WILLS AND ESTATES
WILLS and ESTATES
A valid Will allows a person to set out who will manage their estate (Estate Trustee) who will receive their property or money and who will be the Guardian of their minor children. If a person dies without a valid Will, they are deemed to have died intestate.
Will’s can be changed or updated at any time, as long as the person has capacity to do so. If you have property outside of Ontario, then it is a usually best to have a valid Will in the jurisdiction where the property is located.
A Will speaks from the time of your death. Powers of Attorney speak during your lifetime, if you are incapable of doing so. Incapacity could arise as a result of a medical issue, being in a mental health facility or by being deemed incapable.
A Power of Attorney for Personal Care (health) allows you to name a person or persons to manage your health issues if you are incapable of doing so.
A Power of Attorney for Property allows you to name a person or persons to manage your property if you are incapable of doing so. If, you do not have a POA for Property and become incapable, then the government will become involved and take over management of your property and financial affairs. If you have a Spouse, they will have to make application to the government to be appointed.
The cost of each Power of Attorney is $ 95.00 plus h.s.t. and a basic Will is $ 225.00 plus h.s.t. For spouses, the cost for all the documents is $ 750.00 plus h.s.t.
If you require a Henson Trust or your Estate is complicated, I will provide you with a specific quote on request.
If you do not have a valid Will, or it is wrong, Estate Litigation can be very expensive.
PROBATE
Depending on the total value and type of assets owned by the Estate, a financial institution may insist that you obtain Probate.
There are two types of probate certificate available; one for estates valued under $ 150,000.00, which is a Small Estate Certificate, and one for estates valued over $ 150,000.00, which is a Certificate of Appointment of Estate Trustee.
Probate fees are charged on all real property (house, cottage, land, etc.) and personal property jewllery, furniture, investments, bank accounts, etc.) owned by the deceased at the time of their death, that didn’t pass directly to a named beneficiary.
The amount of probate fees (Estate Administration Tax) can be found online using the government of Canada estate administration tax calculator. There are ways to reduce the probate fees which can only be done prior to death. Discuss these options with a Lawyer or Accountant.
My charge for obtaining probate is a flat rate of $ 2,500.00, plus disbursements and h.s.t. for small estates and $ 4,000.00, plus disbursements and h.s.t. for other estates.