p.6
DISPATCHES
foreveryoung | March 2014
JOHNSON LEGACY WEALTH MANAGEMENT
Building Trust for Generations
For over 40 years Johnson Legacy Wealth Management has helped families protect and enhance their wealth.
250-979-2748
Raymond James Ltd.
500 – 1726 Dolphin Ave, Kelowna, BC V1Y 9R9
www.johnsonlegacy.ca
Raymond James Ltd., Member-Canadian Investor Protection Fund.
Should I appoint a Professional Executor/Trustee
in my Will, or a close Family Member/Friend?”
An Executor/Trustee has a wide
range of obligations and responsibilities
to fulfill.
When doing your Estate
Planning and choosing an
Executor/Trustee, you have
a number of important considerations to keep in mind.
In a nutshell, the choices
available are: Corporate
Trustee (like a Bank or Trust
Company), a family mem-
ber/friend (or more than
one, named as Co-Trustees), or another willing professional you know, such as
your Accountant or Lawyer.
(A Bank, Trust Company,
Accountant and Lawyer are
referred to hereafter simply
as“Professional Trustee”.)
The first thing you should
do, if you are in the process
of making such important
decisions, is to contact an
estate planning lawyer to
discuss the various issues
involved. A good estate
planning lawyer is worth
more than the documents
they create. Your answers
to the questions asked by
your estate planning lawyer,
and your decision making
process triggered by those
questions, documented by a
careful lawyer, will make all
the difference in the world
to your actual written plan.
The planning behind the
documents is what gets you
the results you desire.
The entity you choose to
fill this role will have a big
job to do. If it is a Professional Trustee, you will meet
with them to go through
your Estate and sign Compensation Agreements. If
you are choosing a family
member/friend, it is a very
good idea to make them
aware that you have chosen
them and ensure that they
are willing, comfortable and
able to fill that role.
Whether you are choosing an inexperienced family
member/friend or a Professional Trustee, that person
will be working with your
beneficiaries for a significant amount of time (sometimes well over a year) as
they administer your Estate
and deal with your assets. It
is very important that you
consider the myriad of issues when deciding who
your Executor/Trustee will
be, a few of which are as follows:
- Is the job of looking after
your Estate going to be very
hard on a loved one who
Vanessa
DeDominicis
LEGAL INSIGHT
has just lost YOU? This can
be overwhelming to deal
with, coupled with grieving,
even though they may feel
duty bound when you ask
them to take on that role;
- What about compensation? Compensating a
loved one to do this job
is often frowned upon by
other beneficiaries who are
not privy to what the role
involves. They simply sit
back and wait for their inheritance to come through.
Considering the level of
responsibility that an Executor/Trustee takes on,
shouldn’t your loved one be
compensated? It is highly
likely that the role of Executor/Trustee will take away
from the usual way your
loved one makes a living.
I have seen family members take on this role, only
to fight with their siblings
over the details, grow weary
of trying to maintain family harmony, grow tired of
trying to sustain their own
family life/job while serving
your Estate, yet deny themselves compensation. They
eventually grow irritated,
bitter and resentful over
the thankless hours they
have spent accounting and
documenting and gathering
Continued on page 7
Look Young,
Feel Younger!
JACQUELINE DAHM 1921 – 2011
SUPPORTING MEDICAL STUDENTS IN THE OKANAGAN
Jacqueline Dahm expressed her passion for community with
a bequest to UBC, which continues to ensure vital funding for
students in the Southern Medical Program.
For more information on how UBC can help you plan your lasting
legacy in an area important to you, call: 250-807-8565 or visit
www.startanevolution.ca/Dahm12
When I turned 50, I started experiencing
hot flashes,” she says. “Then I began using
Super EasyMulti™ 45+ for women. I quickly
experienced a dramatic decrease in hot
flashes as well as a general improved sense
of well-being.” This was 5 1/2 years ago. Today she
writes: “Yes, I still take the Platinum vitamins
(Super EasyMulti™ 45+) and I’ve also been taking the
easycal. I don’t get hot flashes other than rarely and
can’t remember the last time I was ill.
- D. Wood, Kitchener, Ontario
The most comprehensive anti-aging multivitamin
P Specially formulated for men
and women 45+
P An anti-aging multivitamin
with 10 supplements in 1
P Contains 60mg of CoQ10, 1,000 IU
of Vitamin D and much more
P Easy to absorb thanks to OST®
available at your local health food stores
Made with OST® to ensure you absorb all the goodness packed inside.
proudly
canadian
www.platinumnaturals.com