Wills and Powers of Attorney
We will attend at your residence if you wish.
We realize how important it is to you and your loved ones that your Will is in order.
Our offices are conveniently located at Carling and Woodroffe.
MORE & MCLEOD has recently introduced a GUARANTEED MAXIMUM FEE for Wills and Powers of Attorney.
Our GUARANTEED MAXIMUM FEE for Wills for both spouses or partners is $395.00
Our GUARANTEED MAXIMUM FEE for a Will for one person is $295.00
Our GUARANTEED MAXIMUM FEE for a Power of Attorney is $125.00
Our GUARANTEED MAXIMUM FEE for a Power of Attorney if a Will is also being prepared is $65.00
Our fee includes an initial office consultation, the preparation and signing of your Will(s) and / or Powers of Attorney, and the safekeeping of your Will(s) and/or Powers of Attorney.
Your Will is the hub of your estate plan. As such your Will is the most important document you will ever sign.
We will ensure that your Last Will and Testament accurately reflects your wishes.
WHY YOU SHOULD HAVE A WILL
If you do not have a will the Estates Act determines who is entitled to be appointed Administrator and Trustee of your estate. If you are legally married your spouse would be entitled to apply to be appointed Administrator and Trustee of your estate. If you are not legally married and living in a conjugal relationship with another person that person would be entitled to apply to be appointed Administrator and Trustee of your estate.
When you make a will you appoint your Administrator and Trustee and have an opportunity to appoint an alternate Administrator(s) and Trustee(s) if your spouse or partner predeceases you or you and your spouse or partner die in a common disaster.
Making a will also enables you to appoint a guardian for your children in the event that your spouse or partner predeceases you or you and your spouse or partner die in a common disaster.
Without a will the following applies:
If you are survived by your legally married spouse and children your spouse’s entitlement would be limited to the first $200,000.00 of your estate plus one half of the remainder of your estate (if you have one child) or one third of the remainder of your estate (if you have more than one child).
For example, if your estate is worth $500,000.00 and your spouse and two children survive you, your spouse would be entitled to receive the first $200,000.00 of your estate plus one third of the remainder ($100,000.00) or a total of $300,000.00. Each of your two children would be entitled to receive $100,000.00. Each child would be entitled to receive their $100,000.00 in cash on their eighteenth birthday, just when they would be about to start college or university. Your children would be free to spend their inheritance as they wished.
Most people would prefer that everything go to their spouse if their spouse and children survive them.
Unless you and your conjugal partner are legally married, your partner, no matter how long you have lived together, will have no entitlement to share in the distribution of your estate.
This invites a claim by your surviving partner against your estate as a dependent and enables the Court to decide what provision you should have made for your surviving partner. Claims of this nature may result in lengthy and expensive legal proceedings.
When there is no will the legal and administrative work required is more lengthy and expensive. The Court is effectively appointing the Administrator and Trustee and there are many additional requirements that must be met prior to the Court making that appointment.
For example, when there is no will, the Administrator and Trustee (even if such person is the spouse of the deceased) may be required to provide financial security to the Court in the form of a bond. There is no such requirement when the surviving spouse or another person has been appointed Executor and Trustee pursuant to a will and is resident in Ontario.