WILLS and ESTATES
A valid Will allows a person to set out who will manage their estate (Estate Trustee), who will receive their estate (Beneficiaries) and who will care for their minor children (Guardian) after their death. If a person dies without a Will (Intestate) then the Law sets out who their beneficiaries will be. It is far more expensive a process to die intestate.
Will’s can be changed or updated at anytime, as long as the person has capacity to do so.
Other than a holograph Will, a Will needs to be in writing, signed, dated and witnessed by two people. If you have property outside of Ontario, then it is usually best to have a Will in the jurisdiction where the property is located.
A Will speaks from the time of your death, Power’s of Attorney speak during your lifetime if you are incapable of doing so. Incapacity could arise as a result of a medical issue, being in a mental health facility or being deemed incapable.
A Power of Attorney for Personal Care (health) allows you to name a person or person’s to manage your health issues if you are incapable of doing so.
A power of Attorney for Property allows you to name a person or person’s to manage your property issues if you are incapable of doing so. If you do not have a Power of Attorney for Property and become incapable, then the government will become involved and take over management of your property. That is even if you have a Spouse.
Each Power of Attorney cost’s $ 75.00 and a basic Will cost’s $ 150.00. Three hundred dollars is much less than if you don’t have those documents and need them. Court can be very expensive.
As a result of the Covid 19 pandemic, the first meeting is either online, by telephone or by email. I will obtain your wishes and then send you a draft. The second meeting is by Zoom at which time you will sign the documents. You will then send to me for me to sign.
Probate may be required to finalize an Estate. Basically, Probate is a Court process whereby the Estate is reviewed and authorization is granted to deal with real property, bank accounts, financial investments and other property that has not passed directly to a beneficiary.
By reviewing your financial estate goals in advance with your Lawyer or Accountant, you can save money on the Probate process or even possibly avoid it.
Michael David Lannan
7 Duke Street West, Suite 303
Kitchener, Ontario N2H 6N7
519-743-2100
mdlfamilylaw@gmail.com
A valid Will allows a person to set out who will manage their estate (Estate Trustee), who will receive their estate (Beneficiaries) and who will care for their minor children (Guardian) after their death. If a person dies without a Will (Intestate) then the Law sets out who their beneficiaries will be. It is far more expensive a process to die intestate.
Will’s can be changed or updated at anytime, as long as the person has capacity to do so.
Other than a holograph Will, a Will needs to be in writing, signed, dated and witnessed by two people. If you have property outside of Ontario, then it is usually best to have a Will in the jurisdiction where the property is located.
A Will speaks from the time of your death, Power’s of Attorney speak during your lifetime if you are incapable of doing so. Incapacity could arise as a result of a medical issue, being in a mental health facility or being deemed incapable.
A Power of Attorney for Personal Care (health) allows you to name a person or person’s to manage your health issues if you are incapable of doing so.
A power of Attorney for Property allows you to name a person or person’s to manage your property issues if you are incapable of doing so. If you do not have a Power of Attorney for Property and become incapable, then the government will become involved and take over management of your property. That is even if you have a Spouse.
Each Power of Attorney cost’s $ 75.00 and a basic Will cost’s $ 150.00. Three hundred dollars is much less than if you don’t have those documents and need them. Court can be very expensive.
As a result of the Covid 19 pandemic, the first meeting is either online, by telephone or by email. I will obtain your wishes and then send you a draft. The second meeting is by Zoom at which time you will sign the documents. You will then send to me for me to sign.
Probate may be required to finalize an Estate. Basically, Probate is a Court process whereby the Estate is reviewed and authorization is granted to deal with real property, bank accounts, financial investments and other property that has not passed directly to a beneficiary.
By reviewing your financial estate goals in advance with your Lawyer or Accountant, you can save money on the Probate process or even possibly avoid it.
Michael David Lannan
7 Duke Street West, Suite 303
Kitchener, Ontario N2H 6N7
519-743-2100
mdlfamilylaw@gmail.com