WHY YOU SHOULD MAKE A WILL
- A will is a legal document that takes effect on your death. In a will you dispose of all of your property according to your wishes and desires. You also name a person called an Executor and Trustee to take care of implementing your wishes and distributing your property according to your will. In your will you can also name a guardian for your minor children.
- A will can be a very simple document or it can be very complex and complicated depending upon your wishes.
- You also can and should name a Guardian for your minor children and make provision for their future care and needs.
- It is important to make a will since without one, your property may not be distributed according to your wishes. When you die without a will you are said to die intestate and the Succession Law Reform Act sets out how your property is to be distributed.
- We can advise you with your personal Estate Planning to help you put your affairs in order and provide advice and strategies to minimize tax implications should something happen to you.
- It is essential that self-employed people and business owners make plans for the smooth operation, or winding-up, of their business to ensure that any employees, customers and creditors are looked after.
POWERS OF ATTORNEY AND YOU
- A Power of Attorney is a legal document that takes effect when you are physically or mentally incapable of managing your own affairs.
- In Ontario there are two types of Powers of Attorney under the Substitute Decisions Act. The Continuing Power of Attorney for Property and the Power of Attorney for Personal Care.
- In both types of Powers of Attorney you name one or more people, called an Attorney, to take care of your financial or personal care issues when you cannot take actions or make decisions for yourself.
- Generally the Attorney under the Continuing Power of Attorney for Property can do anything on your behalf which you could lawfully do except make a new will for you. This means that your Attorney could pay your bills or look after your financial interests if you are unable to get out to do so yourself.
- Your Attorney for Personal Care can make health care decisions on your behalf when you cannot make these decisions yourself.
- Generally medical practitioners look to biological family for health care decisions where there is no Power of Attorney for Personal Care.
- In cases where there is no Continuing Power of Attorney for Property it is necessary to have someone appointed to be your Guardian which is a costly and time consuming alternative, and the person(s) appointed may not be someone you would have chosen or trusted.
ESTATES
- Following a death, we can assist the Estate Trustee in the administration of the Estate. There will be a number of different process, procedures and forms for your Estate Trustee to manage. We can help to deal with funeral homes, banks, mortgage lenders, insurance and pension companies, and many others, as well as the filing of the proper Income Tax returns.
- Sometimes the Estate Trustee will need to obtain a Certificate of Appointment from the Court in order to deal with certain assets, such as the sale of real estate or cashing in of stocks. This can often be a complex and time-consuming processes involving many steps. We can prepare and submit the required documents to the Court.
- Often the Estate Trustee will need to deal with a number of beneficiaries, and sometimes charitable organizations, who will require an Estate Accounting. We can assist in communicating with the beneficiaries, preparation of the accounts, handling the distributions, and obtaining the proper Releases from them.