Similar to Figure 16-1 in the book, a will for the fictional John Robinson, this is a sample will for you to work with (you can't modify it on-screen, but you can print it out). You need to install the Adobe Acrobat Reader software in order to view this form.
In order to take stock of what you've got, you'll need to get an accurate idea of what you own and what you owe. Make a list of everything you own and its value.
Make a list of everyone you owe money to and the current balance that you owe in each case.
Your net worth is what you would be worth financially after paying off all of your debts. To calculate your net worth, subtract the total of your debts from the total value of what you own.
Start your financial planning by calculating, on a monthly basis, what you earn and what you spend.
Make a list of everything that you are not leaving to your spouse. Don't worry about property that will not be subject to capital gains, such as cash, GICs, treasury bills, or your principal residence. Estimate your capital gain for each remaining piece of property by doing the calculation shown in Table 5-1.
The full value of your RRSPs and RRIFs will be taxed as income received by your estate. The combined total of the balances in all of your RRSPs and RRIFs plus your taxable capital gains total is the amount on which your estate will be taxed as a result of the gifts you are making in your will.
Use this table to calculate your taxes.
Use this as a way to collect information and documents to bring to your lawyer. For more information, see Chapter 20.
Using this form will take some of the guesswork out of your executor's job. See Chapter 22 for more.
Use this form to prepare an inventory of your property and where further information about your property can be found. Leave it somewhere that your executor can find! See Chapter 22 for more information.
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