Did you know that about half of Canadians have a will, and 40% have powers of attorney?
Canadians must learn about finances because these decisions are important beyond lifetimes. Start by learning about wills and estates.
Keep reading to learn how estate planning works and if you should hire wills and estate lawyers in Toronto.
What Is a Will?
A last will and testament is a legal document outlining your wishes in the event that you pass away. A will is a blueprint for your loved ones to follow once you are gone.
You can dictate how you want to distribute assets in your will, such as:
Items of sentimental value
In a will, you can name guardians and executors for your dependents.
How Do Wills Work in the GTA?
You don't have to hire wills and estate lawyers in Toronto to make a legal will, but doing so can be beneficial. You'll need to meet specific requirements to create a legally binding document.
Legal will requirements in Toronto include:
You must create the will of a sound mind when you are over the age of majority in Ontario (18 years)
You must sign the document in front of two valid witnesses
The witnesses need to sign the final page of your will with you
The will must be signed with wet ink and physically stored
At this time, a will cannot be digitally signed. Only the original copy of the will is valid upon your death.
What Is an Estate?
An estate is a term that describes liabilities and assets left after your death. Most of your will includes distributing your estate. Estates are the main reason people create wills.
You can name family, friends, and charities as well as beneficiaries. Consider having an alternate beneficiary in case the person who was supposed to inherit your estate predeceases you.
How Do Estates Work in GTA?
Wills and estates go hand in hand, but it's important to understand the specifics of how they relate.
The estate executor is appointed to administer the last will and testament. Their responsibilities include having the will probates, collecting assets, paying the decedent's debts, etc.
The executor generally has a year to settle an estate. If the executor fails to complete their duties during this time, beneficiaries can demand payments by taking the executor to court.
Wills and estate lawyers in Toronto can be named executors of estates. Work with lawyers at Picov & Kleinberg Barristers & Solicitors in Toronto who can help you make the right choice for your will and estate.
Wills and Estates: Do You Need an Attorney?
Wills and estates are complex and require testators to follow specific rules for their documents to be legally binding.
The best way to ensure your wishes are met is by hiring wills and estate lawyers in Toronto.
Picov & Kleinberg Barristers & Solicitors has been in the business since 1978. Let us partner and assist you through wills and estate law.
Schedule a free no-obligation consultation with us today.