Just A Minute - Podcast Episode 12: The Importance of Affidavits
[00:10] Welcome to a new episode of “Just A Minute” by Landmark Law. Today’s episode is presented to you by Abi on January 27th. 2023 to help educate our listeners on various legal scenarios.
[00:20] BELL CHIME
[00:21] Today’s topic will be on the importance of Affidavits.
[00:22] Along with a will, an affidavit of execution should be prepared. This is a document where a witness affirms or swears that she or he and another witness were present when the will was signed. The affidavit of execution must be commissioned by a commissioner of oaths such as a lawyer.
[00:43] When it comes time to honor the wishes in the will, the affidavit of execution must be filed in court to have the will probated or validated. Once the will is validated, the wishes expressed in the will may be carried out. If the will cannot be probated or validated, the law will decide on how your estate will be handled.
[01:03] If your wealth exceeds $500,000, in addition to a will, you may wish to consider more sophisticated estate-planning techniques such as trusts, estate freezes, life insurance and charitable donations. Consideration of foreign tax law would be necessary if you have assets outside of Canada. Special planning is sometimes needed for situations such as vacation property, a family business or a special needs child.
[01:30] Do note that Landmark Law provides Henson Trust for scenarios that include a special needs child.
[01:35] If you are interested in drafting your Affidavit of Execution, please visit Landmarklaw.ca to learn more, and make sure to tune in for next week’s episode on choosing your Estate Trustee.
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