Wills & Estates

I provide the following services for Wills and Estate Planning:

Will preparation (simple, or complex)

• Set up Trusts for spouses, children, grandchildren for effective estate management
• Power of Attorney and Personal Directive preparation (simple or complex)
• Estate Planning issues regarding: marriage, divorce, common law, children, step-children, adopted children, estranged children, dependent children, adult children
• Mental capacity and incapacity

Wills:

A Will is a legally binding document that sets out your wishes on how, to who and how much of, your assets, debts, loans, etc (your estate) are distributed when you leave this world. No, you can’t take it with you. In order to be effective and legally binding on your executor and beneficiaries, the Will must be properly prepared and executed in accordance with legislative rules for a Will.

Everyone should prepare a Will to reflect their own individual circumstances and goals.

If you do not have a Will or you do not have a legally prepared Will, then your estate is distributed in accordance with legislation that states who gets what share of your estate. Chances are this may not be what your wishes are.

Within your Will you name who the executor will be. The Executor is the Trustee of your estate until it is distributed to your beneficiaries. You also name who will be the Guardian for any minor children or any children that may be dependent adults.

A Will should be reviewed at least every five (5) years or so to see if it is still relevant or if there are some changes you would like to make.

You should also review your Will if there are changes in your family composition, family status, etc. If you get married, are contemplating marriage or are separated or divorcing, your Will should be reviewed and changed as soon as possible. Getting married automatically voids any Wills created prior to that marriage, unless the Will is made specifically in contemplation of the marriage.

Also, together with your accountant or tax advisor, we can also address any tax saving or capital gains issues that may arise on your death to lessen the burden of these costs on your estate so that the beneficiaries may receive a larger inheritance.

Powers of Attorney and Personal Directives:

Planning for incapacity, either through illness or accident, is a very important part of estate planning. If you have not properly prepared an Enduring Power of Attorney and personal Directive, then your affairs will be governed through the courts. This can be a very lengthy, impersonal and expensive procedure.

Power of Attorney:

A Power of Attorney is a legally binding document that gives another person the authority and ability to deal with your assets, debts, accounts, etc.

The Power of Attorney can be for a limited, specific purpose and it can also have a deadline or expiry time on it. Or, the power of Attorney can be broad and general and also be indefinite. However, a Power of Attorney terminates when you lose the capacity to understand what is going on, or lose capacity to deal with your own affairs.

With a Power of Attorney, the person you name as an Attorney can have the authority to do many things related to your finances, such as write cheques on your accounts, sell your land, discuss your accounts with service providers, check into your government accounts, run your business, sell your assets, mortgage your property and obtain loans in your name.

Most people use Powers of Attorney if they are going to be out of the province or country for a period of time and need someone to look after their affairs, or to do something specific while they are away or temporarily incapable of doing something (i.e. bed-ridden), such as sign off on a real estate sale or purchase. Powers of Attorney can also be used to name someone to take care of your affairs, such as government accounts, if wish to have a relative or friend look after that for you.

In Estate Planning, an Enduring Power of Attorney is very important to use. An Enduring Power of Attorney continues to be in effect even after your lose capacity. It allows your Attorney to continue to look after your affairs after you lose capacity, mental or physical or both, to look after your own affairs.

An Enduring Power of Attorney is very important to execute while you can, because after you lose capacity, your family will require a court order to deal with your financial affairs. The cost of being prepared ahead of time and signing an Enduring Power of Attorney is a small fraction of the cost involved in getting a court Order for Trusteeship (Dependant Adult Application) in order to handle your financial affairs. The cost of the court order would have to be paid buy your family or from your estate which takes away from the inheritance you would like to leave to your family.

Personal Directive:

A Personal Directive is used to name an Agent who will have authority to make decisions regarding your healthcare and your body. It is sometimes referred to as a Living Will.

Like an Enduring Power of Attorney, if you do not have a prepared Personal Directive, then your family has to apply to the courts to get an order giving them the authority to make decisions on your behalf. The cost of being prepared ahead of time and signing a Personal Directive is a small fraction of the cost involved in getting a court Order for Guardianship (Dependant Adult Application).

In the Personal Directive you can specifically tell your Agent exactly what you would like for healthcare, living accommodations, organ donations, do not resuscitate requests, etc. Or you can name your Agent and let your Agent make their decisions based on their intimate knowledge of you and based on what is best for you at the time, in consultation with doctors.

I can assist you to properly prepare for what lies ahead in taking care of your loved ones and your estate as you desire it to be done.