WILL REVIEW CHECKLIST
 

Yes

No

Is the will current for:

    
  • province of residence?
    
  • tax law changes?
    
  • executor suitability?
    
  • guardian suitability?
    
  • birth or death of an heir?
    
  • separation or divorce?
    
  • common disaster?
    

Does the will identify the sources from which debts, funeral expenses, and estate administrative costs will be paid?

    

Does the will identify the sources from which taxes will be paid?

    

Are there bequests to charity either outright or in trust?

    

Does the will call for the disposition of a closely-held business according to the client’s wishes?

    

If a non-corporate executor is named, is there a provision for a

co-executor?

    

Do any potential conflicts of interest exist between the named executor and the beneficiaries under the will?

    

Is the individual or institution named as executor competent to carry out the duties of administering the estate?

    

Does the will name an alternate or successor executor?

    

Has the executor’s bond requirement, if applicable, been waived in the will?

    

Are specific powers granted to the executor in order to:

    
  • retain or sell property?
    
  • invest trust and estate assets?
    
  • exercise stock options?
    
  • manage assets
    
  • allocate receipts and disbursements to income and principal?
    
  • make loans and borrow funds?
    
  • settle claims?
    
  • make decisions relating to the deceased’s business interests?
    
  • distribute property in specie?
    
  • perform other appropriate duties?
    

Does the will provide for disposition of property if an heir predeceases the client?

    

Does the will state who will receive property if the beneficiary disclaims it?

    

Is the ownership of the assets complementary to the provisions of the will, i.e., some assets may pass outside the will by contract or by type of ownership.

    

Is the custody of minors satisfactorily addressed?

    

Does the will specify that any minor beneficiary’s share of the estate will be held until he or she reaches a more mature age?

    

Does the will provide for a guardianship or trust to protect the inheritance of disabled or incompetent beneficiaries?

    

Does the will give the executor the authority to make income tax elections at his or her discretion?

    

If there is a spousal trust? Does it comply with the spousal trust rules?

    
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