Toronto Power of Attorney Lawyer​

A Will is a legal document that outlines your directions and desires for how your estate should be managed and divided after you pass away. Having a Will is crucial as it records your wishes and ensures that your assets, including your home, property, vehicle, stocks, bank accounts, and insurance policies, are distributed according to your preferences. Any individual who is eighteen (18) years or older and of sound mind can create a Will, and the person who creates the Will is referred to as the “Testator.”

If you die without a will, you considered to have died “intestate”. In that case, the Courts apply the legal procedure that is stipulated by provincial laws on intestacy and determine your beneficiaries and the distribution of your assets accordingly.

Without a Will, you do not get to choose who manages your estate and who will be the guardian of your minor children. Any of your family members may apply to the court for letters of administration, granting them the authority as the Executor of your estate. As a result, they will be legally empowered to manage your estate at their own discretion.

Starting from January 1, 2022, a new law has been implemented which, among various other modifications, stipulates that marriage can no longer be used as a reason to revoke existing wills.

https://www.ontario.ca/laws/statute/s21004

Beneficiaries are individuals who will inherit your assets, typically including your spouse or de facto partner and children. The distribution of assets can be tailored to your preferences. You could divide the assets into equal portions. Specific gifts, such as jewelry, a house, or a car, can also be given to particular beneficiaries. Additionally, trusts can be established for children or step-children, which can be accessed once they reach a specific age.

Yes, you can change your will as long as you are mentally capable to do so by executing a new will or by making a codicil (an amendment) to your existing will.

Read the post about changing will.

An executor is the person appointed in a will to manage the deceased person’s estate. Choosing an executor with knowledge of legal and financial matters is crucial to ensure proper estate administration. They have various duties and responsibilities, such as paying the taxes and debts of your estate, notifying financial institutions, arranging the funeral, etc.

You can write your holograph will; however, your will must meet certain requirements to be legally valid. Having a will drafted by a lawyer increases the chances of it being clear and easily comprehensible to your loved ones while covering all necessary details to fulfill your objectives. A will inadequately prepared or drafted can lead to costly legal fees, court expenses, and probate delays.

In certain situations, you might consider having multiple wills. Multiple wills are mostly seen where the estate has business assets or property located in a foreign country. It is important to remember that in this type of a situation, one will does not override or revoke the other.

A will takes effect the moment you pass away. It is important to note that until your death, your executor does not have the authority to carry out any duties outlined in your will. Similarly, your beneficiaries are not entitled to access their inheritance until after your death.

In Ontario, any individual who is 18 years or older and has testamentary capacity can create a will. If an individual lacks testamentary capacity while making their will, the will would not be legally valid.

You might want to consider an alternative executor for your estate in case your first choice cannot act for you. (In case your executor dies before you or becomes ill)

You can also appoint multiple individuals as your executors to act on your behalf simultaneously.