HomeMy WebLinkAboutThe Goderich Signal-Star, 1953-10-15, Page 8i
OFFICIAL
CLOSING DAY
OCTOBER 18
Mean's tournament begins at 8.30 a.m. Ladies' Maitland
trophy tournament begins at 12.30 p.m.
There will be entertainment and an excellent dinner... t
Dinner tickets are now available at Wood's Newsstand,
Rouser Auto Electric, Allison Meat Market and the
Golf Club.
Advance ticket purchases urged because of limited num-
ber. ,
-4b-41
1'
QUiCK CANADIAN QUIZ
1. Considered as part of the Great
Lakes Waterway, where is the
.source of the St. Lawrence
River?
2. It 1938 Canadians sold abroad
1838 million worth of goods.
What was the 1952 total?
3. b the twelve months up to
• March , 1, 1953, was Canada's
population growth 376,000, 712,-
400 or 912,000?
4 1* 1901 there were 271,201 Can-
adians over 65 years of age.
Hew many were in this age
group in 1951?
5. ]from what sources does the fed-
eral unemployment insurance
fund draw its revenues?
ANSWERS: 5. Employees and
employers contribute equal am-
ounts and one fifth of their total
contribution Is added from federal
tax revenues. 3. 376,000. 1. In
the State of Minnesota. 4. There
were 1,086,273 Canadians over 65
years of age. 2. 1952 exports total-
led $4,356 million.
(Material supplied by the editors
of Quick Canadian Facts, the hand-
book of facts about Canada.)
Of 164,000 people immigrating to
Canada in 1952 more than 86,000
went to Ontario.
CANADIAN LEGION
Chicken and Turkey
BINGO
LEGION HAL
GODERICH
Saturday, .Oct. 17
9 p. m.
iOc a game
•
119t GODS l , SIGNAL -WAX
FOURTEEN RULES ON HOW 'TO
MAKE OUT YOUR WILL RMT
{
The law is cold, unemotional
and unwavering. Don't fat it dis-
tribute . your hard-earned estate for
you. Make a will before Ws ion
late, but Watch Your Step4when
you do
-f
So writes Donald MacLean in
Tical-Pinancial Post, listing 14 rules
for making a good valid will that
will carry out your wishes:
You cant leave your money an
orphan when you die.
And you can't take it with you.
Money and property can never
be without an owner under Raw.
When you die what's going to hap-
pen to your ,estate? If you don't
leave behind valid legal instruc-
tion, there are laws to govern the
distribution of the fruits of your
lifetime.
Few people enjoy making a will,
but without one the persons you
love the most may suffer if the
law disposes of your estate. Here
are 14 basic tips about wills:
1. Make a wilt! The laws of
intestate succession may have
effects quite different from your
intentions.
The law of intestate succession
(i.e. where there is no will) varies
from province to province. As a
general rule, the estate is distribut-
ed to surviving relatives according
to their degree of relationship.
In Ontario, for example, if a.
man dies without a will, leaving a
widow but no children, she is en-
titled to all the estate up to $5,000
and two thirds of the residue if
any. The balance goes to his
relatives.
If a man leaves a widow and one
child, the distribution is altered.
The widow still receives all the
estate up to $5,000 but only half
the residue. The balance goes to
the child. If there are two child-
ren or more they would receive
two thirds of the residue in equal
shares.
If a wife dies intestate leaving
no children, her husband receives'
half the estate and the other half
is distributed amongthe wife's
next-of-kin. If she leaves children,
the husband gets one third of the
estate; the children get two thirds.
These "intestate succession" reg-
ulations protect widows and their
children from being left unpro-
tected through a husband's
thoughtfulness, but only a will can
ensure distribution of your estate
in exactly the way you want it
done.
Here's a possible case where
there's no will:
A young man with two small
children lost his wife. `Ile later
married and his second wife be-
came very fond of the children.
She conscientiously considered
their interests as if they were her
own children.
The man took out $50,000 life
insurance payable. to the wife. He
had other assets worth a few thous-
and dollars.
In a motor accident the husband
was killed outright -and the wife
died 20 minutes later. Under the
Ontario law the wife inherited
$5,000 of his general estate out-
right plus one third of the "residue.
The other two thirds of his gen-
eral estate went to the children.
The wife inherited the $50,000
life insurance.
But when she died, without a
will too, the Iife insurance money
and her share of the husband's
general estate, went to her next
of kin. As the children were not
blood relations ,of hers they re-
ceived nothing from this insur-
ance, although people who knew
the step mother and..her affection
for the children were sure she
would have wanted the children
to receive their father's assets and
tate insurance.
The wife's relatives, however,
held to their legal rights. -
Had the husband made a will and
arranged his insurance differently,
the children would have received
what was rightfully theirs.
__ it -Don't"- dela?-- makingyour
will. Death or insanity may.
come when least expected.
3. Don't neglect to protect the
interest of 'the 'most important
benefeiaries. Residue clauses
aro sometimes dangerous.
Suppose you have an estate
value at $100,000 and make
specific bequests to five nephews
of $10,000. each, your wife ,to get
the residue (presumably $50,000).
If the stock market drops sud-
denly your whole estate max be
worth only $50,000, in which case.
your wife would get nothing while
the nephews would get. their full
bequests.
To avoid this, wills sometimes
divide the estate into parts, giving
your widow, say four fifths, the re-
mainder to be divided among other
beneficiaries. A still better plan
is to make -the payment of the
other legacies contingent on the
widow first getting her full $50,000.
4. Your will shouldn't interfere
too much with your executor's
powers to delay sale of the
assets.
Forced sale may cause heavy loss
during a bad market. Give the
executors authority to use their
own judgment. This doesn't re-
lieve them of responsibility of
negligence.
5. Don't forget to give the
executors authority,. to invest
funds of the estate, If you don't
want your estate confined to
trustee investments only.
This is most desirable when, for
example, you leave your wife a
life income. You can authorize
your executors (a) to invest in
trustee investments or (b) in secur-
ities authorized for life insurance
companies or (c) you can give them
wide-open authority to act as they
see fit.
6. 1f you want the income front
your estate- to go to your wife
and, at hair death, the capital to
go to your children 'do this:
specify that the capita' be held
by trustees, who will pay the
required yearly income to your
wife during her lifetime and
then divide the capital among
the children.
This way, since the estate actu-
ally passes under only one will,
succession duties are only levied
once on the assets. But if the
estate is left first to the' wife in
the- husband's will and then to the.
children 'in the ,wife's will, the
duties would be levied. twice.
7. Make an inventory of your
whole estate. 1t will help youh
executors greatly to knew dust
what and where your assets trot.
The inventory should show all
assets in detail, stocks, bonds,
mortgages, real estate and deposits'
in •the -ban , specifically indicating
the bank branch where the de-
posits or safety deposit boxes are.
_Keep_ your_ securitiesin a
Safe place.
Bond or stock certificates are
easily mislaid, stolen or burned.
If they are not readily available,
the administration of the estate
may suffer costly delay.
9. Keep your will in a safe
place.
If it's burned, lost or stolen,
there'll be trouble. ° The law pre.
sumer that you died intestate (With-
out a will), unless somebody dis-
proves it. '
10. Mak* sure some respons-
-ibis persols, your lawyer or ex-
ecuter, knows whew* your will
is. Your will won't do anyone
any good if it can't be found
after youh death.
11. Review your will regularly.
The status of your beneficiaries
may change; your daughters marry,
small children grow up, or the tax-
ation sjtuatioa changes. More-
over your owl estate may increase
or shrink. The will should be ad-
justed accordingly.
-12...._Melte ....sure -you .._ kayo.,. suf..
Relent liquid assets, including
cash, in your estate to pay Im-
mediate Charge , funeral and
doctor's expensets and succession
duties.
Succession duties have to be
paid within a certain time. A
proportion of cash or gilt-edged
securities which can be sold any-
time should be in everyone's estate.
13. Keep -some of your life
insurance policies at home, . as
long as they*,re safe from fire
Al II III
and theft.
At your death your ,saiety de.-.
posit box will be sealed until the
assets are released by the succes-
sion duty officers.
Life insurance companies can
pay up to $1,500 under Federal law,
and varying amounts under pro-
vincial laws, without -a release.
That money as part of your estate
and subject to duty, blit its prompt
payment may prevent hardship for
your beneficiaries.
If- .the.., policies . -are looked away
in a safety deposit box, the ex-
ecutors might not find them for
some time.
14. If you've made more than
one will and revoke earlier ones
by declaration, destroy those re-
voked completely.
It's easy to Watch Your Step
when you're alive and sane. Use
common sense and careful plan-
ning. If you die intestate, the
law is cold, unemotional and un-
wavering.
TIb1umI'my, penman,
Maid
Anything to sell? Anything!
A classified ad brings results. ,
Ray Robinson
FLOORS
' LAID — SANDED
FINISHED
R,R. 1 PORT ALBERT
Phone Carlow 2105
366-8x&tf
e•
DOWN PAYMENT OF 5
'2'' FOR A'50 BOND, '5 FOR A'100
GOND, etc. — 6ALMICE IN EASY
!NST,t[MENTS OVER A YEAR
You "in buy your bond ft;r cash
or Dy rt}u;
'leighb !1rh^od B o' M hr?r;h
BK OF MONTREAL.
690444:0 7i4de 141.4
Goderich Branch:
BRUCb ARMSTRONG, Manager
WORKING WITH CANADIANS IN EVERY WALK OF LIFE SINCE 1 $17`
T.ike ell
•••
illustrated -- rel Air 2 Door Sedan
d/COVf'4
n
le buy Chevrol
other car
•
A
GENERAL MOTORS
VALUE
You're "sitting pretty" When
you get behind the wheel
First thing you'll notice 'is the
quality of the interior. Rich -look-
ing upholstery and appointments
— color -matched to fhb exterior
color. Chevrolet, you know;'has
the world-famous Body by Fisher
—and you can certainly tell the
difference in workmanship!
Here is another opportunity for you to adopt
this tried and tested system of saving money.
Canada Savings Bonds never drop in value.
If cash is needed you can get back the full face
value of your bond, plus accrued interest, any. -
time --at any bank in Canada.
You can buy Bonds for cash; or if you prefer:
the Royal Bank will arrange for you to buy them by regular
monthly instalments out 'of income. The procedure is simplicity
`itself. All forms and full information availabl8 at every branch.
YAL BANK Of CANADA
UN►olry *a*age.
You'll find 'you get more power
en less grs
Chevrolet's tworeat valve -in -head
engines a high-earnpression en-
gines. In Powersthk' models, you
get the Most powerful engine in
Chevrolet's field.-- the new I15-b.p.
"Blue -Flame." Gearshift models`
offer you the new .1011-h.p. "Thrift -
King' engine:
You'll diecever'it's the lowest -
priced. Iln•
Chevrolet Offers just about everything
you could want. Yet it's the lowest -
priced line in the low -price field.
You can be ahead in every way wkh
a new Cherrokt 1:
•Ceartir+a ion 'et Poon'aMJ extoroade
tree,tosilt�iaer tad 11tS- .p.% "•we- ,Nem"
��tonal o+r Tu.•Teet mkt Bel
t� #,t4 IBR toMF
You can even got
Power Steering
You ought to try Power Steering to
see how easy driving can be. Even
*tending still, you can spin the whet!
with one fingert Yet;thert'it nothing
new to learn and you actually have
safer control ender all conditions.
It's opinional, of course, at extra cost.
- You get greater getaway with
the mew Powerglide.
With Powerglide automatic trans-
mission, you're "automatically in
"100" range for standing starts and
for quick passing in city traffic. Then
-- automatically again -- you slip
smoothly into "cruising" range as
you pick up speed.
GARDNER
VICTORIA ETU.
T' tR�ET
QR. SALES
a
Jumbo"-Drum_.brakes give you
smoother, a easier, steps "
You'll feel safe and secure with these
greatly improved Chevrolet brakes
under your foot. An easy nudge on
the brake pedal b 'ngs smooth. posi-
tive response—ti now! With their
II -inch drums, CCthtevrotet brakes are
extra large for extra safety.
PRONE 234
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C-17S3C
