Wills & Estates
HOW CAN WE HELP?
Ewen Boyd LLP has several lawyers that can assist you in the preparation of your estate planning documents. The most typical documents prepared include: Will(s), Powers of Attorney (Personal Care/Property) and a Health Care Directive. Some clients require documents for their corporate / business affairs as well to permit continued action for their business should they become incapable or upon their death.
Estate Planning
Preparing an estate plan is critical to ensure your assets and family are protected in the event of your death or inability to make decisions for yourself. Having a properly drawn and executed Will is crucial to ensuring the proper distribution of your assets at death. It is also essential to continue to review and update your Will, to ensure that your estate plan still meets your needs.
Many clients are confused about these documents. A Will only takes effect upon your death whereas Powers of Attorney are crucial to ensure that your trusted person has been properly appointed to make decisions in the event of your absence or inability to make decisions. However, it is important to understand that Powers of Attorney are only effective during the period of your absence or incapacity and are no longer effective when you die. Therefore, you want to ensure no gaps in the two documents (i.e. ensure the appropriate persons are appointed in both types of documents). We can help with this.
Many people put off the drafting of estate documents, until it is too late. Often, the result of a poorly planned estate is that your care, and your property, will not be distributed as you had wished. Our lawyers will review with you the estate plan you envision and advise you carefully as to any possible considerations. You will have confidence in knowing that your Powers of Attorney for property and personal care are there to protect you in life, and that in death, your estate you worked so hard for, will be distributed according to your wishes.
Estate Administration
If you are facing the recent death of a loved one, we know how hard this time can be. If you have been appointed an estate trustee, you may find yourself overwhelmed with the burden of these responsibilities, when you are also dealing with grief. We will take the time needed to ensure you understand the terms of the Will, and help you administer the estate. Our goal is to make the administration of the estate easier for you, in this difficult time.
Frequently Asked Questions
Deciding the right path for your families future
+ Do I need a Will?
Everyone over the age of 18 should have a properly drafted and executed Will. Even if you think you do not ‘own’ anything, even the simple transfer of a bank account or car can be frustrating for your loved ones without a Will!
+ Why do I need a Power of Attorney?
Failure to have a Power of Attorney for Property (and the subsequent declaration of incapacity to manage your financial affairs) means that the Government Agency the “Public Guardian and Trustee” becomes responsible for managing your financial affairs on your behalf. To avoid this scenario, it is best to ensure that your trusted person(s) are appointed in your planning paperwork.
+ Can I draft this myself?
In our experience, we have never seen a home-made Will or Power of Attorney that was either a) drafted in accordance with the strict laws surrounding these documents in Ontario or b) satisfactory to financial institutions. The result is often that the banks require a lawyer to ‘make it right’, either by proving the terms in Court or by swearing to it ourselves (which we likely won’t do), before they will accept your home-made documents, which may cost far more than just having had us draft the documents for you properly in the first place.
+ What information do you need to draft Wills and Powers of Attorney?
Every scenario is different so we do recommend that we discuss any concerns you have before booking your appointment to give the lawyer instructions. However, before you proceed, we will need to know, at a minimum, the full legal names of all your Trustees/Attorneys and beneficiaries, any gifts you intend to make, how you want to divide your estate, any specific instructions you may have with respect to your personal care, and we will also need to have a sense of your financial picture (to ensure there are no gaps in your beneficiary designations/ ownership of property etc).
+ I have been appointed an Estate Trustee, what should I do?
First of all, you should make attempts to locate the Will and review it. At this stage you should determine if you need to contact a lawyer for any advice.
You should also have planned the funeral and obtained the death certificate, which most subsequent entities will ask you for.
You will need to ensure that you have a proper understanding of the deceased’s financial assets. It is imperative to secure any valuables and/or to ensure that you are aware or (or quickly become aware of) any debts/business interests/ownerships/life insurance that the deceased had.
Your lawyer and/or the funeral home will give you a detailed checklist of what you and they will be doing as part of the estate and at various stages.