In Ontario, if you die without a Will, the law will determine who will receive your property. The estate may not be administered by the person you choose, the assets may not go to those you wish to benefit and there may be conflicts regarding matters you did not provide for.
A Will and estate plan will provide for the efficient administration of your affairs in accordance with your wishes and personal family situation. It will provide for dependents, defer payment of monies for children and determine how and when assets are to be passed to them. A professionally prepared will and well-considered estate plan can save thousands of dollars in probate fees, taxes, legal fees and other costs.
Please read this important article from the Toronto Star that explains important facts about Powers of Attorney
We can help you with:
- Drafting wills, trust agreements, powers of attorney
- Estate administration
- Estate and tax planning
- Estate planning for business succession
- Establishment of trusts
- Matters related to charitable giving
- Mental incompetency issues
- Powers of attorney for personal care
- Powers of attorney for property
- Succession planning for a family business>
- Trusts for dependent parents
- Trusts for disabled children
- Wills planning and drafting
- Wills, trusts & estates dispute resolution
Selecting an executor
A Will should identify one or more individuals who will act as executors to carry out your instructions in accordance with the Will as well as winding up your personal and business affairs. If an executor is not appointed in the Will, the courts will appoint someone to administer your estate.
You may have other dependents such as parents or other persons who you are legally responsible for. They must be considered when making a will.
POWERS OF ATTORNEY
Selecting an attorney
A Power of Attorney should identify one or more individuals who will act as attorneys to carry out your wishes both with respect to property and with respect to your person. If you become incapacitated or incapable and an attorney has not been appointed, the courts may appoint someone to make decisions on your behalf.
Powers of attorney – personal care
You can identify someone to make medical, healthcare and lifestyle decisions on your behalf when you cannot make them yourself.
Powers of attorney – financial
You can identify someone you feel is best suited to manage your affairs should you become incapacitated or unable to manage your own affairs. If you do not, your assets may be frozen or the Public Trustee, named by the government of Ontario, may administer your affairs.
Changes in will and powers of attorney
Once your Will and Powers of Attorney are in place, you should review them periodically with us, at least every five years. Changes in your financial and family situations, such as a death, divorce, separation, acquisition of a business, remarriage, changes in your children’s circumstances or an inheritance, may necessitate revisions.