A will is an essential legal document that enforces your wishes after death. Many people overlook its importance and while it may serve no immediate visible benefits, its focus and goals are for the long term and unforeseen events. If no will is in place, your remaining assets can be dispersed to your closest relatives and you would have no control over who applies for and is made administrator of your property.
There are different types of wills and it is important that you contact us at the Law Firm of Ted Yoannou to ensure a successful representation of your wishes after your death. The more common type of will is the formal/attested will but depending on the individual case a conditional or living will may be required. Also, certain requests may not be fulfilled like leaving your estate to a pet or what your preferred burial wishes are (which will in most cases not be seen or read until after your funeral) this is why it is necessary to contact a Toronto lawyer to guide you through the process.
A will can contain/cover:
- The name of your executor (the person you have wisely chosen to see that your wishes are carried out after your death)
- The appointed guardians for any children and property still in existence (pets are sometimes included)
- A will can be used as a backup for a living trust
- Necessary information on how any debts and taxes should be paid
Power of Attorney gives the appointed person the legal right to conduct transactions under your name if for some reason you may not be physically or mentally capable or present to do so. There is of course a certain risk in someone having that power, and one must be very selective when choosing this person.
There are different kinds of Power of Attorney. The Substitution Act was passed in 1992 under Ontario Legislature, and made provisions for two specific types under the category; power of attorney for property and power of attorney for personal care. Under this act, the courts can appoint a legal representative to act on your behalf if you are no longer capable to make these decisions for yourself.
It is of great importance to have your affairs in order before it is too late. Here at The Law Firm of Ted Yoannou, our experience and care will aid you in the administration of your wishes when you no longer can.