death help: Living Wills - Help.com

Thargor
offline Verified (3 years) Visit Thargor's shoutbox
Guelph, ON, CA

Living Wills

I need to find information on the new trend of living Wills whereby the beneficiaries recieve the allocated funds left in the Will before the actual death of the Will holder.

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Thargor offline Verified User (3 years) Long Term User Shouts: 5 #
Guelph, ON, CA | 3 years ago (12 minutes after post)

Specifically in Canada please. I am trying to determine the taxation of said beneficiary monies to the government versus a regular Will.

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.::asian gurl::. offline Verified User (3 years, 3 months) Long Term User Shouts: 7 #
US | 2 years, 12 months ago (1 week, 1 day after post)

i don’t have a clue wat ur even talkin about! sorry

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ScreaminglyWonderful offline Verified User (3 years) Long Term User Shouts: 12 #
Wilmington, NC, US | 2 years, 11 months ago (1 week, 3 days after post)

Thargor,
I’m not sure of the terminology used in Canada, but here in the states a living will is not used to allocate funds or other assets but to determine medical treatment in the event that you can not speak for yourself.
A Living Trust or a Revocable Trust is what use use to transfer your assets while you are still living, you can be the trustee and control those assets while you are alive, but you would transfer everything you personally own into the name of the trust, and it would act as a will upon your death. Unlike a will they do avoid probate. There is a lot to know about them, I am an insurance agent so I do not know as much as an estate lawyer or a tax attorney. THey would be able to tell you what is the best way to protect your assets.

cpoy this to your browser; this website has lots of info and a place to ask questions:
http://www.fdic.gov/deposit/deposits/…

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Thargor offline Verified User (3 years) Long Term User Shouts: 5 #
Guelph, ON, CA | 2 years, 11 months ago (1 week, 3 days after post)

Thanks very much. What I am trying to figure out is how to disperse my will while I am still alive. I want to see the money used while I can see it being helpful. I would rather enjoy seeing it used instead of them spending it after I’m dead. I love the concept but worry about the taxation.

Thanks for the link. I will check it out.

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ScreaminglyWonderful offline Verified User (3 years) Long Term User Shouts: 12 #
Wilmington, NC, US | 2 years, 11 months ago (1 week, 3 days after post)

You are welcome. Go to this link for a look at the legal form. I think they are the same here as they are there.

http://www.ilrg.com/forms/trustrev.html

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asdf_fdsa12 offline Unverified User #
An Unknown Location | 2 years, 11 months ago (1 week, 3 days after post)

Really cool concept Thargor, hadn’t thought of that!

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candp offline Verified User (3 years) Help.com Volunteer Moderator Long Term User Shouts: 41 #
Las Vegas, NV, US | 2 years, 11 months ago (1 week, 3 days after post)

Here in the states there are diy legal form stores. They are there to sell you forms but they also employ legal aids that are dying to practise their craft. We have found them to be a wealth of information.

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