Given the absolute importance of ensuring our clients’ final wishes will be properly carried out, and their loved ones properly cared for, estate planning lawyers approach their work with an almost unparalleled level of seriousness and gravity, often leaving very little room for humor to intrude.
That is not to say, however, that we lack a sense of humor. To that end, and in light of the festive holiday season, I thought it would be appropriate to share some of the more humorous estate-related myths that have crossed our paths and explain why these myths should definitely be dispelled. Hopefully, this will bring a smile to most and may, in some cases, prevent some unfortunate decisions.
- Myth: I can leave all of my possessions to my beloved dog.
Although it may often seem that your beloved dog is your best friend in the world, and sometimes (rightfully so) the only member of your family deserving of inheriting your worldly possessions, this is not legally possible. Although you can leave amounts for the care and maintenance of your pet in trust, there is currently no legal method for your pets to inherit the possessions themselves. An actual person must still administer the trust on your pet’s behalf.
- Myth: When a person passes away, leaving a Will, there is a “reading of the Will” just like on television or in the movies.
While gathering the family in a room to wait, with bated breath, to learn what they will receive from your estate makes for good drama (as seen, for example, in “Knives Out” and “Succession”), this rarely happens in current times. Although this did occur in the distant past, the need to gather everyone together in a single room no longer exists. Generally speaking, there are much more efficient methods in use today to ensure beneficiaries learn of the contents of the Will, including emailing them a copy. In reality, this myth is best left on the cutting room floor.
- Myth: If I pass away without a Will, the government will become entitled to all of my assets.
Unlike many government conspiracy theories that are actually true (Roswell anyone?) this is not one of those cases. In Canada, under the laws of intestacy, if you pass away without a Will your assets will be distributed to certain family members, and in certain proportions, based on provincial legislation. Although you may not like the results, at least your assets won’t go to the government.
- Myth: The safest place to leave my original Will is in my safety deposit box.
Even though, as the name suggests, a safety deposit box is a safe place to store most documents, it is not the best place for your original Will. Simply put, once you pass away, the bank where your safety deposit box is located will require certain proof that an individual claiming to be the executor of your estate is, in fact, the executor, before allowing them access to your safety deposit box. Without being able to access the safety deposit box to provide the original Will as proof, it may become difficult to prove to the bank the identity of the executor. Before you know it, your executor is facing a circular conundrum – and you can see where this will go…
Consulting with an estate professional is a prudent method to avoid the pitfalls that could come from mistakenly relying on some of these—myths.
Have a safe and happy holiday season and all the best in 2025!
— Michael A. Selchen