Wills, Powers of Attorney Lawyer in Toronto
Everyone over the age of 18 should have a Will, but there are also reasons to update your Will. They include but are not limited to:
- Buying your first home
- An addition to the family
- Marriage (Voids the current Will)
- Separation/Marriage Breakdown
Having a valid Will in place helps ensure your assets are distributed according to your wishes. A Will should be reviewed on a regular basis to make sure it continues to reflect your wishes.
Duncan Boardman is happy to answer any Will questions you may have.
At our office, the fee for preparing a Will includes the preparation of a Power of Attorney for Personal Care and a Power of Attorney for Property. A Will only becomes effective once you pass away. A Power of Attorney, on the other hand, allows you to appoint an individual to make decisions for you in the event you become incapacitated or otherwise unable to make your own decisions.
A Power of Attorney provides piece of mind knowing that if you are unable to make important decisions while you are alive, your appointed Attorney will be able to make these decisions on your behalf, such as handling your financial affairs or taking responsibility for your medical care.
In order to help you prepare your Will, below is a list of information we will require. This list is not exhaustive and we would be glad to answer any questions you may have.
- Who would you like to appoint as your Trustee? Many people refer to this person as the executor.
- Alternate Trustee. It is good practice to name an alternate Trustee in the event the first Trustee is unable or unwilling to act as your Trustee at the time of your passing.
- Specific gifts. For example, you may want to leave your car to your daughter and your wedding ring to your son.
- Cash legacies. These are specific gifts of money. For example, you would like to leave $10,000 to your cousin, and $5,000 to the Heart and Stroke Foundation.
- Residue of your Estate. This is how you direct the distribution of all of your assets that have not been accounted for in the specific gifts and legacies. The residue of your estate could include everything from the contents of your sock drawer to the house you live in.
- Custody and guardianship of minors. In the event that you pass away before your child reaches adulthood.
