WILLS & ESTATES
WILLS & ESTATES
Zakir & Associates assists clients in creation of wills ensuring the realization of their post life wishes and directions as well as reducing the unnecessary complexity and burden for their families during a difficult time.
A will is a legal document that allows for your loved ones to know your intentions after you have passed away and act in accordance with the same. It is here that you select your executors - those responsible for administering your estate along with those who may be entitled to receive your property, known as beneficiaries.
A WILL INCLUDES:
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How your wealth is to be divided up (without a Will, your wealth is divided based on provincial laws and rules);
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Who will control your estate and carry out the wishes of your Will (trustee/executor);
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Assignment of your child’s guardian during the time of their infancy (being a minor). Lack of this information may result in dispute among family members as to who is best suited to act as guardian. This dispute may result in court or provincial government involvement;
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Who will manage your child’s finances during the time of their infancy; and
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How will your child receive their entitlement ...
WILLS
If you die without having a will prepared (situation known as an intestacy), it may have unintended consequences. For example, Ontario laws dictate that a surviving spouse is only entitled to a preferential share of $200,000.00 from the estate if the deceased leaves a surviving child/children. In such a situation, the remainder of the estate would have to be shared equally between the spouse and the child/children (or 1/3rd for the spouse if there are two children). Perhaps this individual may have wanted his survive spouse to inherit his or her entire estate and leave it to the surviving spouse to decide who is deserving of the collective estate at the time of his or her death. Also, it is important to note that under the law, common law spouses are not automatically treated the same as married spouses. Ontario law dictates that if a common law spouse dies without a will, the surviving spouse is omitted from the receiving any part of the estate. These examples show that will preparation must be considered in order to avoid these and other unintended results.
POWER OF ATTORNEY
In order to complete your estate planning, consideration must also be given to preparation of power of attorneys. A power of attorney for property and healthcare are important documents which allows designated individuals to make important decisions on your behalf while you're away in the event of incapacity.
