Trusts Wills & Estate Planning

We at ASB Law can assist and advice you regarding legal matters pertaining to wills, living wills, estates and powers of attorney .

 

"According to a survey released by Lawyer's Professional Indemnity Co. (LawPro) the majority of Canadian adults (56%) do not have a signed will."

 

INTESTATE SUCCESSION (without a will)

If you have no will the estate will be settled according to the  legislation and the default in legislation may be contrary to your wishes. 

Dying "intestate " means-

1) You cannot choose who your beneficiaries will be.

2)You cannot choose who will administer your will.

3) You cannot plan your estate to minimize taxes .

4) You cannot choose a guardian for your children .

 

TESTATE SUCCESSION (with a will)

A will helps you leave a clear legacy as to how you want your assets to be distributed. A will can help you choose your beneficiaries ,a guardian for your children and plan your estate to minimize taxes.

 

POWERS OF ATTORNEY

There are two kinds of powers of attorney-

A Power of Attorney for Property (also known as a General Power of Attorney) will enable the person designated in the power of attorney to look after your financial affairs including bank accounts, investments, real estate, other property, etc., subject to any restrictions that you elect to include in the power of attorney.

The second type of power of attorney is a Power of Attorney for Personal Care. This enables the designated person to make decisions regarding care and medical treatment when you are unable to do so due to incapacity.

 

Writing a Will without legal advice is trying to save pennies for distributing what you have spent your entire life building .You might not be able to see the impact it can have later which can cause uncertainity ,unexpected costs and delays .

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