Last Will and Testament
A Last Will and Testament is a written document that sets out a person’s wishes about how their estate (their assets and liabilities) should be taken care of and distributed after death. It only takes effect when a person dies. Having a proper valid Will assures your wishes are honoured, and protects your spouse and children.
Powers of Attorney
A Power of Attorney is a legal document that gives someone else the power to act on your behalf, also known as your ‘attorney’.
The Power of Attorney for Personal Care
Allows your attorney to make medical and personal care decisions for you, if you become mentally incapable of making them yourself. Personal care decisions include decisions about your health care and medical treatment, diet, housing, clothing, hygiene, and safety.
The Continuing Power of Attorney for the Management of Property
Authorizes your attorney to make financial decisions for you and help manage your finances if you become mentally incapable of doing so. “Property” includes your money, investments, home, and anything else you own. It takes effect as soon as it is signed and witnessed unless you state in the document for it to take effect at a later date.
What is probate? Probate is the formal procedure asking the court to approve the will as the valid last will and testament of the deceased and to grant a person the authority to act as the estate trustee of an estate. In Ontario, an estate trustee is the only person who has the legal authority to manage/distribute an estate on behalf of the deceased.
The Firm can help to determine whether a court application is necessary (probate is not always required), complete the required forms, explain the legal duties and responsibilities of an estate trustee, identify legal risks and advise on estate tax issues.
Contact the Firm at 416-233-5525 for legal advice or help with your estate planning needs.