At Forbes Singer Shouldice we offer a team of experienced lawyers who can guide you through the process of planning your estate. It is vital to have a properly planned will by lawyers with knowledge in estate law. The preparation of your Last Will and Testament and Power of Attorney is important in the management of your family’s financial and legal affairs. The need for expertise in drafting a will often becomes apparent only after the testator has died. A poorly planned will can often result in never ending and costly litigation between family members that can be emotionally draining.
There are a number of reasons why you should have a Will:
- Orderly administration of assets upon death
- Minimization of tax
- The effect of provincial laws if an individual dies without a Will
- Provision for specific beneficiaries
In determining the adequacy of current Last Will and Testament, you should consider the following factors:
- Choice of Executor and the question of compensation
- The effect of changes in provincial and federal legislation
- Change of property ownership
- Change in the financial circumstances of beneficiaries
- The effect of “double death”
In the drafting of your Last Will and Testament, you should consider the following:
Prerequisites:
- Sound mind
- Status of dependents
- Conditional gifts
- Cost of Will
Practical Considerations in Drafting your Will
- Remarriage of spouse
- The consideration of children and grandchildren
- The age of children or grandchildren
- The effect of children or grandchildren predeceasing you
A Will does not cover the following:
- Insurance
- Pension income
- Gift
- Life interests
- Joint property
- Property subject to a sales agreement
- Property affected by family law of a province
Our lawyers have assisted numerous individual and families in the drafting of their Wills and Power of Attorneys. We encourage you to contact one of our lawyers who have experience in estate planning for an initial consultation
at
(613) 238-1424.
