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In Canada, if you die without a Will, you are considered to have died “intestate”. Simply put, this means that your provincial legislation decides how your assets will be divided – and not you… Preparing a Will allows you to decide who receives which part of your estate, it minimizes family disputes over perceived entitlements. Also, a Will allows you to name an Executor or Trustee to take care of the administration of your estate.
There is never a good reason for not having a Will, but the task is often put-off because of uncertainty who to appoint for an executor or how to distribute your estate or because of the legal fees associated with that. Our firm can assist you with your estate planning for your specific situation and bring you a peace of mind.
A Will is a commonly used estate planning tool but it is only one piece of the puzzle. Wills challenges are a reality and our estate planning lawyer can advise you on a number of strategies to ensure the intended distribution of your estate. We can also help you plan for old age and incapacity, offering Enduring Powers of Attorney and Representation Agreements.
An Enduring Power of Attorney is a document by which an adult grants a person, called the attorney, power to act on their behalf with respect to financial affairs. The attorney is bound by certain duties and there are restrictions on who may act as an attorney. The adult must understand the nature and consequences of the document at the time of signing. If the adult subsequently loses capacity, the document continues to be in effect; that’s why it is called an Enduring Power of Attorney.
A Representation Agreement is an agreement by which an adult authorizes a representative to assist the adult in making medical and other personal decisions, or to make these decisions on the adult’s behalf. The representative may be granted the power to give or refuse consent to health care for the adult, including health care necessary to preserve life. In the absence of a Representation Agreement, a health care provider will choose a temporary substitute decision maker for an adult incapable of making decisions.
Our Wills and Estates Planning lawyer is: Toni Vuteva