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It is enough trouble to prepare one Will, right? Why would I want to prepare two? To save money! That is why. After you die, in most cases your Estate Trustees will be required to have your Will “probated”. This is an application to the court to have your Will certified by the Court as being your last Will and …
Despite the well-known consequences of not writing a will, many people procrastinate or never get around to writing one at all. This could make life difficult for those who survive you. Your family or beneficiary’s inheritance could be tied up for months or years while the courts determine how to distribute your assets assets according to provincial laws. Or worse, …
The most important decisions you need to make is who do you want your property to go to (your beneficiaries) and who you want to manage your Estate (your Estate Trustee, sometimes referred to as Executor). Your beneficiaries may be individuals or charitable institutions. To ensure that your property goes where you want it to go in all circumstances, you …
If someone wants to direct where their property is to go when they die, they should prepare a will. Failure to prepare a will means you will die intestate. When someone dies intestate it means that his or her property will go to his or her nearest relatives, including spouses and children. In the rare case where someone has no …
When you buy land or an interest in land in Ontario, you pay land transfer tax. First-time homebuyers of an eligible home may be eligible for a refund of all or part of the tax. To claim a refund, you must be at least 18 years of age, you cannot have owned a home or an interest in a home …
There are a lot of misconceptions surrounding common law relationships. Some people believe it’s the same as being in a marriage; while others think it’s a great way to commit to someone while keeping your assets separate. The fact is, the law around common law relationships is not black and white. You are considered a common law couple at the …
A lawyer will insure that: (A) the Will you prepare Distributes your assets in the manner you intend; (B) you have considered all necessary alternatives; (C) you have considered the tax issues that may have an impact on the income tax your estate has to pay; (D) the rules relating to signing requirements are properly followed. This includes insuring that …
A Power of Attorney for Property is a document that gives a person chosen by you the power to deal with your property and financial affairs in your lifetime. Even though the Power of Attorney for property takes effect when you sign it, in most cases your intention is for it to be used at a future date when you …
In a real estate purchase, your lawyer performs many valuable services. The first way your lawyer can help is to review the agreement of purchase and sale with you, and to estimate for you all of the costs of the purchase. These costs include legal fees, title search fees, Land Transfer Tax, Title Insurance, and registration costs. Many of these …
The Ontario Family Law Act sets out a scheme for dividing the property of married people when they separate. A formula is used to determine how much needs to be paid by one spouse to the other, the intention being that all of the assets accumulated during the marriage (subject to some exceptions) are to be divided. The formula is …
