Experts Consulted: Trimark would like to thank the following individuals for their assistance in preparing this brochure:

• Robert D. Finlayson, partner, Smith Lyons, Barristers Solicitors

• Gilles Leclerc, partner, Desjardins Ducharme Stein Monast, Barristers & Solicitors

THE PURPOSE OF A WILL IS TO:

1. Administer and/or pass on assets that have not already been distributed prior to death
2. Name the person (executor or executrix) or institution that will I administer your affairs on death
3. Name a guardian (1) for any minor children
4. Express any limits on the use of your assets

A will is a crucial legal document provincial legislation dictates who handles everything, who gets what, and who cares for your children.

THERE ARE THREE TYPES OF WILLS:

FORMAL WILL

5 Typed and signed by you in the presence of at least two witnesses

5 Witnesses cannot be your beneficiaries or their spouses

5 Typically drafted by lawyers to ensure your will is legally valid, meets your needs and does not create any future problems

HOLOGRAPH WILL (Not accepted in some provinces)

5Written entirely in your own handwriting and signed by you

5 No witness is necessary

5 Not recommended as it may leave family members with a morass of legal complications Your heirs may have trouble trying to interpret your expressed wishes and financial institutions may be reluctant to transfer assets in accordance with your wishes

NOTARIAL WILL (In Quebec only)

5 Made before a notary

5 Signed by you, a witness and a notary

5 Kept by notary in special register

Your will won't become effective or public until your death. Until then you can change the terms or revoke it completely - as long as you are mentally competent. Your will should be reviewed at least once every three years to ensure it has not been affected by changes in legislation or your personal situation.

Selecting and appointing an executor may be one of the most important decisions you'll ever make. An executor is the person, named in your will, who is responsible for settling and managing your affairs after your death. He/she must follow the instructions in your will and is ultimately responsible to the beneficiaries.

This is not an honour you are bestowing on a friend. There are plenty of other ways to involve your friends in your estate plan. You are selecting the person who will be best suited and capable to either handle all your affairs after you're gone or oversee their administration with the assistance of knowledgeable professionals. The appointment may be an imposition as the designate must be able to:

• Commit time to carry out all duties and responsibilities - may include taking time off from work or sacrificing other personal responsibilities

• Deal with your family members, perhaps for a number of years if the estate assets are not immediately distributed

Make sure you and the person you designate completely understand the responsibility you are entrusting.

EXECUTOR'S DUTIES

1. Prepares a statement of assets and liabilities and oversees them
2. Settles the liabilities of the estate, including all legitimate claims by creditors, funeral and other expenses
3. May submit the will for probate
4. May have to arrange the funeral
5. Completes life insurance claims and collects proceeds of policies in force, if estate is beneficiary
6. Distributes assets and property to beneficiaries according to the instructions in the will
7. Invests, manages and distributes funds held in ongoing trusts
8. Files the final income tax returns and secures releases from Revenue Canada
9. With these duties in mind, consider the following character traits when appointing your executor:

INTEGRITY AND GOOD JUDGMENT

Will the person be able to act fairly in dealing with family members?

WILLINGNESS

Has the person seen the will and is he/she willing to take on the commitment?

TIME, PATIENCE AND ORGANIZATION SKILLS

Will he/she be able to follow up on all of the details, either directly or with assistance of professionals?

ACCESSIBILITY

Will the person be around to talk to family and advisers? Does he or she live nearby?

FAMILIARITY

Can he or she deal with the family dynamics?

Will he or she understand where professionals may be needed for investment, tax and legal advice?

Many people often appoint more than one executor. Some people appoint a family member because of their understanding of family dynamics, and a professional to handle administrative and legal aspects of the estate settlement. Naming an alternate is also wise if your appointed executors cannot serve.

Some of the reasons for choosing a corporate executor (e.g., Trimark Trust can act either as executor or agent to the executor) are:

5 You do not want to burden family members or friends

5 You do not know anyone who has the expertise to be your executor

5 You do not have immediate family members who live close by, or do not want to have them involved or you anticipate potential family strife, favouritism or jealousies

5 You anticipate struggles for control over certain assets or business interests

5 Your appointed individual executor is unable or unwilling to undertake the task

5 You want to make sure your wishes are carried out, if you and your spouse die in the same tragedy

Appoint a Guardian

A guardian is the person who will become the legal custodian of your minor children should you die. Choose someone you trust, and who understands what you think is best for your kids. A guardianship remains in force until children reach the age of majority. Parents should openly discuss their desires with the person or people they want to appoint as guardian(s), to ensure the appointees) are willing to take on the responsibility. Remember that a good choice for a guardian when your children are toddlers, may not be a wise choice when they are teenagers.

CRITERIA FOR CHOOSING A GUARDIAN

5Does the person share your child rearing values?

5Is the person, or family, someone your children would want to live with?

5Is that person willing to assume the responsibilities of guardianship?

5Does your will provide sufficient financial support for the children while they are in the guardian's care?

5Can that person afford to raise and support your children?

At some point in the future, due to an accident, disability or simply old age, you may be unable to make your own financial or medical decisions. But you can prearrange for someone to make these decisions according to your wishes by having your lawyer draft a separate power of attorney for property and personal care.