Wills & Power of Attorney.

What is a Will?

A person’s Will is a written document that sets out the person’s wishes about how his or her estate should be taken care of and distributed after death. It takes effect when the person dies. It is usually a good idea to make a Will, whether or not you are married or have children, or may have many assets. You might think that you don’t need a Will if you don’t own a house, don’t have much money, or don’t care who gets your property, but someone will have to arrange your funeral, pay your debts and file your tax returns.

What are the advantages of making a Will?

• Peace of mind for Donor and beneficiary as Beneficiary can get their right to property

• You have the ability to appoint your own executor/Trustee.

•  Proper distribution and management of the property.

•  You appoint a guardian for your infant children.

• No government involvement and avoid huge probate fees.

•  Cost of making a Will is very nominal compared to legal costs and harassment.

What will happen if you don’t make a Will?

•  Beneficiary has to initiate court proceedings and Court has to appoint somebody as EstateTrustee without Will.

• There may be a chance that many people can claim their rights as a beneficiary.

• Process of finalizing the estate might be lengthy, costly, and time-consuming Court proceeding.

• If your children are minors, they will have a Court appointed guardian rather than the person you would have intended to appoint.

• Having Ontario Law dictates how your estate is to be distributed.

• If you have no close blood relative, then revenue Canada will become one of your beneficiaries.

Trustee: The Trustee (s) who can manage the estate (for example wife for husband/husband for a wife or any adult in the family or friends. A trustee can be a beneficiary also. There may be more than one trustee to manage the estate.

 Beneficiary: The Beneficiary(s) is a person or child who is getting a share from the estate (for example wife/husband, children).

What is a POWER OF ATTORNEY?

A Power of Attorney is a legal document often referred to as “POA”, that gives someone else the right to act on your behalf when you are alive.

There are two types of Power of Attorney. One is the Continuing Power of Attorney and the other is the Power of Attorney for Personal Care.

Many people believe their families will step in if something happens and they cannot make decisions for themselves. This isn’t always true. You can name someone to make financial decisions for you, such as paying your bills, with a continuing power of attorney for property.

For personal care and health decisions such as where you live, what you eat, and what medical care you will receive if you get sick or injured, you can name someone in a power of attorney for personal care.