Having a valid Will is a responsibility that every adult should take seriously. Yet, every few months a new survey is published that shows that most adults do not have a Will. Why not? We believe it is simply a lack of education. ‘Estate Planning’ sounds like something that needs to be done only when you have accumulated significant wealth. That is simply not true! When a person passes away, someone needs to care of and manage that person’s property and other possessions. Even if your wishes are simple, they still require the right effort to make them recognized in the eyes of the law.
YOUR GOAL: to leave a positive legacy.
Ontario law has very specific requirements regarding Wills and administration of Estates. If you do not prepare your Will according to those requirements, it may not be valid. If you do not list certain powers of the Estate Trustee, the Ontario government has a pre-determined set of rules that he or she must follow. These rules are cumbersome and costly. By preparing a Will through a lawyer, you are ensuring that your Estate is not wasting time and money.
Beneficiary: The recipient of a gift under a Will, and/or a trust.
Custody: Having charge of and responsibility for the care and well-being of a minor child.
Estate Trustee or Executor: The person responsible for handling the Estate. They may be appointed by Will and/or the Court.
Guardianship: Having charge of and responsibility for the care and management of the property of a minor child.
Holograph Will: A Will written entirely in the handwriting of the testator.
Testator: The person who is the subject of the Will.
Trust: A mechanism to hold property and distribute it among one or many individuals. The most common purpose of a trust in a Will is to have property distributed only if a certain condition is met, such as the passage of time or the performance of an obligation.
Trustee: A person who has control over the assets of a trust. In the Estate Planning context, this control is determined by the testator.
Wolfson Law Professional Corporation
Barristers & Solicitors
2345 Yonge Street, Suite 912
Toronto, ON, Canada M4P 2E5
Kenneth Wolfson, JD