move. It pays in perpetuity.
Whew.
First!
Abolish the carbon tax
Look at that face. That posture. If there were a Mount Rushmore for dogs Sable would be on it.
Over the years my view of humanity hardened …..GT ++
As Billy Crystal once said..”Don’t get me started..”.
Seek some clarification re Jules etc. COMMENT below
“…….It’s unlikely Jules thought this moment would ever occur. She was on the line with her sis and BIL, plus me, as her financial guy. Jules was dying. Thirty years too soon. “I want to know everything is taken care of,” she whispered. “I want what I’m leaving to do some good.”
Her sister was POA and executor of her will, which was simple. Financial assets were to go to Bev, to be distributed at her discretion, “for beneficial works and social betterment.” On this afternoon Jules didn’t know that after she passed her sister would use the money to pay off her mortgage.
We discussed her funeral. Bev said things were tight at home, and they had no money to pay for one. “That’s okay,” Jules said, after a brief silence. “I have some money in my chequing account. Use that.”
It was the saddest moment of my professional life. Only later did I learn there was no funeral – just an “hour of remembrance” at her workplace. No cost. No idea where that money went…….”
============================
COMMENT:
I assume Jules had NO other family/beneficiaries except Bev?
Was there any Real Estate assets ?..or simply cash etc.
If YES…there would be no others that could claim they were ripped off by Bev ?
If NO, well, Jules left a big opening for Bev to use Jules estate any way Bev saw fit.
GARTH:As Jules financial advisor, couldn’t/shouldn’t you be party to the WILL…otherwise you are flying blind ?
Not until probated, and then only if the executor instructed. – Garth
My wife and I do not have any wills and I want to correct this and do right by my two children.
Is there any institution, trust or firm that you highly recommend for this purpose, Garth?
How very sad for Jules. No funeral could mean that the body was not claimed. I believe that if a family does not come forward to claim a body then the deceased is cremated and the remains are either buried in a common grave, deposited in an urn and stored in a crypt, or scattered to the four winds.
I suppose the words of John Donne written near the end of his life would have been lost on the sister:
“No man is an island, entire of itself; every man is a piece of the continent, a part of the main; if a clod be washed away by the sea, Europe is the less, as well as if a promontory were, as well as if a manor of thy friend’s or of thine own were; any man’s death diminishes me, because I am involved in mankind, and therefore never send to know for whom the bell tolls; it tolls for thee.”
My mother insisted I be her executor even though both myself and her lawyer strongly suggested she use a professional. She would not budge so I acquiesced.
Her estate is to be split among four kids. My question is, as the executor, can I hire a lawyer to help deal with everything and pay them through her estate? Sort of a post-mortem change in executor. I’d be involved to approve whatever but have them basically lead the effort. Is that a reasonable approach.
Absolutely. – Garth
Thanks Garth, these are important points.
It is my experience that the pretty much all interpersonal issues are caused by people.
#4 Linda on 03.17.23 at 10:59 am
We have properly drawn up wills that need to be updated. On our list of things to do. Also have to update our POA. Burial plot is already purchased & we have whole life policies to cover the cost of our funerals. Am contemplating the marker for the plot – noticed when strolling about the cemetery that there were several stones in place for the intended eventual occupants. Some may find that morbid, but I think it shows practicality.
=================================
Advice: Get the WILL done….yesterday
Spouse and I did our first WILL back in the mid 1990’s when we had 2 children. We had a 3rd and final child after.
We drafted our last and final will (and POA) back in 2016. It is in a safety deposit box. Our 2 older children are Executors and POA’s.
(A bit of ” irony”?!?….we used (2) different Notaries for each will…BOTH DIED shortly after we drafted each will…weird…)
We have a grave plot….but I am considering going mausoleum route. Our current plot is worth approx. $40,000 located in center of Lower Mainland.
My parents ??? were both buried in South Surrey in a mausoleum…cost for each was around $7,000.
With outdoor grave sites…it can get messy…reliant on weather..plus the headstone takes weeks, so one initially is buried in an “unmarked” grave.
Mausoleum??? …the “lid” is ready with adhesive brass lettering during internment.
Its one and done.
Our family is not one that visits grave sites often, if at all……so I see no purpose having an expensive site.
Cremation is also an option…
Morbid topic…?
…well as I posted earlier
…… get it done
YESTERDAY !!!
Shop around…
Sucks when you have to pay to die.
On another note, was watching Market Call on BNN today and Canadians are the most heavily indebted people in the First World.
Rates are going higher and will stay higher longer then Average Joe thinks.
Thank you for sharing this, Garth.
F60AB
Faron
Responded to your outburst on yesterdays post #109
Sent links.
Two chemists walk into a bar.
One says, “I’ll have an H2O.” The other says, “I’ll have an H2O, too.”
They both take a healthy slug. The second chemist dies.
Re: Bev:
So…
…. what I am gathering is Bev may have acted “UNethically”…but she did nothing wrong “legally”.
Thus…the issue of Jules estate is over .
Seems to be a lot of died suddenly lately….Hyperinflation, debt collapse followed by deflation….All cause mortality is up 10-20% in every country in the world. Get your house in order.
Wow, bitcoin has almost doubled since the start of the year, possible to double again by June.
Well worth the ride to find out!
Oh ya I forgot… the Loonie will continue to drop.
#17 Tender Vittles on 03.17.23 at 12:51 pm
Tender, avoid getting a lawyer involved, unless you have a low life among the beneficiaries.
Not all lawyers are parasites, but the profession certainly attracts less than moral people.
Good chance you will end up sharing your inheritance with a leech/lawyer who will create more legal expenses than would be needed.
Just wondering when did it happen that you left stuff behind?
In the olden days, the rich took everything with them.
Even the favourite horse.
Wokeism?
Great post. Makes me rethink my role as a named co-exec of a grandparent.
Question if you’re willing to answer:
– Can the executor(s) make the decision to hire a professional executor service after the passing? Subcontract it so to speak.
– I didn’t ask to be named, but I didn’t want to say no. Worried about the liability though with a co-exec that means well but will struggle with separating emotions from legal responsibilities. What’s involved in renouncing your own name, and can this be done after passing?
Thanks.
#19 ‘Alois’ – agreed, we need to get our will updated asap. The plot we own is in a country cemetery – at least, it is in the country for now. Urban sprawl may reach it one day. Plot allows one casket burial but up to 3 cremated interments. Since we both want cremation it works. As for the stone, given the competition – like so many countries, Canada’s increasing aged population means an increase in the annual numbers of deaths so yes, there may well be a waiting period to get one’s marker up. When I visited the cemetery last the most recent deceased family members marker was still missing, though the supporting base was in & that was a full 10 months after their burial service.
There is no aspect of life that the government doesn’t mess with or complicate. Even the act of dying. Back in the old days , late 1800s / early 1900s there was no such thing as income tax and it was so much easier and less complicated to just die. Government has their tentacles in every single thing these days, not sure if there is a way that would ever be reversed, but imagine a country with minimal government.
This is timely for me; I’m acting as an executor presently. I’m trying to do it right, and everyone is mostly getting along, but it sucks. I would definitely pay 4% of my estate to avoid inflicting this tedium and drama on someone else while they are grieving. Time to update my will.
Erm….I hope Gold is not pricing in more bank hi-jinx over the weekend.
A monster move up.
https://finviz.com/futures_charts.ashx?t=GC&p=w1
—
Our Rulers are working us to the bone here in the global Tax Farm.
Comrades with a strong back will be expected to toil well into their Golden Years.
.Protests, clashes across France after government pushes through pension change without vote
At least 120 arrested amid protests against bill to raise retirement age by 2 years to 64 (cbc.ca)
—Also going on up there (Ontario) property taxes 30% uppa in four years time?
“”This week, West Nipissing Council had their first budget deliberation meeting and residents received the devastating news that their taxes may be going up nearly 7% once again…As you might recall, this town has increased it’s taxes by over 23% in just the last 4 years….If we don’t find savings now and have to resort to a 10% increase for the next two years because we can’t rely on reserves anymore, we will be looking at surpassing a 50% cumulative tax increase between 2018-2025.””
My father died with no money and so will my mom. Easy to wrap up. We have a joint bank account.
I will cash out before I check out and leave it to my family before I die at 70. Yes, it’s planned.
The smartest financial move is to give your entire estate to your beloved and superior cat.
https://theworld.org/stories/2011-12-12/tommaso-italian-cat-inherits-13-million-owner-maria-assunta
HAPPY FELINE FRIDAY!
Did you know:
Your finances and estate as well as family life will be vastly improved by having a cat.
https://www.wealthyaccountant.com/2020/08/10/the-financial-benefits-of-cats/
Sadly experienced it first hand as well .People go completely unreasonable in grief and long burried animosities resurface. Everyone somehow thinks they were closer to the departed and deserve more.
Best to find a good law firm as an executor ,split everyting in equal shares and call it a day.|
Still looking for a good one.
“Her sister was POA and executor of her will, which was simple. Financial assets were to go to Bev, to be distributed at her discretion, “for beneficial works and social betterment.” On this afternoon Jules didn’t know that after she passed her sister would use the money to pay off her mortgage.”
This is literally a crime, right?
But if it’s only a civil matter, who would have standing to sue?
Speaking of death, my pet mouse named “Elvis” died last night. …. he got caught in a trap
When my heart stopped in 2016 unexpectedly for 12 minutes I was glad I had a POA FOR my wife.
It sure was helpful during the recovery period afterwards.
GET POAS ON YOURSELF AND YOUR WIFE.
The legal firm which did our wills and POAs is also able to guide our executors. Keeping financial assets under one roof makes a lot of sense.
#31 Linda on 03.17.23 at 1:50 pm
#19 ‘Alois’ – agreed, we need to get our will updated asap. The plot we own is in a country cemetery – at least, it is in the country for now. Urban sprawl may reach it one day.
==========================
Well…you can set up gravestone pre- need…post names and date of birth….the “rest” can be filled in at the appropriate time.
(Only gets sticky if there is a divorce or a surviving spouse remarries).
Re: Urban Enchroachment ?
We have family in Edmonton area …visited (2) OLD cemeteries last summer.
——One small cemetery is located in median between a major highway…
—-Another small cemetery is located right in midst of an Industrial Park . Warehouses and equipment all
around.
TPTB tried to get them moved, but the families refused.
Leave the deceased “Rest In Peace”.
I’m currently my mother’s executor, and I agree with Garth. It’s all OK in my case, since my family get on very well.
My neighbour was executor for another neighbour’s daughter. She died prematurely in her 50’s with her divorced spouse and children estranged – and 3 grandchildren.
The will left everything to the woman’s 80 year old father “to be used to benefit the family as he sees fit”. He spent the money on a Cadillac and many holidays.
My neighbour, the executor, had known the family forever and could do nothing. It broke his heart.
With the sage advice provided on this blog over the years my wife and I have completed the following;
– properly plumped TFSA’s, RSP’s and non-registered moneys enabling our retirement in our early 60’s a couple of years ago.
– proper TFSA designations
– proper wills
– proper POA’s
– proper executor. (The green trust company)
– properly informed family members that they need only sit back, relax and receive a cheque in 18 – 24 months.
– and finally; properly looked after our existing and any subsequent pets that we may have.
Thanks so much Garth, you are a Canadian financial hero deserving the Order of Canada.
#35 Graphics Girl on 03.17.23 at 2:12 pm
My father died with no money and so will my mom. Easy to wrap up. We have a joint bank account.
I will cash out before I check out and leave it to my family before I die at 70. Yes, it’s planned.
=============================
COMMENT:
Well Done!!!!…
(if I read between the lines correctly).
Unless mistaken…you will have avoided “Probate Fees”etc. and have a far more seemless transition of assets . My further understanding is the legal documents are not made public.
(As an aside……and I am not saying this is right….but a widow we know in her 90’s…very well off.. has an accountant son who has managed her affairs to the point she is “poor” on paper and receives all sorts of Gov’t subsidies.)
In both my late parents (2)separate estates…(they divorced..never re- married)we had to pay thousands of $$$ in what I will submit is EXTORTION ….aka Probate Fees…to Gov’t ..before we could proceed with actual Probate. In essence..the courts approve the Will’s legality subject to Probate Fees are paid to Gov’t FIRST.
My parents …WW2 refugees… worked hard their entire lives as private entrepeneurs….paid major taxes…yet Gov’t seems it has the right to rape- and -pillage their assets even after death….aka their beneficiaries move to back of the bus of the legal system while Gov’t extorts the last drop of blood ..because “it can” at stroke of a pen..
ADVICE:
Use any legal tools (such as Joint Accounts)to avoid this Gov’t post mortem rape and pillage.
IMHO , after death…you owe Gov’t NOTHING.
If I am an executor, but there is in fact a will in place, is the process still lengthy and complicated for the average person?
Always. – Garth
RE: #32 Victor Llearna on 03.17.23 at 1:50 pm
but imagine a country with minimal government.
=======================================
No police, no fire dept, no hospitals, no roads, no bridges, no military, etc… Sounds like “paradise”…
I was the co-executor of my Mom’s will. The Estate was simple but reasonably large. Fortunately, my co-executor was very reasonable but some of our other 4 siblings – not so much. In anticipation of this problem, I contacted the Trust branch of my local TD. They gave me a recommendation for 3 estate lawyers in my area. I interviewed them and chose one to assist with the estate. My co-executor met with the lawyer and agreed to hire them. The estate took 3 years to wind up. The lawyer was invaluable in handling the legal aspects and the acrimony (threats of lawsuits, accusations of impropriety etc). The fees were very reasonable and worth every penny. And as a bonus, I am still on speaking terms with all my siblings.
#23
Lol, two funny.
hi garth, I already died once so I got a poa for my wife. I pretty much already transferred everything to my wife so she has everything already. The only thing is the house and mortgage is still in both our names. Do you know if I die, would the house just go automatically to her. Thank you
In a new study, economists found 186 banks that may be prone to similar risks as SVB – WSJ Citing Economists.
15:49 Mar 17 Oh, well… Nothing to see here.
DOW -400.. nothing to see here either.
All is well. inflation under control, no contagion, no market crash….. all is well.
#36 Felix on 03.17.23 at 2:19 pm
—————————————-
That is Catastrophic. Croaking sucks, even for cats.
many many jobs ago I worked for the discount brokerage arm of the Green Bank and for a while I handled the estate process after a client passed away. I have seen my fair share of family disputes and my observation is the more money at stake the bigger the disputes.
Endless litigation eating up the estate proceeds / Co executors arguing and in front of me with no respect to the memory of the deceased / beneficiaries calling pretending they are the executors trying to get funds from the estate.
Money brings out the worst in people
I now only work business to business with the big boys and girls and no longer deal with the general public.
My SIL recently died unexpectedly (with a will) after being predeceased by her common law husband of 30 year (NO will).
Both banked and ‘invested’ with a BC Credit union (initials CC). It has bean absolute nightmare .
My husband was named the administrator of the intestate account by the BC court. The credit union allowed tens of thousands of dollars to be drained from the non registered investment account (NOT a joint account), ditto the TFSA ( no beneficiary or survivor listed on the statements) and for the past 3 months has refused to disclose where and to who the money went. They were also charging $1500 in fees per YEAR for an RRSP account!
They claim that you can have a beneficiary on a non registered account .
To avoid leaving a nightmare for your family do not deal with this credit union! (Initials CC)
My older brother and I were POA`s for my father.
Once i dismissed my brothers wife , everything went smoothly. I took the lead and my brother agreed to everything.
I looked after my father the best possible way i could. Found the best home and care for him.
I also monitored his bank account for irregularities .
My father had set up a joint account with both of us.
After he passed ,bills were paid and forms were processed, then we simply split what was left over.
What about bitcoin and gold? How can I leave this to my heirs.
Die broke. Problem solved.
Not sure if this has been mentioned before, but a very important consideration when drafting a will is who do you want to take guardianship of your dependents. It can get complicated.
Sail Away:
“I like the way DeSantis is outlawing gender hormone treatment and surgery for minors. Those are the Thalidomide babies of this generation. Shame.”
+++++++++++++++++++++++++++
Good Dog that is a powerful, persuasive statement. Being of an age where that could have been me, that statement is both real and heart wrenching as I had friends growing up who were (and still are) Thalidomide babies.
Parents who would never in a million years consider taking Thalidomide today are doing things on purpose for reasons of status and virtue signalling that our parent’s generation did by out of sheer ignorance and accident.
It makes me shudder just to think about it.
#22 DOWn on 03.17.23 at 1:17 pm
Faron
Responded to your outburst on yesterdays post #109
Sent links
—
Hydrogen peroxide is a fine EXTERNAL disinfectant.
Naturopaths are quacks
As I said, H2O will be in equilibrium with H2O2 in any water-based liquid under an atmosphere with O2 as constituent. Milk, rain, your boogers. You name it. Small quantities are both fine and unavoidable as O2 gas associates and disassociates with water.
A quantity large enough to kill virus in your blood would do severe tissue damage before doing its job. Injecting H2O2 intravenously is deadly and dumb. Any quack giving an H2O2 injection is almost certainly doing so subcutaneously. There, the H2O2 will almost instantly recombine into water and 02 which, in small quantities, remains dissolved.
If you injected any meaningful amount of H2O2 into veinous blood, the amount of O2 that forms would exceed the solubility of O2 in blood and gas bubbles would form just like when you pour H2O2 on a wound. That gas would cause an embolism. Depending on where that goes, you either die or wish you were dead.
https://pubmed.ncbi.nlm.nih.gov/8166115/#:~:text=A%20case%20of%20fatal%20oxygen,peroxide%20produces%20oxygen%20and%20water.
#32 ‘Victor’ – don’t have to imagine the days of minimal government. Ah, the joy – no CPP. No OAS. No public health care system. No EI. If you were sick or lost your job, your ‘social safety net’ was your family, friends & neighbors. Sucked to be an orphan. If you got in over your head with debt, there was the poor house. Don’t think you could just show up at the door – you had to apply to get in & a panel of local pillars of the community decided whether you were worthy of a spot. And you had to work to ‘earn your keep’. That included children, by the way. There was no supervised play while the adults worked – the children were put to work as well. As for education, that too was a privilege. Yes, it truly was a golden age of freedom from government & all those pesky government services we enjoy today.
#23 Sail Away on 03.17.23 at 1:24 pm
Funny joke: 75% of you comments today involve me. Way above your nutbar threshold. Yikes!
#15 Captain Uppa on 03.17.23 at 12:21 pm
My wife and I do not have any wills and I want to correct this and do right by my two children.
__________
If it’s straight forward I love the online option. There are a couple specific to Canada. The software walks you through the key questions and you fill in the details. If there is a lot of complexity use a good lawyer.
Always use a lawyer. – Garth
Now what to do with my parents gold….
Old school guys don’t trust the financial system…..
But we will take care of our parents in time of need…..
I know things will be better one day
Your blog post today hit a little too close to home for me Garth. Want to hear a sad story? My grandma just turned 92. She doesn’t have a lot of assets, but she owns a house worth about $3 million that she has lived in for 70 years. She made her first will about 15 years ago when her eldest daughter was still alive (she had 4 children). Her husband died 40 years ago so she has been alone since then. The will was very normal… it left 20% to each child and a 20% to charity. All was fine. Her eldest daughter (the glue that held everything together) was the executor and she would have done a great job. Then, tragedy struck, as it usually does (everybody’s got a story that will break your heart). Her eldest daughter died suddenly and my grandma became a different person. Slowly, over the next decade, her relationships with her 3 other children soured and fell apart. Her eldest daughter had been the one holding it all together. My grandma, who has a very brash and “take it or leave it” attitude, slowly cut them out of her life and began revising her will to do so. She made about a half dozen revisions over the years, using her money as leverage. She hung the “executor” spot over peoples heads like it was some kind of prize to be had (I turned the offer down to be it, the only one to do so – I knew better). Anyways, today her will is a total mess. She has cut out 2 of her 3 remaing kids entirely, and the 1 remaining kid only has a small amount. Then she has left a bunch of different amounts to various grandkids depending on how often they call her and see her. There’s also some to neighbours, some to people I don’t even know, etc. About half her estate goes to charity like the SPCA and other animal places. Last I checked there’s about 20+ beneficiaries. So anyways, here’s the kicker… after all these revisions, she has ended up with her sister executor (the only remaining family she has) and her sister’s kids as backup joint executors, who have never met her and live in Newfoundland. She did this after running through a few grandkids as executor, but after making them executor she expected more from them (to come visit her weekly and talk about the estate) and when they didn’t she removed them. So making her sister and their kids executor is punishment it seems. Her sister is in poor health and likely to die before her, so it looks like the niece and nephew will end up executors. And the best part is that neither of those executors (her sister or her sisters kids) are in the will at all, not a single penny, nor does the will give them any compensation for acting as executor. However, the will does give them the power to basically do whatever they want with the house. They could live in it forever if they want, never sell it, rent it out to a friend for $1, etc. So yeah, I am horrified and saddened at watching this all unfold over the last decade. Fortunately, I don’t need or care about the money from the will that she has left to me, it’s an insignificant amount, but other grandkids are not in the same position and the fighting around the estate has already started. There’s 13 grandkids in total and the amounts left to them are different, some higher some lower. Of course my grandma at 92 is still spry as ever and actively talks about making a 7th or 8th (who can count?) revision to her will to change things, cut people out, etc. She even has a realtor who she has promised the listing to and she holds it over his head, making him visit her every so often or risk losing the listing (he’ll never see the listing though). I think the worst part for me about all of this is that it has soured my relationship with my grandma and my cousins. I love my grandma and have always looked out for her best interests, but seeing how she treats her other kids and grandkids makes me sad. She has favourites and for whatever reason my brother and I can “do no wrong” but some of her other grandkids can “do no right”. I feel torn between two sides, my cousins and my grandma. I wish it would all just go away – but it won’t. I can tell this will drag on for years maybe decades and destroy a lot of relationships in its path. I’ve thought about kindly asking my grandma to remove me from the will because I don’t want to be a part of it, but that would hurt her feelings and end up probably destroying our relationship. Anyways, bottom line – yep, money destroys everything. It’s awful. If she told me tommorrow she was leaving it all to charity it would be about the best day of my life.
I will be leaving some funds in my will for an eternal flame, but I am quite worried that after they ban gas stoves they will be going after eternal flames. Might have to go the hologram route.
We have designated our children as co-executors as per their wishes.
Our concern is the estimated 4% fee. Seems outrageous to me there isn’t a cap on the fee. If for example your estate is $10 million and is straight forward (house, investments) you would have to pay $400,000 in fees!
Thank you for this post. I have spent the necessary money on a lawyer and acquired professional executors for my will. You confirm these were worthwhile endeavors.
Ha…4% eh? Vultures are never away, same as realtors and ambulance chasers…
Anyways, MAID will make this irrelevant, as people will plan their demise… Like graphics girl above.
Thus smart people will plan it all out, instead of nourishing the always-greedy vultures.
MAID has some ethical issues, but it’s a matter of getting used to the concept. Beyond that it’s a really cool concept…at least people won’t fear running out of money anymore
There is nothing predatory about estate and trust services. Offing yourself to save fees? Yup, that’ll show ’em. – Garth
One nightmare for an executor is if there are charities listed in the will. Those “charities” have teams of lawyers that’ll make your job as executor hell.
#67 Big Red on 03.17.23 at 5:20 pm
We have designated our children as co-executors as per their wishes.
Our concern is the estimated 4% fee. Seems outrageous to me there isn’t a cap on the fee. If for example your estate is $10 million and is straight forward (house, investments) you would have to pay $400,000 in fees!
…….
Totally agree! The size of the estate makes it no more difficult to settle….just the amounts that go to various people, charities etc are bigger. It is the same with real estate….there should be a set fee. It is no more difficult to sell a $200 000 house as opposed to a $2 000 000 house but in BC, you would pay $ 9975 commission to a realtors as opposed to $57 225 for a $2 000 000 house. Makes no sense but “that’s the way it is” and realtors are certainly not about to fix this disgusting inequity!
There are many corners of life where being cheap makes sense. This is not one of them. – Garth
#48 OriginalAdam on 03.17.23 at 5:17 pm
Your blog post today hit a little too close to home for me Garth. Want to hear a sad story? My grandma just turned 92
============================
COMMENT:
My sincere sympathies…
From my perch of experience..this is gonna be a disaster.
I speak with a lot of estate war wounds…
I have only one sibling..my fathers estate with me as sole executor was concluded.
Our mother???
….died 5 years ago and my sibling and her “professional”cabal are still trying to rip me off.
I’ve gone through 3 lawyers…they are all parasites.
HOWEVER…
….I will invoke “Plan B” soon.
(ie I sensed things would go South, video’d the proceedings and have very VERY informative (2) Web Sites.)
All it takes is one pr*ck beneficiary that will likely hire a lawyer who will then bleed the estate dry.
Grandma sounds like she is either getting vindictive with family…or being manipulated.
Unless you have a fair stake…I’d fade into the background….. let the others duke it out. It can get very ugly which will impact your physical and mental. health. I ‘ve had literally everything thrown at me by my sibling and her cabal….. most people won’t believe it.
Good Luck..
Sad story. I’ve seen and experienced these family events firsthand and it’s not shocking for me to read your post. It’s normal for people to become hardened as life progresses. I’ve seen “will” fighting few times in my own family (over my parents, both deceased, and my grandparents wills) and others. I just walk away and let them fight it out while I sit and remember the life/person that was behind the assets regardless of what wrongs they did in this life.
I have a daughter completely dependent well in to her 30’s now, her whole family abandoned her including her mother so, while I once was certainly hardened, still am to a degree as I don’t tolerate people as much as I used to, forgiveness will set you free. It’s easier said than done of course.
Sadly, human nature will never change. I see it clearly but, I wish I didn’t.
Glad to see you repeating this advice, Garth. I’ve tried to follow it, hopefully saving the family a boatload of trouble in the future.
#37 ElGatoNeroYVR on 03.17.23 at 2:26 pm
Sadly experienced it first hand as well .People go completely unreasonable in grief and long burried animosities resurface. Everyone somehow thinks they were closer to the departed and deserve more.
/////////////
Wow! those struck home with me.
I have two brothers and one of them helped my mom financially to a greater degree. In my mom’s will she decided that he should have a greater portion of the proceeds and all were agreeable.
Then he throws some shit at me that she loved him more.
People change, that’s all I have to say.
#46 Mike Derucki on 03.17.23 at 3:39 pm
If I am an executor, but there is in fact a will in place, is the process still lengthy and complicated for the average person?
Always. – Garth
=====================
My experience:
I am olde school….and feel many issues in life can be handled with “common sense”.
(BTW : I had never heard that you can hire Professionals as executors).
I was my Father’s sole executor….I got a referral to an ESTATE Lawyer(always get the proper legal specialist).
They were very professional and savvy. I was updated on each move and kept in the loop through the whole process A to Z. We met several times. It was a valuable education which I feel somewhat comfortable on commenting on.
My Executor “grunt work” was dealing with banks….trying to get all the account info.
That can be long and painful.
Probate through the courts can take months…
My lawyer was savvy to check the court dockets and see which courts had less backlog. (we went to Chilliwack)
My father SFH ??? was sold about 2 years after he passed…it had doubled in price since he passed.
Only glitch was capital gains issue…(ie the day a person dies sets the capital gains gauge for the principal residence ) which I deftly manouevered through…again on my own “common sense” ideas. I saved a BIG chunk…believe me.
However,….if you don’t have commons sense(rare these days) and/or feel overwhelmed…take Garths advice…. hire a Pro…….morseo if it has lots of assets and many greedy beneficiaries. Remember …..”NO GOOD DEED GOES UNPUNISHED”.
#60 Faron.
Perhaps call some of the clinics, Dr’s and Naturopaths that are doing H2O2 therapy and let them know.
They may ask you for your medical certification documents.
Do ya’ll see what Bitcoins doing right now?
Great post today, Garth. Thankfully, my mother came to her senses and appointed her lawyer as her executor. Initially, she wanted her three daughters to be co-executors, which would have been a nightmare.
@#65 Adams Apple
I have a one word suggestion.
Paragraphs.
It is an easy run to the roses for Canadian Labour if they would just punt Singh and bring on an interim leader with the express purpose of defeating Trudeau & the Liberals by Voting with the Conservatives in a NON Confidence Vote
#23 Sail Away on 03.17.23 at 1:24 pm
Two chemists walk into a bar.
One says, “I’ll have an H2O.” The other says, “I’ll have an H2O, too.”
They both take a healthy slug. The second chemist dies.
*******
Nicely done!
For external use only.
@#66 Handsome Ned Flanders
“I will be leaving some funds in my will for an eternal flame,”
+++
Nah.
Have your ashes pressed into a diamond and then shot into space….
Who knows.
Maybe you’ll meet “Starman” some day…..
In the year 2525……
https://www.cnet.com/science/space/heres-where-elon-musks-tesla-roadster-is-after-five-years-in-space/
#65 OriginalAdam on 03.17.23 at 5:17 pm
Re: controlling grandma
It’s always possible your grandma is slipping mentally and cannot be reasoned with, but it wouldn’t hurt for you to frankly lay out to her the damage this is causing the family and stating in no uncertain terms that you refuse to play any part in it.
Sometimes people stop acting like brats when they’re called on it. It sounds like someone needs to deliver a message here. May as well be you.
The 4% fee is a hard pill to sallow. My estate is already over 10 million if I died today, and I am only in my early 40s. I can not justify paying that kind of $$$ to a random lawyer for closing a bunch of corps and bank accounts. There must be a cheaper way of subcontracting the work by the executor if he is a family member.
Thanks for sharing this Garth. I can see how this could shake your whole outlook on people. Its despicable.
We are in the middle of this right now. MIL is in the best place she could be, well taken care for with all support needed. With cognitive decline and an addiction to cigarettes, within one week there she fell, cracked her pelvis and went to the hospital for two weeks in a state of delirium. My wife has basically spent every day so far this year dealing with her and getting stuff sorted out….its endless. Just sorting out the prescriptions is hectic, and now it has gone to a daily dispense, so she wont screw it up. Everything and anything that goes wrong….we get another call. Cannot turn on the TV? Call the kids. Her two kids are the most compassionate people, and she unconsciously uses that against them. Yesterday she told my wife that “she wishes she would just come every day and stay all day’. Thats not gonna happen, but it puts subconscious pressure on the kids. Even though she cracked her pelvis on the way to the smoking area two weeks ago, she is still heading there again a couple of times a day even though shes really unable to walk, with or without a walker. Its painful to watch. Thank god there are no financial issues.
#10 TurnerNation on 03.17.23 at 11:35 am
Indeed it is brutal world out there.
And try and stay out of those Death Care homes. Science in Kanada…is different.
============================
Yeah…
My understanding is that Care Home residents last for approx. 2 years after residency commences.
My Experience:
My late Mother was placed in a certain BC Care Home by my sibling without my consultation. This was after a diagnosis of mild dementia. At the time I was pre -occupied with my dying Father.
The cost was around $6500/month for a crappy dimly lit room. My mother could have lived at home with qualified live in care for less than half that.
My mother hated this facility and would call me in sheer pain and agony literally suicidal.
The problem was I was dog – piled my sibling and a couple of Professionals, who evidence would suggest ALL worked in cahoots with this Care Home. They removed my mother’s phone and eventually got a Court Order barring me from visiting my mother.
Care Homes …if not aware…can act like prisons, treat their sites as Private Property and charge you with Trespassing. There are numerous case of this in Canada…and Gov’t does nothing…as I would submit this is a form or “Extortion/Kidnapping”.
With MAIDs etc…???
….I submit that some Care Homes will work in cahoots with greedy family members to milk the assets and at they appropriate time , when the legal affairs are in order….send them off to “Great Beyond”…plunder the remaining assets…and no one will be the wiser.
Please…
….Prove me wrong…
My brother was named executor of my uncle Bill’s estate and will. As far as I know none of our family are getting anything but I never saw his will. I guess my brother will forget to do his income tax and for the last year of his life. This time around I’m remind my brother to send his income tax in assuming he owes money. Always remember to file taxes for the deceased.
#51 DON
Time to start buying the banks.
I was POA and executrix for my mom’s estate. One of my sisters was my backup if needed. Every dime was logged. Everything had to balance. I did balance sheets every month. If I thought my mom should have more cash in her purse than she did I would have to do a cash flow statement and because of all the documentation that I did the cash flow statements were easy to do. I hired a lawyer and an accounting firm. I had to. There were five beneficiaries. I couldn’t chance a muck up. There was a bit of friction but not because of the beneficiaries but one beneficiary’s spouse. The lawyer encouraged me to charge the estate the 5% allowed here in BC. I took 2%. I didn’t want it to look like I was “in it for the money”. I would rather be overly fair than cheat anyone, particularly, my siblings. There may be many cases where it would not be wise to have your kids act as POA or executor. I know of a couple right now, one being a relative. But not in my family’s case. I did a damn good job.
#37 South surrey gardener on 03.17.23 at 4:41 pm
My SIL recently died unexpectedly (with a will) after being predeceased by her common law husband of 30 year (NO will).
Both banked and ‘invested’ with a BC Credit union (initials CC). It has bean absolute nightmare .
—————————————————-
Wow oh WOW…
Your handle implies you live in the same BC vicinity as my late mother.
Her bank was not CC…
…..it was ..shall we say “THE GREEN LOGO GUYS”
….one of the BIG 5
I think we have uncovered a real Rat’s Nest…..
@#87 Alois.
My parents resisted the move to a care home until the bitter end.
Step father was incontinent and saw nothing wrong with my 90 year old blind mother being his (literal) “wet” nurse.
The stress added to her mental decline.
She started imagining things and wandering.
My sister was able to convince them to move into a Care home.
Two rooms on two different floors because he needed 24/7 care and she didnt.
His full care was about 8500/month. Hers $6500/month.
They had lots of money so it wasnt an issue thank god.
Our retired Sister took the brunt of the complaints and the parents tried getting us other siblings on side to move them to another facility …there wasnt one…and we weren’t biting.
The rooms, the staff, the food was amazing.
Both parents passed in the last 18 months and …to be honest….if my sister wasnt in the same city and province to constantly take them to Dr’s appointments, fill their prescriptions, take them on day trips to visit other people, make sure the Care Home OR the Pharmacy didnt screw up their meds.
It would have been a disaster.
We, out of province siblings would visit to give our sister a break but 2 weeks a year each isnt enough for anyone’s sanity.
Luckily Sis was named the executor and had she worked 40 years at a bank and knew ALL the ins and outs….and even she hired a Lawyer to smooth the process.
If you are named executor.
Get a Lawyer.
Keep copious records of everything.
Good luck.
Have an interesting TFSA story. I received T4A from CRA for a taxable amount on my TFSA.
I was quite surprised by this, and phoned CRA.
Here’s the story I have an older brother who is autistic. My father left him some money and I wanted to make sure that money would grow for his future. So we opened a TSFA and put part of the money in a low cost bank mutual fund earning 4 or 5% per year. He designated me as his beneficiary. Over the time he owned the TFSA it performed very well, usually 6,7 and sometimes 10%. He was thrilled with how his money was increasing.
In December 2021 he died unexpectedly and suddenly without a will. In mid January, I visited his bank and had the funds transferred to me, as beneficiary, in cash and deposited to my account. Just before the trucker convoy and the Ukraine invasion.
This generated a T4A, for me. Here’s why. Between the time of his death, and the time I received the cash funds, the mutual funds had continued to increase in value. Therefore, I am required to pay tax on that increase. Fortunately, I had dumped some money in my RSP which balanced that out.
Who would’ve thought? Sometimes TFSAs can generate tax.
You ignored the advice here to designate a successor holder, not a beneficiary. I am sorry for your loss. – Garth
An educated guess is that one in 5 of us are border line extortionists. They will take the money any way they can. If that means someone loses, whatever.
The rest of us our fair and reasonable. If you run into too many of the first group when you are first starting out, you are doomed.
I see the banking crisis is over, which is well and good because it was already getting boring. Was it Trump or DEI that caused it? Maybe not enough regulation?
Maybe too much? Blame anything but the problems.
Anyway, a refresher on the 4 stages of government response to an emergency:
Stage 1: “Nothing is going to happen and our institutions are safe. We are well prepared.”
Stage 2: “Nothing may be about to happen but there is no reason to take any action. We should do nothing about it.”
Stage 3: “Something is definitely happening and maybe we should do something about it, but there’s nothing we can do.”
Stage 4: “Well maybe there was something we could have done but it’s too late now.”
Anyway, we know how it will all wrap up: More inflation. They’ll print up whatever they need to to keep the banks solvent, and nothing will happen for a few years, but eventually something will trigger the money to come out into the economy, sort of like how covid unleashed the sludge built up from 2008. Only I don’t think it’ll take as long this time.
Buy all the things.
Greetings from San Luis Obispo.
I’m currently checking out burial plots in California.
Why?
Can’t hurt, cheaper than real estate.
The most famous Tasmanian, Hollywood actor Errol Flynn, died in Vancouver and was buried in California.
It seems like my destiny is to be the second most famous Tasmanian to die in Vancouver…
M48CA
Speaking of wills the day my brother-in-law kicks the bucket everyone will celebrate. We’ve got burnouts planned for all his sports cars. Inviting all the neighbours over to swim in his Olympic size swimming pool and endless barbeques. That’ll be a day everyone will look forward to.
“It was the saddest moment of my professional life. Only later did I learn there was no funeral – just an “hour of remembrance” at her workplace. No cost. No idea where that money went.”
It is said in the bible that since the fall man has become “like Gods, knowing both good and evil”. But that interpretation is not quite right. It would be better to say “capable of both good and evil”. Man hasn’t really learned the difference between them, and “knows” them both only as a means to an end.
This is why we scapegoat “evil” onto Satan, or Hitler, or whoever the single one source of the evil of the day is chosen to be. We don’t want to admit the fact that the world is in no need of Satan. The evil sufficient for all grief is within us all. But it feels much better to blame the devil for evil things, rather than admit the seed grew from the petrid soil of our own hearts.
This is why the ancients have always said to find peace, you must first find peace within. To make change, you must first change within. To overcome evil, you must first overcome the evil within.
Or as the real JP said, “clean your room!”
I am an only child, and my mother gave me the task of executor as my step-father is really not capable of doing in his late 80s. It was not hard at all, just need to make a long list and check the items off one by one… The estate was not so complicated, fortunately. No need to spend 4% to someone for an easy estate… waste of $$$ for sure…
#77 DOWn on 03.17.23 at 7:07 pm
#60 Faron.
Perhaps call some of the clinics, Dr’s and Naturopaths that are doing H2O2 therapy and let them know.
They may ask you for your medical certification documents.
—
Yeah, right. I’m not a crank and especially not the kind of person who is going to call up random people and kvetch at them.
Any doof can open a “clinic”. Naturopaths are ranked among chiros as questionable snake oilers. So that leaves the real Dr.s. I will bring up H2O2 next time I see mine. We are on good terms, so I’m sure much laughter will ensue. Next you will tell me that he will frown on it because he’s part of MSM (second M is medicine). LOL. No.
Regardless, this was about Trump telling people to inject disinfectant. He did that. It hurt people badly. That suggestion was a dangerous garbage message. Guy had no business being president. Still doesn’t.
If you really, really hate your kid or kids, make them executor, or worse co-executors. If you don’t, then chose a bank or sumpin’.
My wife was chosen as executor by her dad, then co-exec with her sister by her mom.
I was not chosen for exec by my ma or pa- my two older bros were.
The in-laws must’ve really hated her, whereas my parents loved me the bestest. It’s obvious!
“You ignored the advice here to designate a successor holder, not a beneficiary. I am sorry for your loss. – Garth”
————-
I was told only a Spouse or Common-Law could be named a successor. I thought a brother couldn’t be named one? Am I wrong?
#5 millmech on 03.17.23 at 11:06 am
ECB raises rates 50 basis points, will Powell follow.
—
My opinion:
Yes. Not 50, but will raise. NASDAQ is out to lunch here IMO due mainly to hedging-related flows and short covering. If J. Pow sounds hawkish, it’ll be lights out.
#85 Blog Bunny on 03.17.23 at 7:25 pm
The 4% fee is a hard pill to sallow. My estate is already over 10 million if I died today, and I am only in my early 40s. I can not justify paying that kind of $$$ to a random lawyer for closing a bunch of corps and bank accounts. There must be a cheaper way of subcontracting the work by the executor if he is a family member.
———
How about starting to transfer the assets to beneficiaries while you’re still alive and kicking? Minimize taxes, minimize 4% fee, enjoy the joy of giving and seeing the outcome of that generosity.
#32 Victor Llearna on 03.17.23 at 1:50 pm
There is no aspect of life that the government doesn’t mess with or complicate. Even the act of dying….. …..Government has their tentacles in every single thing these days, not sure if there is a way that would ever be reversed, but imagine a country with minimal government.
*********
A Libertarian’s dream.
M59BC
#88 Tony on 03.17.23 at 7:39 pm
My brother was named executor of my uncle Bill’s estate and will. As far as I know none of our family are getting anything but I never saw his will.
I guess my brother will forget to do his income tax and for the last year of his life. This time around I’m remind my brother to send his income tax in assuming he owes money. Always remember to file taxes for the deceased.
========================
My 2 cents is something stinks…
WILLS are funny things….there could be several drafted..but only THE most UPdated one is valid.
Unless you have good reason to believe your late uncle excluded you and others…I would suggest you request your brother provide you a copy and review it .
I know its awkward..but stand up and take charge.
You owe it to you and your family to be assured your late Uncle wishes are complied with and no one gets ripped off.
When Estates are involved…the absolute dregs of human nature come out. It can be worse than a zombie movie.
Yep, Garth nailed it. I was the executor for my aunt who died unexpectedly the day after Saint Patrick’s day, 2 years ago. It is pretty much over now, but being in a different province during peak Covid had its challenges. A few things seemed to help. I bought a couple of Canadian based books on the topic, very helpful. I lined up a lawyer to consult with me during the process, the same one my aunt used to create the will, and used the same law firm for the property sales. They seemed motivated to assist with the will they created. The estate account was set up with a bank I dealt with before, so they knew me. Before probate occurs the banks are a bit stand-offish. For her taxes I used the same accounting firm she normally used. I also bought executor insurance, a good move it you expect conflict with beneficiaries. Her will was simple, no businesses still in operation … and simple investments to collapse, so no crazy effort trying to manage this. I paid myself a modest $20 per hour, totalled about $5,000 before taxes. At 4% it would have been tens of thousands of $, but wanted others to benefit. There were 20 beneficiaries involved, they were all dealt with (except 2 residuals) and are in the review mirror now. This 2022 tax season should be the end of it. But Garth is right, it is a big responsibility and takes a lot of time. I did it for my aunt, I viewed fulfilling her final wishes as the last good thing I could do for her. She was so classy and nice, everyone knew her in her hometown, and everyone was accommodating. Made my job easier.
#77 DOWn on 03.17.23 at 7:07 pm
Hydrogen Peroxide is not even used in wound care any more BECAUSE IT HAS KILLED PEOPLE or caused severe harm (the only thing that’s advised there for first aid is copious clean water and debridement).
Furthermore on injection read the below:
8. Lubec B, Hayn M, Denk W, et al. Brain lipid peroxidation and hydroxyl radical attack following the intravenous infusion of hydrogen peroxide in an infant. Free Radic Biol Med. 1996; 21:219-223.
9. Leikin J, Sing K, Woods K. Fatality from intravenous use of hydrogen peroxide for home ‘superoxygenation therapy’. Vet Hum Toxicol. 1993; 35: 342.
10. KS, Mackey D, Garvey E. A 39-year-old man with acute hemolytic crisis secondary to intravenous injection of hydrogen peroxide. J EmergNurs. 1991; 17: 8-10.
11. Hirschtick RE, Dyrda SE, Peterson LC. Death from an unconventional therapy for AIDS. Ann Intern Med. 1994; 120: 694.
Do you get it?
I’ll throw you a bone and note that I was interested to read that it has been used to treat tumor through direct injection into the tumor where the O2 gas that is generated has beneficial effects that support radiation. This has nothing to do with any of the uses that you describe and zilch to recommend Trump’s nonsense.
An interesting post today by the Maestro. It seems timely in some way as the subject matter was covered not that long ago and doesn’t have the same marquee appeal of real estate, markets, diversification, or annoying millennials.
My intuition tells me someone may have set sail for Valinor or the place me and my dearest peeps are destined to end up – Elysian Fields.
Posts by #66 handsome ned on 03.17.23 at 5:18 pm & #39 Doug t on 03.17.23 at 2:36 pm are comical. But it’s a serious subject and one the Jaguar has some experience with… I would recommend Joan Didion’s ‘The Year of Magical Thinking’ for the non financial aspects of loss/grief. A very good writer JD. There’s the ‘wind up order’ in its many forms, but after that one must confront the issue of mortality, feelings and whatnot.
“32 Victor Llearna on 03.17.23 at 1:50 pm
There is no aspect of life that the government doesn’t mess with or complicate. Even the act of dying. Back in the old days , late 1800s / early 1900s there was no such thing as income tax and it was so much easier and less complicated to just die.”
Taxes are the price we pay for civilization.
Taxes pay for firefighting and police services,, provide our children with education, provide our families with health care, ensure our food and water are safe, create roads and highways, create legal safeguards for businesses and employees, and provide public and national parks.
I’d take it you’d rather be without all that? Life without taxes would be much simpler for whom, exactly?
If you were rich, you could do all that for yourself back then, but unlikely.
#90 HH on 03.17.23 at 7:49 pm
I hired a lawyer and an accounting firm. I had to. There were five beneficiaries. I couldn’t chance a muck up. There was a bit of friction but not because of the beneficiaries but one beneficiary’s spouse. The lawyer encouraged me to charge the estate the 5% allowed here in BC. I took 2%. I didn’t want it to look like I was “in it for the money”.
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Good points…
Put the “Errors and Omissions” onus on Professionals aka cover yer Executor @$$.
I hired an ESTATE LAWYER who referred me to an ESTATE ACCOUNTANT.
Again..hire the Estate SPECIALISTS.
Based on my upbringing…I did NOT charge any
” Executors Fee” via family honour and knowing my parents wishes…..but I would realize a big income tax hit if I did.
Also..keep in mind that re: Estates…at least in BC….all beneficiaries have to agree to the terms of final Estate settlement…..(its your cheap insurance.)
#104 Sail Away on 03.17.23 at 10:19 am
Hey Faron, a quick update on AQN, that was discussed back in November: my position is +9% since then with a very nice div around 7%. Not bad at all.
It’s nice to have a financial blog to share these little beneficial vignettes, you know? We can all win together.
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Wow, almost offsets your getting curb-stomped by purchasing Tesla two weeks ago (not to mention several other TSLA buys you are deeeeeply underwater on).
This is how this works: you want to be taken seriously (millmech, are you listening here?) as someone who knows how to pick stonks? You have to own up to your losses and your gains. Look at someone like Garth or any legit wealth manager. They tell you exactly what they did, why they did it and, most importantly exactly what the outcomes were: (I’ll do it in bold because formatting frightens you) good or bad.
Like any gambler (which is what you are) you primarily report chest-thumpy gains and every once in a while a small loss to appear humble (convince yourself you don’t have a problem). There’s nothing beneficial about a degenerate gambler talking up her wins. It’s mostly just sad.
My sister and I were co-executers, so signed over to her.
When money showed up, I signed it over to my wife.
Nothing complicates my life!
Our own wills are a mess though. Too. much. stuff.
Death will complicate our former lives.
Good wake up call Garth. With investing going out of style due to it’s own bad behavior, trusteeship is knocking on your door. Business plan ‘b’. Winning!
What a topic.
Dying isn’t the hard part, it’s the cleanup afterwards and getting there.
My mother had a hell of a time dealing with her mother being ill ten years ago; then forcibly rehoused, then passing. Only to then have her sister succumb to a sudden degenerative disease a year later. The few hours of paperwork was nothing compared to the years of constant stress of 24/7 problem calls, complaints, emergency visits, subtle remorse, and so on.
Getting old sucks and there’s no way around that. Not looking forward to a repeat of that. When the will/estate discussion came up, she decided to name me as executor, then for some reason the lawyer convinced her it would be best to name both my sister and I. Hopefully won’t cause a problem since we think alike.
I’ve made it crystal clear, I don’t care about the money – it’s first and foremost your’s. Please just don’t leave us with debt is all I ask.
Great post Garth. You are dead on about appointing just one person, and one backup at a time. But I still have to disagree with you on the professional executor. Too bloody expensive. Executors need a good lawyer and a good accountant. The job is time consuming, but with the right help, more than manageable. Parents know who the right choice is – they just need someone to tell them to be honest with themselves.
And executors are not liable for years. Collect the assets. Pay the debts. Get a clearance certificate from CRA. Then distribute. Not liable for a dime. A good lawyer sets you on the right course.
Still a great post though!
#88 Tony on 03.17.23 at 7:39 pm
My brother was named executor of my uncle Bill’s estate and will. As far as I know none of our family are getting anything but I never saw his will.
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It’s on public record in the County he died in.
RE: #78 BABY’S BUM on 03.17.23 at 7:13 pm
Do ya’ll see what Bitcoins doing right now?
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Did you see Red come up 3 times in a row at the casino last night too?
Hunters carry hydrogen peroxide both as a blood indicator when tracking and to induce vomiting in a poisoned dog.
Curing Covid is just a side benefit. Miraculous stuff.
#115 Indigirl on 03.17.23 at 10:21 pm
Great post Garth. You are dead on about appointing just one person, and one backup at a time.
COMMENT:
IMHO..depends…
My late Dad was a Co- Executor for some ie “W” who passed away after my Dad. “W” was newly married and his new wife was other Executor…but a lawyer made the adjustment .
RE: My Late mother…she named me and my sibling as Co Executors(and co- POA’s)…my sibling is married to a piece of loser crap my mother could NEVER stand…but my mother didn’t want to hurt my siblings feelings….but this one bad move cost my mother dearly.
It ruined her remaining years and had her assets plundered as my sibling and her cabal tricked my mother..with dementia.. into signing all POA to my sibling………..then “COMMITTEESHIP”(ie whereby my sibling and cabal got the courts to give my sibling 100% control over all my mother affairs…legal, financial..medical…etc. aka EVERYTHING .)
NOTE:
I can’t stress enough to research this dirty legal “COMMITTEESHIP” trick..the victim has no say.
Advice:..
….keep a VERY close eye on the vultures in the family..don’t trust anyone. Get them to back off asap or else.
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QUOTE:
“….And executors are not liable for years. Collect the assets. Pay the debts. Get a clearance certificate from CRA. Then distribute. Not liable for a dime. A good lawyer sets you on the right course….”
COMMENT:
CRA clearance is a major step.
Yes…100% agree with the rest
Executors can be personally liable for an estate’s debt, also for the monetary and legal repercussions of any mistake made during the process. – Garth
Hi Garth,
Curious as to why online wills seem to be dissuaded from this post, specifically for someone who would have a relatively simple distribution of assets.
Several are legally porous. Why would you not spend a few hundred dollars getting a will properly done to protect your family? Cheap = stupid. – Garth
Don’t count on an average of 2 years in a long care care home. My dad enjoyed his for 8 years and the only reason that my mother was only in hers for a mere 15 years is that covid got in and took her. She had total dementia but as her GP said was in perfect physical health at 88 and only took a vitamin pill. She could have enjoyed the facilities for another 5 years at least.
They had no private funds just CPP and OAS so were both guests of the Ontario govt. My brothers and sisters and I certainly got our taxes worth from this set-up.
I have told my kids that when I need long term care I want to go to Asia where my son lives and get hot and cold running nurses, all medical needs, a private bungalow, all meals and a pool for $3000 all in a month. 5 star luxury. Thailand looks good.
You have told us on this blog that you are wealthy. Why did you leave your parents as wards of the state, and not upgrade? – Garth
DELETED (Anti-vaccine doodle)
I don’t get it. Doesn’t the executor have to carry out what is in the will? If the money is to be given to charities they can’t just use it to pay off their house. Can’t they be taken to court if they do?
Is it just me that views long term care through the lense of ‘quality of life versus quantity of life’? If I can still boogie woogie with a lucid mind in the old folks home that’s one thing, but if my mind is gone and someone is changing my diapers then I prefer to check out of the Hotel California. Board the plane for Switzerland if my own government hasn’t sorted out all the details on these issues. A few years back Michael Enright had a great interview with Dr. Ezekiel Emanuel about aspiring to live forever (not). ( link below for the podcast ).
https://www.cbc.ca/radio/sunday/canada-s-refugee-policy-michael-s-essay-dr-ezekiel-emanuel-living-arrangements-the-itinerant-life-geoffrey-james-mail-about-wills-and-estates-tragedy-builds-a-new-family-1.2905324/dr-ezekiel-emanuel-says-75-is-a-good-age-to-die-1.2905333
On a cheerier note, Garth…will you do a write up on the whole ‘ESG Debacle’ as it applies to investments, pension funds, etc. Seems like there will be more questionable practices, moral hazard, and negligence coming out on SVB. ( surprised nobody has inked the 73 million donated to BLM, not filling a risk management position, etc. here on the blog ). Recently read this snippet:
” The U.S. Congress recently voted to bar pension funds from considering ESG factors, with House Speaker Kevin McCarthy saying that to do otherwise would let ” Wall Street use your retirement to fund left-wing political causes”.
It’s kinda nice to see the term ‘left-wing’ in print every now and again, lol!
Reports are surfacing that Trump will be arrested next week for spending some of his own money on an NDA with Stormy Daniels.
Looks like the bribery/corruption stories that came out last week about the Bidens must be true or they wouldn’t have instructed the DOJ to go nuclear on Trump as a distraction.
No path for this to end well.
“Family members unwilling to provide expensive care for parents with dementia because…”
I have been paying for my in-law’s live-in maid’s salary for the last 5 years and will continue to do so until their passing.
A piece of advice I would give is that if you are named as executor in a will, then get co-signing authority on any safety deposit boxes the the person has. And have in your possession the spare key to the box(es) . It’s amazing how elderly folks misplace items such as keys.
It is likely the original will is in the SDB, but if you do not have cosign authority on the SDB it can be difficult to get quick access to the SDB. I think you need Death Certificate and proof you are executor, before the bank grants you access. Once you do have access, the bank will only allow you to document the contents, and they will sit with you while you do this. You can’t remove anything from the SDB, except the will.
They will not release the full contents of the box until probate is complete.
If you have co-sign authority on the SDB, you have full access to remove any items for the SDB as needed, and the bank cannot prevent you from doing so.
I can make your efforts as executor far simpler, depending on the complexity of the contents in the box.
Better option: have the drafting lawyer retain a copy of the will and POAs. – Garth
Better option: have the drafting lawyer retain a copy of the will and POAs. – Garth
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Don’t disagree. But my mother in law is now 92. Her lawyer long since left his practice but took all client documents with him. Yikes. It was a big challenge to get hold of him, as he is now retired and living who knows where, and for my wife (named as executor) to get physical ownership of MIL original updated will, and signed POA and personal directive.
There is some comfort knowing exactly where these documents are located.
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