Our Wills Services Include
- Drafting Wills
- Creating Powers of Lawyer(Financial, Healthcare, etc.)
- Designating Beneficiaries
- Developing Advance Healthcare Directives (Living Wills)
- Minimizing Estate Taxes
- Asset Protection Strategies
- Probate Avoidance
Because of our all-encompassing approach to estate planning and administration, we are able to offer our clients a comprehensive service that takes into consideration their particular financial and personal circumstances. We carefully consider our clients’ goals and concerns regarding their estate plan, and we collaborate with them to create a plan that will meet their needs.
Power Of Attorney
A power of attorney (POA) is a legal document that allows the principal (the person granting authority) to appoint an agent (the person receiving authority) to act on their behalf for financial, legal, or healthcare matters.
The principal can grant broad or limited powers to the agent through the POA. A general POA gives the agent comprehensive authority, while a special or limited POA restricts the agent’s powers to specific acts or types of decisions. The authority granted can cover financial affairs, healthcare decisions, or both, depending on the principal’s preferences.
A Power of Attorneyfor Personal Care (POAPC) is a legal document that allows an individual (the grantor) to appoint someone else (the attorney) to make personal care decisions on their behalf if they become mentally incapable. These decisions encompass healthcare, shelter, nutrition, hygiene, safety, and other aspects of personal well-being. A POAPC is particularly useful when the grantor faces an illness or disability that impairs their decision-making capacity, ensuring their wishes are carried out by a trusted representative.
Simple Will
A Simple Will is a straightforward legal document that outlines the distribution of an individual’s assets, such as property, money, and personal belongings, after their passing. Its simplicity lies in its lack of complex instructions or stipulations, making the process of asset distribution relatively quick and easy.
Secondary Will
A secondary Will, also known as a multiple Will strategy, is a legal instrument that allows individuals, particularly business owners, to segregate specific assets from their primary Will, thereby avoiding the public probate process for those assets. It is a separate document used to address non-probate assets, such as private businesses, jointly owned real estate, or other transferable assets that can bypass probate and be directly distributed to beneficiaries.
Mirror Will
A mirror Will is a coordinated estate planning strategy commonly employed by couples, particularly spouses or partners, to ensure their assets are distributed according to their mutual wishes after their passing. The term “mirror” refers to the reciprocal nature of these Wills, where each partner’s Will mirrors the provisions of the other’s.
Typically, in a mirror Will arrangement, each partner names the other as the primary beneficiary, stipulating that upon the death of one spouse, their assets will pass to the surviving spouse. This mirroring of provisions across both Wills reflects the couple’s shared intentions for their estate distribution.
While mirror Wills can be modified or revoked by either partner at any time, provided they possess the requisite mental capacity, any changes or revocations must be executed in writing and witnessed by two individuals who are neither beneficiaries nor spouses/partners of the testators. This process ensures the validity and legal enforceability of any alterations to the mirror Will arrangement.
Benefits Of A Valid Will
Having a valid will is extremely important for several key reasons:
- It allows you to determine how your assets and property will be distributed after your death, rather than having the provincial intestacy laws decide. Without a will, there is no guarantee your intended beneficiaries will inherit what you want them to receive.
- A will enables you to appoint guardians for any minor children, ensuring they will be cared for by the people you choose rather than the court appointing someone. This provides crucial peace of mind for parents.
- You can name an executor(s) of your choice in the will to administer your estate according to your wishes. Without a will, the court appoints an administrator who may not fully understand your intentions.
- Wills allow you to establish trusts for beneficiaries, do tax and probate planning, make charitable bequests, and include other provisions tailored to your unique situation. This level of customization is impossible without a valid will.
- Having a properly drafted will by a lawyer or through a will kit helps avoid ambiguities and ensures it complies with legal formalities in your province. This prevents potential challenges or your will being deemed invalid.
- A will avoids the time, expense, and stress of the intestacy process for your loved ones after you pass away. Intestacy can lead to drawn-out court proceedings and unintended results.
- For business owners, a will facilitates a smooth transition and succession plan rather than forcing a sale or transfer dictated by intestacy rules.
- In essence, a will is vital for ensuring your final wishes are carried out regarding the distribution of your assets and care for any dependents after your death. Without one, you lose control over hugely important matters.