Wills and Estates Land Acknowledgement We acknowledge that we are gathering on unceded Mi’kmaq territory. Epekwitk (Prince Edward Island) is covered by the Treaties of Peace and Friendship. We pay our respects to the Indigenous Mi’kmaq People who have occupied this Island for over 12,000 years; past, present, and future. Our Mandate To provide Islanders with understandable and useful information about our laws and our justice system. Table of Contents Writing Your Will Roles and Responsibilities After Your Death Possible Concerns - Wills and Estates - Competence/Incompetence - Beneficiaries and Dependents - Updating Your Will - Witnesses - Guardians and Trustees - Executors - Paying Your Debts - Probate - Contesting a Will - Dying Without a Will Writing Your Will What are wills and estates? A will is a legal document that leaves instructions about what you want done with your property at your death. Your estate is your property (personal possessions and land or buildings) at your death. Competency You must be competent to write or update your will. Competence is the ability to understand financial or legal matters and make informed legal or financial decisions. Who are my beneficiaries and dependants? A beneficiary is a person you leave a gift for in your will. A dependent is a person who relies on you for financial support. What should I include in my will? The full name and addresses of your beneficiaries A list of your assets and property Your debts, bank accounts, and other money Your dependents When should I update my will? You marry or divorce You move Your children's circumstances change Your financial situation changes When: Roles and Responsibilities Do I need a witness? A will must be signed by you and by two witnesses. A beneficiary or the spouse of a beneficiary can not be a witness. Witnesses must be competent. Proof of Will Declaration Witnesses often sign a "Proof of Will Declaration" at the same time the will is signed. Your executor may need this document to prove your will is valid. Who are guardians and trustees? A guardian is responsible for the care of your children who are under 18 when you die. A trustee manages finances for your children and any other dependents when you die. What is an executor's role? Distributes your estate and all other belongings according to your will. Reports to your beneficiaries and probate court (the court that deals with wills and estates) Makes funeral and burial arrangements. Gathers all your assets. Makes sure your expenses, debts, and taxes are all paid. The executor: If your executor begins to act and decides to quit, they must have permission from the court. When you die, your debts will be paid from your estate. Your executor won't use their own money to pay your debts. How do I name an executor? Pick someone you trust. Ask permission before naming someone as an executor in your will. Consider naming more than one executor, or an alternate executor. After Your Death What is Probate? Probate is the process of declaring a will valid. Letters Probate authorize the executor to act. They also limit future claims against your estate for a 6 month period. Is Probate always required? Your estate is small with no property. You named beneficiaries who will receive assets like RRSPs and life insurance. No, it may not be required if: