WILLS & ESTATES
Having a valid will is important in that it ensures that your property is distributed in accordance with your wishes. You get to decide who takes care of your children if they have not reached the age of maturity, you decide who your executors will be and you can ensure that your estate will be settled more easily, quickly and Cost effectively.
Having a lawyer prepare your WILL helps to ensure that your WILL is valid. Having a will also reduces the emotional and financial costs associated with dividing up your assets at death.
Every person with assets should have a will.
If you die without a will in Ontario your assets vest in the Ontario Government. If you die leaving family members behind your assets will be divided in accordance with the laws of Ontario regardless of what your wishes would have been. An administrator will be appointed who will deal with the assets and debts of the deceased.
Ontario law is very specific about how the remaining assets of the deceased person’s estate are distributed: first to the spouse, if there is a spouse, then to the children, then to the parents, brothers, sisters, nephews, nieces. Where there exist no such relative then to the next of kin, failing which the property becomes the property of the Crown.
To prevent any disputes or confusion about how your property is divided and distributed after death, it is advisable that you have a will, particularly if you own assets and if you have children whom you need to provide for in the event of your death. Every person with assets should have a will.
If you require assistance preparing your Will, please free to contact us and we will be happy to assist you.
3.) Powers of Attorney for Personal Care
A Power of Attorney for Personal Care may be given by an individual (the “Grantor”) in his / or her lifetime to allow another individual (the “Attorney”) the authority to make decisions concerning personal care in the event of illness or incapacity on the grantor’s behalf. Said decisions, in Ontario are subject to the Subsitute Decisions Act. The Grantor may also give authority to the Attorney to give or refuse consent to treatment in accordance with Healthcare Consent Act.
4.) Powers of Attorney for Property
A Power of Attorney for Property may be given by an individual (the “Grantor”) in his / or her lifetime to allow another individual (the “Attorney”) the authority to make decisions concerning the property of the Donor. Said authority, in Ontario is subject to the provisions of Powers of Attorney Act.
5.) Updating an Existing Will
The following events should trigger a review of your will:
- Marriage, separation, or divorce
- Birth or adoption of children
- Acquisition of significant new assets
- Change in circumstances for an executor or beneficiary (death, mental incompetence, a move out of province or country)
- Wish to make provisions for additional people or beneficiaries
A.Z. CLARKE Professional Corporation
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NOTICE: The information and links contained on this website are intended only to be merely informative and are NOT intended to provide legal advice to any person/entity. Never rely solely on the information contained on this web site or on any third-party web site. Information and/or links may not apply or be appropriate to your situation and/or may be out of date. Any person with a specific legal question or legal problem should always consult with and seek the advice of a qualified lawyer. E.&O.E.