Knowing your family and loved ones are taken care of after you pass away is important and the easiest way to ensure this is through a proper, legal will.
Simply stated, it enables your wishes to be carried out as specified.
With a document this important, there’s key information to know about wills, which will be outlined here.

What exactly is a Will?
It’s a written legal document that allows you to direct how your property is to be distributed after your death. It’s also a great tool to provide for the welfare of your family and ensure your property is managed in accordance with your wishes in a tax-efficient and cost-effective manner.

Can anyone create their own valid Will?
Unfortunately, no. The person writing the Will, called the testator, must be at least 18, and must have the appropriate legal capacity.

What if an individual did not have a Will at the time of their death?
What happens is called intestacy. If you die intestate, your estate is distributed in accordance with the Succession Law Reform Act (SLRA).

The SLRA states that after debts and taxes are paid, the preferential share, currently $350,000, is paid to the deceased’s spouse and the remainder is divided among the spouse and any children according to a set of specific rules.

If there’s no spouse and children, the estate is divided among living blood relatives in a prescribed manner.
If there are no surviving blood relatives, the government receives your estate.

Who should I appoint as my Estate Trustee?
Your Estate Trustee is the person who gathers your assets after you’ve died, ensures your debts and taxes are paid, and distributes your estate to the beneficiaries. Estate Trustees do not have to be particularly sophisticated in the area of estate administration, as they can get advice from lawyers and accountants, but
they should be organized, able to keep proper financial records, and have the time to commit to the administration of the estate.
Try and stay away from naming your children as Estate Trustees together for the sake of fairness if they do not get along.

What other documents are important when planning for your future?
Powers of Attorney are crucial as they are used in the event you are still alive, but unable to make decisions for yourself regarding your personal care and management of property as a result of an infirmity or incapacity.
This allows you to select someone, your attorney, to make certain decisions on your behalf.

Who should I appoint as my Power of Attorney?
Take extra care in selecting this person as they’ll bear a great amount of responsibility.

On the personal care side, your attorney will be making decisions regarding health and medical care, welfare, shelter, hygiene and life support, among other things. The person you choose should have a genuine concern for your wellbeing.

On the property side, they’ll be making decisions regarding finances, real estate, bank accounts, etc., and can do anything regarding your property that you can do, except make a new Will on your behalf. This should be someone your fully trust will not abuse their power.

If you are looking to create or update your wills or powers of attorney, or have questions regarding your estate plan, we invite you to connect with us.

Our team is here to work with you and looks forward to starting the conversation.

Suzanna Winsborough
swinsborough@kmblaw.com
905-276-0434