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A. Having a Last Will and Testament provides direction to your heirs and ensures that your final wishes will be followed. An experienced solicitor knows how to draft provisions in a Will which will be upheld to your wishes and enforced so that your assets are transferred according and to your intended beneficiaries. Q. What is an Executor or an Estate Trustee? A. The terms are often used interchangeably. They refer to the person or financial institution who is named in a Will and who will be responsible for paying off your debts, deal with Revenue Canada and distribute your Estate. The Executor/Estate Trustee must be at least 18 years of age and of sound mind in order to act. It is wise to appoint more than one Executor/Estate Trustee successively to ensure that one will remain should the first become unable to act. It is also wise to advise your Executor that you have chosen him or her to act on your behalf. Your Executor/Estate Trustee can also be a beneficiary. Q. When does a Will come into effect? A. A Will comes into effect when you die. It can therefore be amended or replaced with a new Will at any time prior to one's death provided that its author is of sound mind. Q. What do I need to bring to my lawyer's first appointment? A. You will be asked a number of questions regarding the type and allocation of your assets, current debts, the names of your beneficiaries and alternatives to these, your dependents, life insurance and pension matters, existence of domestic contracts etc. You should therefore be prepared to answer all of these questions. You may decide to bring life insurance policies and any other document which has an impact on your assets in the event of your death. Q. Will my lawyer give me investment advice? A. Lawyers will not give investment advice because their errors and omissions insurance does not insure them for such matters. Clients should therefore consult a Certified Financial Planner for investment advice. Q. Do I need Powers of Attorney? A. During your lifetime, should you ever become incapable of managing your financial affairs or be unable to make decisions regarding your personal care, the Substitute Decisions Act states that the Provincial Government (Office of the Public Guardian and Trustee) will make the decisions for you until a suitable replacement is found. You can avoid the Government's control over your property by having a Continuing Power of Attorney for Property in which you choose who would act for you should you lose your ability to manage your financial affairs. You can also appoint someone to make decisions concerning your personal care should you be unable to make decisions concerning your health care, shelter, nutrition, etc. Q. What are the types of Powers of Attorney? A. There are two basic types of Powers of Attorney; Property and Personal Care. The first allows you to choose someone you trust to manage everything you own and have the same powers you would normally have except to make a Will. The second allows you to choose a close friend or relative to make decisions concerning your health care, nutrition, shelter, clothing, safety and hygiene. It can also include a "living will" which is a clause that authorizes your attorney to withhold medical treatment such as respirator or other life support devices in accordance with your wishes. |
1417 Laurier Street Box 449, Rockland, Ontario, Canada K4K 1K5
Phone: (613) 446-5060, Fax: (613) 446-6475, e-mail:marcsimard.law@videotron.ca