WILLS
Cynthia is able to assist you in preparing new wills and powers of attorney, whether your situation is simple or requires intense estate planning. For more complex situations, Cynthia will work with your accountants to find ways to minimize the taxes payable by your estate, including setting up a corporation or transferring property prior to your death.
Why a will is necessary
- If you do not have a will, your assets may not go to the person or people that you want.
- In your will, you can choose the person that you would like to act as guardian for your children. (Note that this does not preclude a family member from applying to court to be a guardian, but this rarely happens and is rarely successful).
- If you do not have a will, the Office of the Children’s Lawyer will hold money for your children until they reach 18.
- With a will, you can establish a trust that your trustee can access to meet your children’s needs while they are growing up.
- You can also choose the age that you want your children to receive the remainder of your assets, although this age must be 18 or over.
- Without a will, a family member will have to apply to court to administer your estate.
- With a will, you appoint someone to administer your estate.
Issues to consider when making a will
- Who will administer your estate? This person should not be much older than you and should be good with finances.
- Who will act as guardians for your children? This person should not be much older than you.
- Do you want anything to go to specific people?
- Who do you want the rest of your assets to go to?
- If the assets go to children under 18, at what age do you want them to receive the assets? (must be 18 or over)
- Who would you want your assets to go to if your family all died in an accident?
POWERS OF ATTORNEY
- Powers of attorney help you plan for the situation of being unable to make decisions for yourself, by reason of illness, injury, mental illness, etc.
- There are two types of powers of attorney – one for property and one for personal care.
- The property power of attorney allows the person that you choose to do anything with your assets that you can do, except make a will.
- The personal care power of attorney allows the person you have chosen to consent or refuse medical treatment on your behalf.
- By having these powers of attorney in place, you will be able to decide on the person to make the decisions for you.
- You will also enable your family members to avoid the red tape involved in becoming appointed your decision-maker by the province.
ESTATES
Cynthia can also assist you in settling the estate of your loved one. She will work with you to develop a plan to deal with the various aspects of the estate that meets your needs and situation.
SUMMARY
Let Cynthia help you with:
- Estate Planning
- Personal Wills
- Corporate Wills
- Powers of Attorney for Property
- Powers of Attorney for Personal Care
- Trusts for children
- Trusts for beneficiaries with disabilities
- Estate Administration