Wills, Powers of Attorney & Estate Planning
It is extremely important that everyone has a valid will and power of attorney. Without a valid will, your assets may not pass to your chosen beneficiaries and a court may need to approve who acts as your executor and who looks after your minor children.
At Isenberg & Shuman, our Toronto wills and estate lawyers provide advice and guidance to clients who need assistance drafting wills and powers of attorney.
A power of attorney gives you the ability to appoint who you want to manage both your personal and financial affairs in the event of incapacity. Without one, the government may step in and make decisions on your behalf. You may also face an expensive and time consuming process to resolve matters.
Our wills and estate lawyers also offer estate planning advice which often helps to minimize probate taxes upon death. This can be achieved through various methods including the use of multiple wills and transferring assets into “joint with right of survivorship” ownership so that when one party dies, the other party becomes the sole owner.
To ensure that your affairs are in order, please contact us today.
Here Are 10 Good Reasons Why You Need a Will
- A will allows you to decide how your assets will be distributed. Without a will, you lose control over who gets what and when they get it.
- A will allows you to appoint a guardian(s) of your minor children. Without a will, a court will decide who becomes guardian(s).
- A will lets you determine at what age your children or other beneficiaries inherit your assets. Without a will, your children may inherit your assets at age 18, regardless of maturity level. You can also direct your executors to withdraw money before your beneficiaries reach 18 to pay for your child’s education.
- A will allows you to determine who will manage your estate by appointing executors and alternate executors.
- A will eliminates a potentially complicated and expensive process to administer your estate.
- A will eliminates family disputes and costly litigation and delays that may result from not having a will.
- A will allows you to appoint a trustee to manager money for a disabled beneficiary and avoids the possibility of a disabled beneficiary from losing government benefits when there is no will.
- A will ensures that your child’s spouse will not inherit your estate in the event they separate or divorce from your child.
- A will may allow you to provide for a common law or same sex spouse who would not otherwise inherit under Ontario law without a will.
- If you die without a will, there may be more costs and taxes which would reduce the amount available to your beneficiaries and loved ones.
If you are interested in having your will and powers of attorneys prepared, please provide us with your completed will questionnaire. We will then contact you to arrange an appointment to discuss and finalize your wills and powers of attorney.