Most people have questions about Wills. Here we answered some frequently asked questions:
What is a Will?
A person’s Will is a written document that sets out the person’s wishes about how his or her estate should be taken care of and distributed after death.
What are the requirements of a Will?
Requirements include the following:
- A written document
- Executed by a person 18 yrs. of age or older
- Executed by a person of sound mind
- Signed and witnessed as required by Canadian Law
What are some of the common legal terms and their meanings in a Will?
- Will: Legal Document, distribution of assets after person die
- Testator: Person who is making the will
- Executor: Person/manager appointed to divide/liquidate wealth
- Trustee: Person appointed to handle trusts
- Beneficiary: Person whose benefits from Will (Spouse/children)
What is a Power of Attorney?
A Power of Attorney is the authority given by one person to another person to act on behalf of the donor in conducting his or her affairs. The law in Ontario recognizes two different kinds of Powers of Attorney. You may appoint an attorney for property and an attorney for personal care.
Why have a lawyer draft your Will?
- They are familiar with the statutory requirements with respect to execution of the Will.
- They will make sure that your intentions are properly expressed.
- They will be able to assist you in settling up provisions in a Will in order to minimize the amount of tax payable by your estate.
Why is it advisable to review a Will periodically?
It is advised that a Will should be reviewed periodically simply to remain current and viable. Here are few reasons when it is recommended and/or necessary to review a current Will:
- Changes in financial status
- Changes in family status (marriage, divorce, etc.)
- New additions to the family (children, grand-children, step-children)
- Death of Witness/Executor/Beneficiary/Guardian.
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