Happy and HEALTHY 2013

Here’s an update to Jack’s Story, a post from November 19^th .

Jack’s three children don’t get along at all.  They live in different cities in the U.S. and Europe, with nothing in common but DNA. They are the very model of a dysfunctional family, unable to agree on anything, including the time of day.

I called Jack’s frustrated accountant to find out what happened when he informed the feuding siblings about the existence of their late father’s safety deposit box.

Believe it or not, they would not agree to have the orphaned safety deposit box opened by the bank’s locksmith for $200!  Since there is no tie-breaking independent executor, the box will remain locked up until they can agree on something.

Since 2009 (when Jack passed away) the siblings have been battling while their father’s estate continues to diminish from unnecessary legal and accounting fees. One of the sons has lots of money, he delays things to ‘punish’ his brother with no money.  A third sibling just doesn’t care.

The frustrated accountant reminded me that these problems could have been easily avoided simply by naming him (or somebody else) as independent third party executor when the will was prepared.  In this way, the estate would have been wrapped up with one signature quickly and efficiently and the beneficiaries would have what would be coming to them and go on with their lives.  With three executors who don’t get along, an estate simply cannot be wrapped up on a timely basis.

There’s an important lesson here, too late for them, but not too late for you.

Now is the time to review your own will and powers of attorney to ensure this can’t happen in your family.

Stay tuned.

I will keep you posted.

Going UP – Insurance rates to jump again

Manulife just announced another round of rate increases

 Effective January 26^th rates for Universal Life and Term Life products will increase by an average 12% to 14%.

My posts on June 20^th and August 10^th provide some background

There will never be a better time to buy Life Insurance products in Canada