Wills and Estates
Planning is a key element in avoiding problems at a later date. Regardless of our age and health, no one can predict the future. Should something unfortunate happen, whatever our assets and interests are, you want them protected and passed down properly. Dying without a Will means the provincial government decides how your assets will be divided.
Estate Litigation is on the rise and a well-planned estate is essential to avoiding problems at a later date. The tax considerations dealing with estate matters is frequently changing and you need a lawyer who can help you navigate the system effectively. At Pinto Law we assist clients in creating a personalized estate plan, including drafting a Last Will and Powers of Attorney for Personal Care and Property.
A Last Will and Testament is a legal document, which allows a person to control the disposition of their estate upon their death and ensure their desired beneficiaries receive what they are entitled. A Will must comply with several legal requirements in order to be valid and enforceable. Give the importance of this type of document and the fact that it involves important decisions, it is essential that it is prepared skillfully by a professional.
Powers of Attorney
The Substitute Decisions Act, deals with the rigid requirements for the execution and preparation of a valid Power of Attorney. A Power of Attorney is a document that you sign during your lifetime, which permits an individual of your choice to act as an “Attorney” on your behalf when you are incapable.
In Ontario, there are three types of Power of Attorney:
- A non-continuing Power of Attorney for property covers your financial affairs but cannot be used if you become mentally incapable. This type of Power of Attorney is used in situations for a specific length of time, for example, when you are out of the country for an extended period of time. You outline the specific tasks your attorney is allowed to do on your behalf and for how long.
- A Power of Attorney for Personal Care authorizes an individual to make decisions on your personal care matters such as hospitalization, medications, surgery or treatment.
- A Power of Attorney for Property allows an individual to deal with your property such as invest money, enter safety deposit boxes, pay accounts, sell assets and sell property, in the event you are unable to do so. It should be given to someone in whom you have confidence, usually a spouse or adult child.