Wills and Estates
It’s always a good time to take care of yourself and the ones you love. As experienced Wills and Estate lawyers in Ontario, we understand the importance of planning for the future and protecting your assets. Our team is dedicated to providing you with the best legal advice and guidance to help you plan for tomorrow by assisting with wills, power of attorney, estate planning, probate applications and administration of estates.
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What is a Last Will and Testament?
A Last Will and Testament is a legal document that names the executor of your estate and instructs the executor on what is to be done with your assets. Additionally, a Will also provides for guardianship of minor children in the event of your death. Although some wills may not need to go through the probate process, many financial institutions that hold your assets will require a Will to be probated.
Probate Process
The probate process proves that:
a) the deceased made the will;
b) that the will is valid and authentic and appoints an executor to administer the will; or
c) if the person dies without a will, the probate process will appoint an estate trustee.
What is the Power of Attorney?
A power of attorney is a legal document that gives someone you trust the right to make financial or health care decisions for you. This trusted person does not have to be a lawyer to be your attorney. It can be a trusted family member or a friend.
When should I consider getting a Power of Attorney?
You should consider having a power of attorney in place, regardless of your age or financial situation.
If something happens to you, for example, an accident or illness that impacts your ability to make financial or healthcare decisions for yourself, you will need someone to make those decisions on your behalf.
Two types of powers of attorney:
- personal care
- property
Personal care
An attorney for personal care can make decisions about your:
- health care
- housing
- other aspects of your personal life, such as meals and clothing
If you do not have an attorney for personal care, your family can make some decisions, but not all.
Property
An attorney for property can make decisions about your financial affairs, including:
- paying your bills
- collecting money owed to you
- maintaining or selling your house
- managing your investments
If you don't have a designated property attorney, your family, including your spouse, are unable to make financial decisions on your behalf if you are incapacitated, without going through the legal process of obtaining a court-appointed guardianship.
To make a power of attorney, you must be:
- mentally capable
- at least 18 years old to make a power of attorney for property
- at least 16 years old to make a power of attorney personal care
What is Estate Planning?
Estate planning includes a wide variety of elements, including legal documents and preparations for your family. An estate plan can include everything from a power of attorney to a last will. It spans the naming of an executor to carry out your wishes, appointing a guardian for minor children, and more. Moreover, it can include digital assets ( cryptocurrency, social media accounts) and beloved pets.
What is Probate?
When a person dies, they may leave behind belongings, real estate and other assets and liabilities, which is collectively called their estate.
In Ontario, an estate trustee is the only person with the legal authority to manage or distribute an estate.
Probate is a procedure to ask the court to either:
- give a person the authority to act as the estate trustee of an estate
- confirm the authority of a person named as the estate trustee in the deceased’s Will and
- formally approve that the deceased’s Will is their valid last Will