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At Mason Bennett Johncox, our experienced team of lawyers and staff provide the following Estate Planning and Estate Administration services:
A Will is a legal document which sets out your wishes and directions with respect to the disposal of your estate after your death. Without a Will, your estate is said to be "intestate" and will be distributed in accordance with Ontario legislation, which may or may not reflect your wishes. "Intestacy" will likely create higher costs, avoidable delays and squabbling among family members. Additionally, without a Will, the court will need to approve who will act as your executor, and who will look after your minor children, if applicable.
A Power of Attorney is a document in which you grant power of your assets or personal care to another person. Without Powers of Attorney, the people you would want to make decisions for you may not be able to do so.
People have a natural reluctance to create Wills and Powers of Attorney. That is understandable: thinking about your own death or mental incapacity is not pleasant. However, if you have not done that planning, there is always that nagging thought that you should do it.
An intestacy creates all kinds of bureaucratic problems which your loved ones must deal with, making the grieving process far more stressful than necessary. The same result occurs when someone becomes mentally incapacitated and does not have a Power of Attorney. Would you want to burden your friends and family with added stress and obligations?
Another, more tangible reason is this: It will cost you (or your estate) considerably more money to deal with an intestacy or incapacity in the absence of Powers of Attorney. Spend a little now to avoid having to spend a lot later!
There are two different types of Powers of Attorney:
A Continuing Power of Attorney for Property is a legal document in which a person gives someone else the legal authority to make decisions about their finances, assets and personal property, and is typically used if they become unable to make those decisions themselves. The person who is named as the attorney does not have to be a lawyer, and in most cases is either a spouse or close relative. The power of attorney is called "continuing" because it can be used after the person who gave it is no longer mentally capable.
A Power of Attorney for Personal Care is a legal document in which one person gives another person the authority to make personal care
decisions on their behalf if they become mentally incapable to do so for themselves.
There is not a set time period within which you should review your estate plan. Estate plan reviews should be event- or circumstance-based
instead of time-based. Whenever something significant happens in your life (marriage, children), that is the time to review your estate plan. Significantly, when you get married, a previous Will you have drafted is, by law, most often automatically revoked. Thus, you would need to draft a new Will.
The following are some examples of significant events that should trigger a review of your estate plan:
If you have not reviewed your estate plan in the past 5 years, now is probably a good time to review it.
Schedule an appointment for an initial consultation today. Contact Brandon McBride, 905-620-4499 ext 228.
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