Happy New Year and welcome back to our blogs! For the month of January, we will be blogging about reviewing your Will. This could be as simple as having a basic Last Will and Testament or as complex as having multiple Wills and plans to ensure your wishes and affairs are in order when the inevitable occurs. The inevitable will occur and it’s best to have these measures in place if you do not want someone else making your major decisions for you.
Online DIY Will kits are an appealing option, considering their convenience and low cost. However, please keep their restrictions in mind. Online DIY Will kits may not be the best option for your scenario. Here are three links to some of my colleagues’ blogs regarding the use of online DIY Will kits:
In short, it is best to consult with a legal professional for your succession planning needs. You don’t know what you don’t know. Spending a few more dollars to consult with a legal professional is well worth the value to minimize costly litigation and damage to relationships between your loved ones. Plus, a legal professional could even help save some dollars in the future by helping you plan the best ways to hold and transfer assets to minimize tax liabilities. In addition to having your Will(s) in place, there are many other considerations and tasks to complete to get your ducks in a row. Here is a blog that explains the importance of some of the other factors for consideration including: power of attorney, banking information, insurance policies, proof of ownership, and passwords to online assets. Despite basic power of attorney forms being readily available online, you should inform your legal professional about your specific scenario and have them tailor draft documents that will most clearly reflect your intentions. Here’s a link to read more about the types of powers of attorney in Ontario. Here’s the link to access Canadian Lawyer Magazine’s interview with our managing partner, Mrs. Suzana Popovic-Montag, regarding power of attorney and why it is important. It is convenient to have power of attorney documents readily available in comparison to the costly alternatives to achieve the same effect should the grantor become incapable or unavailable to grant the power of attorney. It is ideal for every person to have their power of attorney documents prepared and ready once they reach the minimum age being 18yrs old for property and 16yrs old for personal care. These documents can be very powerful and are susceptible to misuse. Hence, your legal professional will explain what powers you are signing off on, what risks can occur, and what you can do to minimize those risks.
Thanks for reading.
Jennifer Wan