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Welcome to the
Law Office "Business Law for Owner Managed Businesses" |
If you need assistance
in any of these matters, contact our office
to set up an appointment.**Please note that there may be an initial consultation fee payable at the time of your appointment.
Or you
can submit
a request
for information
using our
submission form
- Will your estate plan succeed?
- Why be without a Will?
- Advantages of having a Will?
- Choosing an Estate Trustee
- Guardian of your children
- Powers of Attorney
- Estates
Kindly contact our Law
Office to obtain a free quote
on having your Will(s) and Powers of Attorney completed.
Our office Hours are Monday
to Friday 9 a.m. to 5 p.m.
CONTACT INFORMATION:
If you
have
specific questions...
| Address: | 335 Reid Street |
| Mailing Address: | P.O. Box 1358 |
| Peterborough, On K9J 7H6 | |
| Telephone: | 705.749.0628 |
| Fax: | 705.749.0633 |
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The Will is the primary vehicle through which an estate plan is carried out. It matters very little what you may have expressed to others near to you regarding your estate plan and your wishes for distribution. Without a Will the final distribution of your estate may be contrary to the way you would have done it.
Some people think that just because there are only very few assets and nothing of great value that a Will is therefore not necessary. However, in such circumstances a Will is of greater value because such a small estate cannot afford the additional court costs required to appoint administrators to ensure the distribution is made in accordance with the succession laws. The court may require the administrators to purchase an administration bond which may add more unnecessary expense to your estate.
The preparation of a Will is often one of the last things a person wants to do and yet is one of the most important items a person ought to have. It can be the beginning and end of your estate planning. You will be able to direct how you want your assets to be distributed and by whom.
A Will can be used to influence the future care of your dependents by your expression of preferences in the selection of Guardians you have confidence in. Without a Will, the Court appointed Guardian may be relatives you would not have chosen to raise your children. Without a Will, no spouse or infant children surviving you, the assets of your estate will be deposited into Court and be controlled by the Public Guardian and Trustee. Should you have infant children surviving you, the share of the assets of your estate to be distributed to your children will be deposited into Court and be controlled by the Children’s Lawyer. By preparing a Will you will have greater control over the timing and final distribution of the capital of your estate. For example, you may wish to wait until your children are twenty-one (21) years of age before distribution of the capital. Having a Will may avoid the Children's Lawyer distributing the inheritance to your children at the age of majority.
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One of the most important aspects of preparing a WILL is choosing an Estate Trustee and an alternative Estate Trustee in the event the first is not able to serve. The persons or persons chosen should know your affairs and be capable of carrying out the terms of your Will according to your wishes. For those who die intestate (i.e.. without a Will) the Court appoints an Administrator or Administrators who may not be the person or persons whom you would wish to take care of this personal matter of handling your affairs.
If you have minor children, you should consider who you would prefer to be the Guardian of your children in the event you and your spouse pass on before they reach the age of majority. The administration of the assets held in trust for the benefit of your children may be best achieved by appointing a separate Trustee who is more capable of handling such responsibilities. This Trustee will generally be appointed as Executor and Trustee.
A Power of Attorney may be given to a trusted individual to look after your estate during any loss of capacity you may suffer while you are still alive. For a more detailed description of Powers of Attorney, click here.
After a person dies, you must determine whether or not the deceased left a Last Will and Testament. The person may have left a copy of the Will in a safety deposit box, or among personal possessions at home or at an office.
If the person left a Will, then it is advisable that the appointed Estate Trustee contact the lawyer who prepared the Will to arrange a meeting to discuss the administration of the estate and to define the roles of both the client and the lawyer.
If you are unable to determine whether or not the deceased left a Will, a personal representative of the estate (such as a Family Member) should consult with a lawyer immediately so that they may make inquiries as to whether or not the deceased had a Will prepared.
For more information on Estate Administration, click here.