Wills and Estates

It has been estimated that over one trillion dollars of wealth will be transferred through Estates in the next ten years. Most of that will be transferred in an orderly manner to the people who the Testator wishes to benefit. Some will not. The difference will likely be due to efficient or inefficient Estate Planning.

Estate Planning in its basic form consists of creating a Will and Powers of Attorney. It may also include the creation of Trusts and the completion of property transfers while the Testator is alive. Whether your plan will be basic or complex depends on your individual circumstances. At Nichols & Associate we will take the time to discuss your needs thoroughly and create a Plan which meets them.

A Will is a document which names a person or persons to administer your Estate, and provides for the distribution of your property after you pass away. It allows you to decide who will handle the administration, paperwork and finances. Upon your death, everything you own forms your Estate. This includes real estate, bank and investment accounts, copyrights, a personal business, art, furniture, and even your clothing. A Will allows you to decide who will inherit from you and what they will inherit. You can make monetary gifts to individuals and organizations. You can also make "gifts-in kind" such as cars, artwork and jewelry.

A Will allows for the naming of guardians for minor children, and can set the age of distribution of gifts to children to whatever age you deem appropriate.

Without a Will, a statutory scheme of distribution will be imposed upon your Estate and your Executor may have to post security with the Estate Court before being able to implement that statutory distribution.

A Power of Attorney for Property names one or more persons to act as your fiduciary agent for your property and gives your Attorney either limited or expansive powers to deal with your property while you are alive. If you become incapable of managing your property and do not have a Power of Attorney for Property in place, the Public Guardian and Trustee for Ontario will take control of your property on your behalf. If family members or friends wish to take control of your property for you after such an event, they will have to apply to the Ontario Superior Court to be appointed your Statutory Guardian.

A Power of Attorney for Personal Care gives your Attorney the power to make medical decisions for you in the event that you cannot speak for yourself. A properly prepared Power of Attorney can help guide your Attorney through what may be a difficult time.

Estate Planning is a choice to look ahead and decide in advance how you and your property will be protected and distributed. Failing to plan means that others will decide these matters on your behalf.

If you own property, have children, or would like to leave gifts to specific friends, loved ones or for charitable purposes, Estate Planning is imperative. Nichols & Associate will help ensure that your planning is proper and complete.