In Ontario, anyone over the age of eighteen (18) years can prepare a Will provided the person does not suffer from any mental impairment. Despite that, it often gets overlooked. Without a will, the Succession Law Reform Act decides who inherits your assets, which may not align with your desires. At Shuter Law, we help you create a clear and legally sound will, including Sharia-compliant wills.
What can be included in a will in Ontario?
A will ensures your wishes are honoured and avoids any conflicts within your family pertaining to division of property and assets. Without a will, your assets could be inherited by unintended beneficiaries and overall prolong the process.
- Distribution of Assets: Specify who will receive your property, including real estate, money, investments, and personal belongings.
- Guardian for Minor Children: Appoint a guardian to care for your minor children if both parents are deceased.
- Executor of the Will: Choose a trusted person to manage your estate, who will carry out your wishes.
- Specific Bequests: Detail any specific items or amounts of money you want to leave to particular individuals or organisations.
- Trusts: Set up trusts for minor children or beneficiaries who may need assistance managing their inheritance.
- Debts and Taxes: Provide instructions for paying any outstanding debts and taxes from your estate.
- Charitable Donations: Allocate part of your estate to charities or causes that are important to you.
- Funeral and Burial Wishes: Include your preferences for funeral arrangements and burial or cremation.
- Digital Assets: Specify what should happen to your digital assets, such as social media accounts, online businesses, and digital files.
- Business Interests: Detail what should happen to any business interests you own, including succession planning.
- Pets: Designate a caretaker for your pets and allocate funds for their care.
What is a Power of Attorney?
A Power of Attorney (POA) is a legal document that grants someone you trust the authority to make decisions on your behalf if you become unable to do so. You can choose from General Power of Attorney (to manage financial affairs), Limited Power of Attorney (for limited time or specific tasks), and Enduring Power of Attorney (remains effective even if you become mentally incapacitated). Our lawyers will advise you in the right direction, whether you need a POA temporarily or for a long term.
Our will lawyers at Shuter Law are here to guide you through the process. Please request a free consultation today.