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Legal Considerations
While the
actual guardianship appointment and details should be discussed
with a lawyer, here are some things to think about:
- If guardianship
could become an issue, write a memorandum or letter - dated
and signed - that explains your reasons for appointing a particular
guardian. The same letter could set out your wishes concerning
religion and schooling.
- Keep in
mind there is always the possibility that a court may choose
to ignore your appointment if it feels the appointment is not
in the best interest of the child.
- Legislation
governing the guardianship of children varies from province
to province. Consult with a lawyer for the legislation that
applies in your province.
  
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Memorandum
WillExpert provides a template you can use to create a
document that your executor will use to as a guide on
how to distribute specific items in your estate. The memorandum
is not legally binding and resides outside of the
Will. Click here for more.
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| Recent
changes to the Income Tax Act (Canada) regarding children
as beneficiaries of registered plans (RRSPs or RRIFs) can
minimize taxes payable in the final return of a parent or
grandparent. Speak to your financial advisor for more information. |
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