A Will (also referred to as “the last Will and Testament”), is a legal written document where the person making the will (referred to as the “Testator”) can manage how they wish to distribute their estate after death. This includes the distribution of land, bank accounts, investments, and other possessions. The Testator can also make funeral arrangements and designate a guardian to care for their minor children if they have any.
The Testator must appoint an “Estate Trustee” who is the person responsible to carry out the instructions in the Will. If you die without a Will, your property will be divided and distributed in accordance with Ontario’s intestacy law. A Will can avoid the higher costs and avoidable delays of dying intestate (i.e., without a will).
Anyone who has children, property/assets should have a valid Will. It is important that you review your Will every few years to ensure that it continues to reflect your life and wishes. A valid Will is important as it allows you to coordinate the distribution of your property according to your wishes and makes the distribution of your assets an easier process for your loved ones and beneficiaries. Additionally, by setting out your intentions in your Will, you can avoid unnecessary squabbling between family members about who was meant to receive what.
Power of Attorney
In addition to creating a Will, it is important to have a Power of Attorney. In simple terms, a Power of Attorney will protect your interests in the event that you are out of the country, unable to express your wishes due to illness (i.e. coma) or you do not have the mental capacity (i.e. Alzheimer's) to make decisions in your best interest. In these cases, a person you have named, your attorney, will make decisions for you. There are two types of Powers of Attorney: one to allow your attorney to make decisions about your personal care and the other to allow your attorney to make decisions about your finances (property).