Wills
The preparation of a Last Will and Testament is an area of law that may appear very simply and straightforward on the surface, but if not done properly can lead to numerous and costly problems after one’s death.
Many people believe they do not need a lawyer for preparation of their Will. Others rely upon Will Kits that are available in stores and online. It is ALWAYS recommended that you use the services of a trained and knowledgeable lawyer for the preparation of the documents that direct the distribution of your property and estate matters following your death. Your preferences and wishes are extremely important and should be honoured. A Will that has been prepared poorly or does not meet legal requirements, will likely result in your wishes going unfulfilled, either entirely or in part.
Powers of Attorney
Generally, there are two kinds of Powers of Attorney. A Power of Attorney for property (finances) and a Power of Attorney for personal care.
A Power of Attorney is a legally valid and binding document (when prepared properly) and is enforceable in law. The document grants authority to another person to make decisions on behalf of the individual granting the Power of Attorney. As we get older, we may require our financial affairs to be managed by a trusted friend or relative. Similarly, there can be a myriad of personal care decisions that need to be made for a person who has a disability. By granting a Power of Attorney for health care, the grantor (the person giving the authority) can enable someone else to make these decisions when he or she is no longer able to do so. Having these documents properly prepared and signed, while meeting all the legal requirements, may be just as important as having your Will properly drafted by an experienced lawyer.
Probate
We are often asked whether we do probate. The term probate is not actually used anymore. While previously one would apply to the court to grant Letters Probate (with a Will) or Letters of Administration (in the absence of a Will), nowadays the Rules of our Court require that we apply for the granting of a Certificate of Estate Trustee, either with or without a Will. The decision to seek a Certificate should be made after reviewing the Estate’s affairs, with a lawyer. There may be occasions when a Certificate is not necessary.
Typically, the main reason for a lot of people to obtain the granting of the Certificate, is to free up the assets of the Estate from someone else who is holding the assets. That someone else can be an individual or a financial institution (such as a bank or investment company). A financial institution may choose to withhold release of funds to the Executors of an Estate (now called Estate Trustees) simply on reviewing the Will. The financial institution, for its protection, may require the Executors to obtain the court’s Certificate of Appointment, prior to releasing any of the Estate’s assets.