Do you need Ontario will planning? This blog will teach you what you need to know.
In the past there were companies that would create wills, be the executor of the wills, and administer the wills. Decades ago Canadian banks bought up most of these companies. These companies that take care of wills are often called trust companies.
Many people get one of their friends to be the executor of the will. Sometimes this friend works with the trust company. The friend and the trust company make decisions together.
One of the main benefits in using a trust company is that it is a company, not a person. What happens if the individual executor gets hit by a bus? What happens if there a deadline and the individual executor cannot meet the deadline due to other commitments? A company has many people and can bring in senior staff to deal with complicated issues or meet deadlines.
If need to do Ontario will planning, call one of our estate lawyers toll free at 1-844-466-6529.
What is Power of Attorney?
Most people appoint a power of attorney at the same time they do their will. It is part of good Ontario will planning. Power of attorney means that an individual or company can take over your decisions if you cannot.
The main reasons for not being able to make decisions are:
- You are dead
- You are extremely injured or sick
- There is mental illness
- If you are away on a trip and cannot be reached
Ontario Will Planning
The biggest fear most people have when they create a will is that it will be contested. Who do you think might contest your will? Will that person feel that they should have been included? Who did you give something to but not much?
It might be a child from a past relationship, a common law marriage, or someone you took care of. Of course, just because someone might be upset that you didn’t include them, doesn’t mean that they should be included. It also doesn’t mean that they will contest your will. Attorney fees are expensive, and retainers are often required.
It is very important to speak to a lawyer about Ontario will planning. The attorney should focus on wills and estates. Do not hire a lawyer that mostly does immigration law. If someone contests your will, it might reduce the value of your estate through many people getting a part of it and legal fees.
Does Getting Married Change My Will?
Yes, most wills are revoked when you get married. If you get married or divorced, talk to an estate lawyer.
How Do I Change My Will?
You will have to make a codicil. This must be signed and witness just as your original will was. If you plan on making large changes to the will, it’s best to just make a new one. This is often cheaper and simpler. Do not make changes to a will yourself by crossing things out. This just creates confusion and may increase the change of your will becoming contested.
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People often put off making important decisions in life. Things like insurance, funeral planning, and wills are not fun topics. No one wakes up in the morning and is excited to deal with death. However, most people know that ignoring important things can lead to serious consequences.
Some people order cheap wills online. The problem is that they don’t get legal advice. Wills should be customized to specific situations. They also need to be updated when things change. Ordering a will template online is often not good enough. It covers the basics, but that’s it. Was it made for your province? Make sure you don’t order one from the USA.
What on Earth is a Living Will?
A living will covers what happens to you when you are still alive. It explains what you want to happen regarding future health problems. You need to create the living will when you are healthy, before things go wrong. People make a living will to make things easier on their loved ones. Also, it gives them the power to decide what would happen to them in specific situations.
Creating a living will can be hard because you need to think about terrible situations. Would you want to be kept alive on a breathing and feeding tube for two years? Some people don’t like the idea of having to face death and/or illness.
Since most people don’t know about what kinds of health choices they might need to make in the future, its’ a good idea to speak with a medical doctor. The doctor can explain potential health risks for the future. The living will should match your health risks.
Some provinces have different rules and names for living wills. You should reach out to an estate lawyer in your city to make sure you have the updated rules and terms.
Make sure to keep a copy of a living will in your deposit box (that someone else can access) or with your lawyer.
Estate Planning for Business Owners
Our law firm now offers both estate law and business law services. If you own a small to medium sized business, you need to do planning. You need to have a succession plan in plan. 66.6% of businesses do not survive being passed on to the next generation.
If you need Ontario will planning, please call us toll free at 1-844-466-6529.
An important part of estate planning for business owners includes:
- Doing a shareholder agreement
- Creating a will
- Doing tax planning
- Keeping up to date with changes in your company
- Identifying your exit plan
- Cash flow planning
- Executing your plan in regards to making your business potentially last for hundreds of years
Our estate and business lawyers are available to help you plan and execute the plan. Our lawyers have seen many examples of things going right, and things going wrong. They can share their experiences with you. You can reach out via the live chat button in the bottom right of the screen.