The Weekly Westerner Edition 58.18 (Jan 06, 2025)

On this cold overcast winter Monday, the day Prime Minister Justin Trudeau resigned his office, and the first meeting of this calendar year, about 35 Rotarians and guests gathered at the Grey Eagle for our weekly club meeting. Today we had two guests, Julie Cahoon and our Speaker Terry Gilholme. Dinner comprised of Boeuf Stroganoff, vegetables, salads and pastries for dessert. There was good fellowship, and it was good to see Chris Davis back in town. President Rod McMahon called the meeting to order at 12:00, provided us with the acknowledgement to the land and invited us to sing the national anthem.

Special Presentation: President Rod presented the Paul Harris Award to Julie Cahoon, a former member of this club. Linda shared her thoughts on the wonderful work that Rotary does internationally.

Todays program speaker, Terry Gilholme, was introduced by Sa’adat Keshavjee. Terry, a specialist in the field of wills and estates, educated and raised in Alberta, is former chair of the Canadian bar Association and has received the “best lawyer in Canada” award three years in the last ten years. Terry brought a handout of information and highlighted the following:

Today’s Program: Terry Gilholme on Estate Planning, myths and mistakes.

Probate- the myth is that you should avoid probate. Probate fees lowest in Alberta, is a 2-week process and makes the process much easier to administer.
Owning assets in joint names makes things easier. A myth. Note: Joint ownership gives the surviving partner ownership of the entire asset. In this case it is important to document your intention to prevent dispute.
Common mistakes: Grandparents as trustee for RESPS, TFSA or life insurance; and the myth that if you die without a will, the government is entitled to your assets.
Other documents that assist are marriage contracts, prenuptial or post nuptial or cohabitational agreements, unanimous shareholders agreements, dower release agreements.
Executors: select them wisely, not too old, not too young, not too busy, not too inexperienced, not one that is not a savvy individual in dealing with issues and people. Ideally not one that has any conflict of interest. Good to have an alternate, consult them prior to appointing them. (a tall order)
Remember details such as location of will, funeral wishes, memorandum for personal effects, list of assets and passwords.
Enduring power of attorney should have one or two attorneys but keep it practical, as it can be a long-term role.
Personal directive, when one is incapacitated, this serves as an important document. Should name one or two agents, and ensure they understand your wishes clearly.

The presentation was well received and there were many questions and comments.

Linda Anderson thanked the speaker and presented from the club, a gift to ShelterBox in her name.

Next Monday we go to the next step in life planning with a discussion with Mike Pierson of Pierson Funeral homes about “celebrating the end”.

The meeting adjourned soon after 1 pm.