WILLS AND POWERS OF ATTORNEY
Wills
A Will is a document that provides for the distribution of one's property upon death. In Ontario, the law gives the Testator full liberty to deal with his or her assets subject to certain exceptions which, as a rule, have been created to protect dependants.
The Will reflects the wishes of the Testator. A standard Will would address the following matters:
- The revocation of prior Wills;
- The designation of the executor (s);
- The payment of debts;
- Whether or not there are specific bequests;
- How and to whom the balance of the Estate is to be distributed;
- The establishment of a Trust for young children.
The Testator must obtain advice on certain restrictions provided for in the Family Law Act, the Succession Law Reform Act (protects dependents notwithstanding intentions of Testator) and the doctrine of lapse (situation where a beneficiary predeceases the Testator).
Powers of Attorney
A Power of Attorney is a document that allows a person to name another person to either act on his behalf or make decisions on his behalf while that person is alive.
The appointed person is referred to as the "Attorney".
There are two forms of Powers of Attorney:
- For Property; and
- For Personal Care.
The documents are different. The Power of Attorney for Property allows the Attorney to manage the property of the Grantor. The Power of the Attorney can be general or limited.
The Power of Attorney for Personal Care is a document that lets the grantor designate a person, in advance, to make decisions regarding their care if they are incapable of doing so. Many people refer to such a document as a Living Will although this expression does not exist at law.
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