Parry Sound - 705.746.8852 | Burks Falls - 705.382.3730 | info@oldhamlaw.ca
Oldham Law Firm | Real Estate Lawyer Parry Sound | Real Estate Lawyer Burks Falls | Real Estate Law Parry Sound | Real Estate Law Burks Falls

Oldham Law Firm | Real Estate Lawyer Parry Sound | Real Estate Lawyer Burks Falls | Real Estate Law Parry Sound | Real Estate Law Burks Falls

  • Home
  • Our Team
      • Our Lawyers
          • Howard Oldham
          • Joyce Faria
          • David Williams
          • Margaret (Maggie) Osborne
      • Office Staff
          • Janet Borneman
          • Sue Collison
          • Brenda Nixon
          • Stacey Ramos
          • Richard Chowns
  • Services
      • Real Estate
      • Family Law
      • Civil Litigation
      • Employment
      • Wills
      • Corporate
      • Construction
      • Municipal
  • Blog
  • Contacts
  • Wills
  • How To Prepare
  • Powers of Attorney

DO YOU NEED A WILL?

Estate planning is more that simply preparing a will.  It involves balancing issues such as providing for dependents, creating trusts, minimizing taxes, designating beneficiaries for RRSPs and life insurance, appointing guardians for minor children and an equitable division of your estate.

Everyone should have a will.  If you die without a will (“intestate”), then your estate will be divided according to the governing law.  This division may be quite different from your wishes.  Also, without an estate trustee named in a will, someone will have to apply to be the administrator of your estate.  If no one applies, a government agency may become the administrator.  A government agency will also decide who will become the guardian of minor children and their property.

It is especially important to consider making or changing a will during major life events such as having a child, or getting married or divorced.

How To Prepare

Who will act as your estate trustee?

This is the individual who is named in your will to be appointed to administer the will and to ensure that your final wishes are respected. You should give this question considerable thought and choose someone who you consider to be trustworthy and responsible, and usually of a similar mind with respect to the disposition of your estate. It can be a spouse, often a close friend or family member; however, if the estate is complicated you may want to name a lawyer, certified general accountant or professional trustee. You may choose to have more than one person act as co-trustees, and you should also consider an alternate trustee, in case your primary trustee predeceases you or is unable or unwilling to act.

Who will act as guardian of minor children?

Normally, if one parent passes away, the children will be cared for by the other parent. However, in some circumstances both parents may die at the same time, or the other parent may, for a variety of reasons, be unable to care for the children. As caring for children is a serious responsibility, you should discuss this decision with your intended guardian(s) and alternate guardian(s) before making a decision.

Trusts for minor children

Many people want to leave their estate to their children, but what happens if the children are still minors at the time of their parent’s death? You can leave your estate to children and grandchildren in trust, and specify that it is to be released to them when they are adults of a particular age, or in stages as they mature. You should consider at what age it would be appropriate for your children to receive your estate. You may want your estate trustee to manage your estate in trust in the mean time, or, depending on the value and complexity, you may wish to name a professional to manage the trust.

Funeral arrangements

You may want to specify your preference for burial or cremation, as well as naming any funeral home you have made pre-arrangements with and any cemetery you intend to be placed in or may have already purchased a plot in. It is a good idea to discuss your wishes with your estate trustee as that will be the person who makes decisions regarding your funeral arrangements.

Tax considerations

Contrary to what many people believe, there are no “death taxes”.  However, when a person dies many (sometimes all) of their assets are deemed to have been sold as of that date.  This may trigger taxes, such as capital gains.  Sometimes this is confusingly referred to as a “death tax” but it is really a deemed disposition of assets. Any assets that pass through the estate are subject to probate tax.  For this reason, part of an estate plan may entail avoiding certain assets from passing through the estate.  This can be done in a number of ways such as:

  • owning property as joint tenants (i.e. real estate and bank accounts)
  • designating beneficiaries of RRSPs and life insurance
  • provided gifts or creating trusts while you are alive.

Although there are advantages to avoiding probate tax, often the advantages of having assets pass through your estate may be greater.  You will need professional advice when balancing these competing interests.

Powers of Attorney

A Continuing Power of Attorney also called a Power of Attorney for Property deals with your personal possessions and finances.

A Power of Attorney for Personal Care deals with your personal health care decisions such as hygiene, shelter and consenting to medical treatment.

Aging or the loss of mental clarity that may come with it is a fact of life. A health crises may leave you unable to handle the business of your life: paying bills, managing investments or making medical decisions.

Granting someone you trust the power of attorney allows that person, your “attorney,” to manage your affairs if you are unable to do so. Your attorney is obligated to be your fiduciary, meaning they must act in your best interest at all times and in accordance with your wishes.

If you become incapable and do not have a power of attorney, the Public Guardian and Trustee becomes the guardian of your property. Someone who cares about you can go to court and ask to be named as your guardian instead. However, it is far more efficient and cheaper if you appoint your own guardian before the need arises.

Our Services

  • Real Estate
  • Family Law
  • Civil Litigation
  • Employment
  • Wills
  • Corporate
  • Construction
  • Municipal

Parry Sound Office

88 James St.
P2A 1T9
t: 705.746.8852
f: 705.746.6188

Burks Falls Office

178 Ontario St.
P0A 1C0
t: 705.382.3730
f: 705.382.2809

Oldham Law Firm | Real Estate Lawyer Parry Sound | Real Estate Lawyer Burks Falls | Real Estate Law Parry Sound | Real Estate Law Burks Falls © 2023 Privacy Policy
Website By: Sound Software | Login