If you have not already done so, please make a will

[Au revoir, Gopher]

Originally Posted by chuck

You don’t get their contribution room, no.

From what I have been reading, yes you do and no you don't... You don't get any new contribution room (and if there was unused contribution room you don't get that), but, if you withdraw funds from the TFSA that you received as a successor, you do get that amount as contribution room the next year.

You can get a similar effect using the Designation of an Exempt Contribution Form (RC240). It allows you to combine your spouse's TFSA with your TFSA without affecting your contribution room (assuming you were named as beneficiary).

ARG

[Gary K]

Originally Posted by chuck

You don’t get their contribution room, no.

ah maybe i misunderstood, but you are able to trade what is in there freely, correcT?

[32-40win]

Just cost me 650.00 to rewrite mine, changed beneficiaries and excluded some relatives from any benefits. Just watched the shenanigans going on the property sale of a friend's parents place, interesting to say the least. And I've seen what others have gone thru on estate issues, some of it was not pretty, by people you would not have expected it from.

[sendmethem]

Originally Posted by 32-40win

Just cost me 650.00 to rewrite mine, changed beneficiaries and excluded some relatives from any benefits. Just watched the shenanigans going on the property sale of a friend's parents place, interesting to say the least. And I've seen what others have gone thru on estate issues, some of it was not pretty, by people you would not have expected it from.

x2

plus if you are planning on donating to charity best to give them the money now or a fixed amount in the will i.e 50K to WWF or whatever. Leaving a percentage or balance involving charities can get ugly and pit them against your children or beneficiaries. Just my recent experience.

[buckbrush]

Getting a lawyer is more expensive than doing it online with a website. You get what you pay for. Personally I'd rather not have the fate of all my worldly possessions and final wishes relying on a discount copy/paste document.

[CMichaud]

I have been after my parents for some time to address their situation. I was made aware that they have my sibling and I as co-executors. Their will is 50/50 between the two kids.

My sibling and I do not get along and live in different provinces.

I have begged my parents to adjust their will and assign executor to an independent third party. ie neither of us being listed as executor.

My parents are in the 80s now and do not recognize how painful they will make this no matter how much I have tried to warn them. In the end I may just have to refuse to act as executor and let my sibling do it. I expect that she will take it all and has already told me as much.

Can you designate a lawyer or bank rep to act as an executor? If so, what is the fee structure? (They live in BC)