Having a properly drafted will is extremely important. Aside from the fact that it may not affect the distribution of the estate as you wish, an improperly drafted will usually lacks some key elements needed to properly administer an estate. One often overlooked area is the administrative powers included at the end of a will. There are two sources of these powers: statutory powers as set out in provincial estate statues, and the will. Statutory powers are very basic and simply give the trustee authority to preserve trust property, including some of these:
However, many other administrative powers are usually needed to administer an estate including some of the following:
It is important to include these additional powers in your will. Addressing the gaps ensures your estate trustee is able to effectively administer your estate including any appropriate post mortem tax planning on behalf of the estate.
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