Mark Gryba was our able Chair today with 19 in attendance. Thankfully the meeting was Zoomed so no one had to travel in the brutal outdoor temperatures.
After President Paul teed up the virtual Anthem, Will provided a very touching blessing that he had researched with care to make it particularly appropriate to the Pandemic and the challenge of face coverings.
VISITORS AND GUESTS
Our guests today were Dale Worrall, a Riverside member and our guest speaker James Steele.
HAPPY DOLLARS
- Mark G. $10 for an exciting Super Bowl LV but mixed feelings about the Brady win
- Gary R. $11 for the Super Bowl win and grudging admiration for Brady
- Peter W. $5 celebrating that Brady did not lose track of downs this time around
- Graham $50 to thank Wayne P. for all of the unsung hours invested to get our Club Etransfer up and running, to Gary R. for his sales skills in effortlessly extracting $500 from Graham’s wallet for RAP and for an exciting Super Bowl accompanied by a Chateaubriand and an Okanagan Merlot
- Gary R beating Graham with $51 towards the RAP campaign success
- Elaine Z. $20 in memory of Peter’s passing a year ago inspiring Mark G., Paul G., Drew B. and Gary R. to match this amount in his honor
ANNOUNCEMENTS
Donna G. was pleased to report that we raised $2,100 today from the sale of grocery cards from over a half dozen members at that start of today’s meeting. Well done Donna!
President Paul gave an update on the Badge Shield and Star dinner which has been postponed until we see completion of the vaccination program. Instead members are being asked to consider contributions directly to RAP via Etransfer. Gary R. is heading up this important Club initiative.
Will A. reported on the health of the Club advising that Otto is now home and recovering very well following a recent stay in hospital. As well, another local Club member Norm Woodcock had a recent flair up of a painful condition that has landed him in hospital as well.
Our guest, retired financial advisor Dale Worrall, a Riverside Club member, gave a concise report on the International Shelter Box program that provides emergency shelter and supplies for those caught in worldwide catastrophes. Dale is looking for a Saskatoon area leader currently. Funding is always needed and has been simplified recently and updated to allow for individual items in a Shelter Box to be funded separately as well as provision to donate for an entire box. December proved to be a big month for donations from Rotarians but more fund raising from the general public is now the target with media coverage assistance. Dale is looking to get more involved in Rotary with the Youth Exchange program being another of his passions. They are currently looking for student candidates.
TODAY’S PROGRAM – JAMES STEELE LLB ON WILLS AND ESTATES
Gary R. ably introduced (with a little help from his friend Marc) our guest speaker James Steele, a lawyer with Robertson Stromberg specializing in Estate law. It so happens this multitalented individual is also a World Class Fiddler and is a five time National Champion. We enjoyed a short YouTube video of his remarkable musical talents.
James provided a well-organized presentation on the nuances of Wills, Estates, Power of Attorney and Executor duties. He explained a litany of rules and considerations including the following:
- When naming Co-Executors chose individuals who will get along and who have adequate financial acumen. He has witnessed many messy and expensive legal fights when this is not heeded. If in doubt name a Trust Company as either co-executor or sole executor. While more expensive they are experienced and effective.
- Make sure you have a Will prepared, ideally by a lawyer. Over 50% of people pass away without a Will leaving the Province and the Courts to adjudicate the Estate which can be inefficient and costly.
- While a Will can and has been be drawn up on a MacDonald’s Napkin and be valid, mistakes with homemade Wills such as having a Beneficiary act as a Witness may invalidate the Will.
- If recently married or new kids are brought into the family, a prior Will probably needs updating especially if drawn prior to 2004 due to Legislation changes.
- One does not have to be advised if they have been cut from a Will, but good communication is always a good policy.
- A Will does not have to be fair unless there is a dependent child unfairly treated.
- Once the Will is reviewed and approved by the Court through the Probate process, it will be recognized as the Final Will allowing the Executor to liquidate assets and distribute proceeds to the Beneficiaries. Typically administration takes at least a year. If the Estate holds no assets, Probate may not be necessary.
- Sometimes the family home is transferred to the children before death to avoid Probate, but title dispute problems can arise if a Trust Agreement is not used or a divorce ensues. There may also be impacts on the CRA Principal Residence Capital Gains Exemption.
- Executors should ensure funeral arrangements are not too expensive in relation to the Estate size and should communicate frequently with the Beneficiaries. Also detailed accounting is needed for all receipts and disbursements. Expenses must be relevant to the administration supported by receipts. Executor fees can run from 1-5 % of the Probated assets and should receive consent in writing from the Beneficiaries at the outset. The Executor cannot gift money to themselves.
- A Power of Attorney should be named by you early on to handle your affairs in case of incapacity. This individual should be absolutely trustworthy as their powers are substantial. These powers cease at death when the Executor takes over.
- Living Wills are becoming more common but should contain a specific health care directive.
The Club applauded James for not only his thorough legal coverage but also for his outstanding fiddling prowess. Truly a multitalented Gentleman with highly ambidextrous right/left brainpower!
In conclusion Mark thanked our meeting coordinators including Will, Wayne P, Graham, President Paul and Gary R. And of course the Club thanks Mark for taking on the MC duties today.
February 22, 2021 will be our next meeting where our own Jim Weber will provide an update on Becas.
Editor,
Graham Pearson PHF