FAQ

WHAT IS AN ESTATE?

An estate is the property that a person owns or has a legal interest in. The term is often used to describe the assets and liabilities left by a person after death.

WHAT IS ESTATE PLANNING?

Estate planning involves anticipating and planning for the transfer of assets (e.g. property and money) when a person dies, as well as a variety of other personal matters. Things to think about on your estate planning journey include:

Wills, trusts and powers of attorney are among the most important documents a person makes in their lifetime. They are the backbone of an estate plan.

Who will care for you if you become sick or incapacitated?
Who will care for your property, (assets and liabilities), if you become sick or incapacitated?
Who will care for your children? Your loved ones? What happens to them when you die?
How will my dependents with special needs be protected?
How should my assets be divided?
Who should be responsible (be Executor/Trustee) for my Estate?

WHAT IS A WILL?

A Will is a written document that sets out wishes about how an estate should be taken care of and distributed after death. It takes effect when the person dies and has specific legal requirements in order to be valid.

WHY MAKE A WILL?

Your Will is the easiest and most effective way to tell others how you want your property and possessions – your estate – to be distributed. Even if you don't have much money or property, it's still a good idea to have a Will so you can name an executor and guardian for your children, to protect your children and make it clear who you want making decisions after you die.

In addition, there are many opportunities for income and probate tax planning that are simply not available to you if you do not have a Will.

DO I NEED MORE THAN ONE WILL?

The use of multiple Wills is an effective estate planning strategy available to Ontario business owners and professionals to save and, sometimes, completely avoid estate administration tax on death.

DO I NEED AN ESTATE PLAN FOR MY BUSINESS?

Business succession planning is the process of determining how you will transfer your business ownership and make the transition out of the owner/manager role. Whether you no longer want to run your business or you want to sell it to fund your retirement, without a transition plan, your business may suffer. We help implement a succession plan to facilitate the profitable transition of your business.

WHAT IS A POWER OF ATTORNEY?

A Power of Attorney is a legal document that gives someone else the right to make decisions on your behalf.

ARE THERE DIFFERENT KINDS OF POWERS OF ATTORNEY?

Yes. In Ontario there are different kinds of Power of Attorney:

A Continuing Power of Attorney for Property (CPOA) covers your financial affairs and allows the person you name to make decisions for you even if you become mentally incapable.
A non-continuing Power of Attorney for Property covers your financial affairs but can’t be used if you become mentally incapable. You might give this Power of Attorney, for example, if you need someone to look after your financial transactions while you’re away from home for an extended period of time.
A Power of Attorney for Personal Care (POAPC) covers your personal decisions, such as housing and health care by empowering one or more trusted persons to make medical decisions on your behalf in critical circumstances, where you may be unable to provide informed medical consent on your own behalf.

YOUR ESTATE PLANNING LAWYER?

Asks relevant questions to determine what you want out of your estate, then designs a plan that accurately reflect your wishes, all while managing and mitigating taxes and potential family conflict.

WHAT IS A 'GOOD' ESTATE PLAN?

A well executed estate plan takes into consideration tax, probate and insurance, as well as family dynamics. It arranges your financial affairs to avoid ambiguity, unnecessary taxes, and litigation. It acts to safeguards your assets so that they will be transfer tax-efficiently to beneficiaries.

Estate planning is complicated for those with property in multiple jurisdictions or with blended families. We have experience dealing with dual domiciles, blended families and assets in multiple locations.

WHAT IS DISABILITY ESTATE PLANNING?

Where a family member has a disability structuring a trust (Henson Trust) allows an individual with a disability to receive income from an inheritance while continuing to receive Ontario Disability Support Program (ODSP) benefits. We have experience with disability related estate planning issues, as well as ODSP applications and appeals.

DO I NEED A LAWYER TO MAKE A WILL?

You can make a Will on your own and you do not need to obtain legal advice, but because a Will and other estate planning documents are important legal documents with formal requirements in order to be valid, it is a good idea to have your Will prepared by a lawyer. Using an online “Will kit” can set the stage for a potentially expensive and problematic estate disputes. Saving money on a Will in the short term, will add expense and complexity to your estate in the long run.