Wills and Estate Planning
Why do I need a will?
After someone dies, there are many issues that have to be dealt with. First, you must choose someone to be your representative. This person is called an “executor” or “trustee”. It should be someone you trust, such as a family member or close friend, and someone who agrees to take on this responsibility. If you do not have someone to be your executor, you can hire someone such as a lawyer to be your executor.
The executor has a big job. They must organize your funeral and burial, as well as make decisions about your personal belongings and property. It is also their job to deal with your finances, such as paying your debts, closing your bank accounts and doing your taxes in the year of your death, and the year following your death for your estate. Finally, if there are children under 18, their well being must be looked after.
Another important thing to put in your will is who will be guardians for your children. If there is any dispute about who will get custody of your children, family court will take into account your wishes if they are written in your will.
Most people will leave money or gifts to their children or spouses, but you can leave specific gifts to anyone, including friends, relatives, or charities.
The government has created a law to deal with situations where people die without a will. Under this law, your estate is distributed in a way that you may not have intended. If you die without a will, then it will cost your family money, time and aggravation to sort out your affairs, and if you have not spoken to close family members about your wishes, it may cause heartache and strife between them in having to deal with these issues without your guidance.
What is probate?
The law requires the courts to get involved in your estate if there is real estate such as a house or cottage, or if the assets value is above $50,000.00. It is a good idea to talk to a lawyer about how to protect your assets from probate, since the courts charge a fee for probate that is based on a percentage of the total of the assets in your estate.
What is involved in preparing a will?
At the first meeting we will take your instructions. We will need to know:
Storage of your will
You need to store your will in a safe place that is fire-proof, because only the original can be used at the time of your death. This could be in a safe, a safety deposit box, or at your lawyers’ office if they have safe storage. You should give a copy of your will to your executor.
What is a Power of Attorney?
This is a document that gives someone else power over your property or personal care if you are ill or absent. By signing a power of attorney, you authorize someone else to act on your behalf, for your convenience or in the case of your absence or disability. The “attorney” is the person that you choose to handle your affairs. This document makes it clear what your wishes are in the event of an emergency, or if you are out of the country for some length of time.
If you are ever sick or injured and not able to make decisions, a power of attorney for personal care is very helpful for your family and doctor. You should name a first and second choice for both categories. You should have quite a few original copies around, give one to each nearby family member, and one to your doctor for your file. An original is needed at the hospital.
Often the power of attorney for personal care will have a statement about what type of care you wish to receive should you be in a coma, or dying from incurable illness.
If you are going to travel out of the country, you may wish to have a power of attorney for property so that they can deal with your banking, property or debts while you are away. It is also possible to have someone take responsibility for your property if you are ill or injured.
If you would like to discuss your case or anything relating to wills and estate planning, please contact our office.
Why do I need a will?
After someone dies, there are many issues that have to be dealt with. First, you must choose someone to be your representative. This person is called an “executor” or “trustee”. It should be someone you trust, such as a family member or close friend, and someone who agrees to take on this responsibility. If you do not have someone to be your executor, you can hire someone such as a lawyer to be your executor.
The executor has a big job. They must organize your funeral and burial, as well as make decisions about your personal belongings and property. It is also their job to deal with your finances, such as paying your debts, closing your bank accounts and doing your taxes in the year of your death, and the year following your death for your estate. Finally, if there are children under 18, their well being must be looked after.
Another important thing to put in your will is who will be guardians for your children. If there is any dispute about who will get custody of your children, family court will take into account your wishes if they are written in your will.
Most people will leave money or gifts to their children or spouses, but you can leave specific gifts to anyone, including friends, relatives, or charities.
The government has created a law to deal with situations where people die without a will. Under this law, your estate is distributed in a way that you may not have intended. If you die without a will, then it will cost your family money, time and aggravation to sort out your affairs, and if you have not spoken to close family members about your wishes, it may cause heartache and strife between them in having to deal with these issues without your guidance.
What is probate?
The law requires the courts to get involved in your estate if there is real estate such as a house or cottage, or if the assets value is above $50,000.00. It is a good idea to talk to a lawyer about how to protect your assets from probate, since the courts charge a fee for probate that is based on a percentage of the total of the assets in your estate.
What is involved in preparing a will?
At the first meeting we will take your instructions. We will need to know:
- What do you own? (house, cottage, bank accounts, pensions, investments, etc.)
- Who are your beneficiaries? (often a spouse first, then children if you have both died)
- Who will be your executor? (usually a spouse, adult child, friend or family member)
- Who will look after my children? (often a friend or relative)
- How will my children be provided for? (life insurance or death benefit)
Storage of your will
You need to store your will in a safe place that is fire-proof, because only the original can be used at the time of your death. This could be in a safe, a safety deposit box, or at your lawyers’ office if they have safe storage. You should give a copy of your will to your executor.
What is a Power of Attorney?
This is a document that gives someone else power over your property or personal care if you are ill or absent. By signing a power of attorney, you authorize someone else to act on your behalf, for your convenience or in the case of your absence or disability. The “attorney” is the person that you choose to handle your affairs. This document makes it clear what your wishes are in the event of an emergency, or if you are out of the country for some length of time.
If you are ever sick or injured and not able to make decisions, a power of attorney for personal care is very helpful for your family and doctor. You should name a first and second choice for both categories. You should have quite a few original copies around, give one to each nearby family member, and one to your doctor for your file. An original is needed at the hospital.
Often the power of attorney for personal care will have a statement about what type of care you wish to receive should you be in a coma, or dying from incurable illness.
If you are going to travel out of the country, you may wish to have a power of attorney for property so that they can deal with your banking, property or debts while you are away. It is also possible to have someone take responsibility for your property if you are ill or injured.
If you would like to discuss your case or anything relating to wills and estate planning, please contact our office.