Wills & Estates
A will is a crucial legal document that outlines how you want your assets and property to be distributed after your passing. Without a will, the distribution of your estate will be determined by the laws of intestacy, which may not align with your wishes.
At NLPC, we understand the importance of having a will, particularly if you have specific instructions for your assets and property. Whether you want to keep certain property within the family, sell it, or have specific instructions for maintenance, a will ensures that your wishes are communicated effectively.
We specialize in estate planning and can help you navigate the laws and regulations of your province or territory. In Ontario, the government’s statutory law will automatically process your estate’s arrangements if you don’t have a will set up. Avoid the risk of your estate being handled in a way you didn’t intend, and contact us today to draft your will.
Planning a Will
Having professional legal help to prepare a will has its benefits. They include:
- Ensuring a proper witnessing
- Gathering and preparing all the right documentation
- Informing you of rules, regulations and rights
- Estate planning advice
You do not have to be high up in age, or sick or unwell to prepare a will. Preparing a will can begin at any stage of life.
It’s important to always review your will and keep it up to date. From time to time, you may come up with adjustments to your will and it’s important that everything is recorded for accuracy and intended purposes.
Pre-paying for funeral arrangements is a smart way of arranging these components of your will that can affect your loved ones in the future. Given the expensive nature of funerals, even setting aside some financial means can make a huge difference to your family.
Understand that you can name more than one person on your estate will as your estate representative.
An estate representative is somebody who dutifully carries out the instructions you have left behind in your will. You can allow a family member, close friend or even the family accountant take on this role. Leaving an additional estate representative provides a layer of support in the light that your first choice cannot step up to take on the responsibility.
Powers of Attorney in Ontario
In the event that you are unable to make decisions for yourself due to incapacitation, a Power of Attorney offers an ideal solution. Through this legal document, you can appoint someone else who will have the authority and responsibility to make necessary choices on your behalf. You are able to grant either property or personal care powers – whichever is most suitable for your individual case.
A Power of Attorney for Property allows you to appoint someone to manage your financial affairs if you become unable to do so. This can include managing your bank accounts, paying bills, and making investments. It is important to note that a POA for property does not give your attorney the power to make decisions about your health care.
A Power of Attorney for Personal Care allows you to choose someone to make decisions about your health care if you can’t make those decisions yourself. This can include decisions about medical treatment, end-of-life care, and living arrangements.
Creating a Power of Attorney in Ontario involves meeting certain formal requirements and following specific guidelines. It is important to seek the advice of a lawyer when creating a POA to ensure that it is legally binding and can be easily executed in case of incapacity.
Estate Administration in Ontario
Estate Administration is the process of managing and distributing a person’s assets after they pass away. In Ontario, the estate trustee is responsible for managing and distributing the deceased person’s assets according to their will or the laws of intestacy.
In order to apply to be the estate trustee, an individual must be named as the estate trustee in the will, or they must be an interested party such as a family member. The estate trustee is responsible for obtaining probate, collecting and managing the assets of the estate, paying debts and taxes, and distributing the assets to the beneficiaries.
It’s important to keep in mind that in Ontario, there is an Estate Administration Tax (EAT) that must be paid before the probate of a will can be granted. This tax is based on the value of the estate.
It’s essential to have an understanding of estate administration, especially if you’re an executor or a beneficiary of an estate, as it can be a complex process, and an executor can be held personally liable for any mistakes made in the administration of the estate. It’s important to seek the advice of a lawyer or other professional to ensure that the estate administration is handled properly.
What We Do
At NLPC, we offer expert wills and estate planning advice to ensure your assets are distributed according to your wishes. Our services go beyond just creating a will and include tax optimization, powers of attorney, succession planning for family businesses, and assistance for estate trustees.
Our fees cover all legal costs, including consultations, document preparation, execution, and storage options. However, please note that our rates are subject to change, and complex wills may incur additional charges.
Don’t wait, contact us today to start planning for your family’s future and draft your will.
or call for an appointment today at 1.613.226.8989