Wills & Powers of Attorney

A will is the legal and binding declaration of a intentions of what a person wills to be performed after death. The testator (person making the will) names one or more estate trustees to manage and oversee the distribution of the estate upon passing. The estate trustees are responsible for gathering the assets of the estate, protecting those assets, and following the instructions of the will in distributing the assets to beneficiaries.

Acting as an Estate Trustee is an onerous and time consuming role. The person you choose will have to be fair towards the beneficiaries and responsible in managing your assets.

When planning how to benefit your loved ones, there are many factors to consider that may help to save thousands of dollars in estate administration tax, minimize income tax obligations and ensure that more of your hard earned assets arrive in the hands of the desired beneficiaries of your estate.

Here are some considerations for making your will:

• Elderly clients who own their own home may wish to place their home in a Principle Residence Trust, saving 1.5% of the value of the home in Estate Administration Tax.

• Beneficiaries with special needs should receive assets through a Henson Trust so as not to disqualify the beneficiary from government assistance.

• Business owners may consider holding multiple wills so that assets of the business can pass directly to beneficiaries, saving 1.5% of the value of the business, in addition to saving the estate significant accounting fees.
• Parents of minor children should determine who they wish to nominate as guardians for those children.

We will also consider proactive approaches to preserving wealth through family trusts, estate freezes and gifting programs.

When planning your estate, it is often also necessary to consider Powers of Attorney, the documents that help manage your affairs while you are alive. A Power of Attorney is a legal instrument that authorizes an individual to act on your behalf. There are two main types of Power of Attorney: one for personal care, and another for property.

A Continuing Power of Attorney for Property permits another person to step into your shoes and make decisions on your behalf with regards to your property.

‍A Power of Attorney for Personal Care permits the person named to make decisions with respect to the care and treatment of a person’s health, medical decisions and/or entry to a long term care facility.