Wills & Estates

What is a Will?

A Will is a legal document that takes effect when an individual dies. The purpose of a Last Will and Testament is to provide for the orderly, timely and cost-efficient distribution of your assets upon your death. We would be pleased to help you make or update your Will. Please call us today at 416-519-5552. You can also submit your query & book your appointment online.

Do I Need a Will?

You might be asking yourself if you actually need a Will? Do I need a Will? Do I need legal advice for a Will?

In Ontario, if someone dies without a Will, the Succession Law Reform Act will determine who is entitled to your estate, how much they will receive and who can apply to the court to manage your estate. A properly prepared Will allows you to bypass the default legislation and ensures that your specific wishes are followed after your death. A legal Will also allows you to distribute your estate in a cost and tax efficient manner while protecting your loved ones and family from having to make difficult decisions concerning your estate.

Do I need a Lawyer to Make a Will?

You might be asking if you can make a Will yourself. Can I make my own Will? Do I actually need a Lawyer to make a Will?

In order to answer these questions, one has to first understand what the contents of a Will are. A Will outlines details about the distribution of one’s assets such as bank balances, properties, items of personal value, and investment portfolios. A Will can also outline how one’s minor children or dependants will be taken care of.

A Will provides for an estate trustee or executor who you choose to manage your estate after your death. The estate trustee or executor will often be a trusted family member, friend or lawyer and they will follow the instructions dictated in the Will. As you can see, it is very important to find lawyers who offer estate planning services in addition to being able to draft a Will.

A Will can also provide for a Trust to hold some of the estate’s property for beneficiaries named in the Will. An individual may opt to provide for a trust in their Will if they wish to ensure that a beneficiary who is a minor does not receive the assets until a particular age.
It is important to note that a Will does not account for all assets and property. Examples of assets that may not be included in a Will include the following:

– real property owned as a joint tenant will not be included in your Will as that property will automatically pass to the surviving owner; and

– a joint bank account for cash and investments shared with another individual will often pass to the surviving account holder.

Our Wills & Estates lawyers are ready and willing to assist you with your Will. Please call us today at 416-519-5552. You can also submit your query & book your appointment online.

Powers of Attorney:

While a Will accounts for your estate after you have passed, a power of attorney allows you to exercise control in cases where you are physically or mentally incapable of making your own decisions. The most common powers of attorney that accompany a Will are a Continuing Power of Attorney for Property and a Power of Attorney for Personal Care.

A Continuing Power of Attorney for Property allows you to appoint an individual to act on your behalf for your property and finances. In particular, the attorney can collect funds which you are owed, pay bills and manage investments. The Continuing Power of Attorney for Property can take effect immediately or only when you are physically or mentally incapable.

A Power of Attorney for Personal Care allows you to appoint an individual to make personal care decisions for you if you become incapacitated. The Power of Attorney for Personal Care can cover all types of personal care issues, including decisions about health care, nutrition, clothing, housing, hygiene, safety and consent to medical treatment. Unlike a Continuing Power of Attorney for Property which becomes effective immediately upon signing, a Power of Attorney for Personal Care cannot be used until you become mentally incapable of making personal care decisions.

Our Wills and Power of Attorney lawyers are highly regarded and ready to make contact with you. Call us today at 416-519-5552. You can also submit your query & book your appointment online.