Wills – Individuals
Each person should have a Will. The purpose of a Will is to:
- appoint someone to handle the administration of your estate upon your death;
- distribute your assets in the manner you wish upon your death
- to appoint a guardian to care for your minor children.
For a married couple it is usual for each spouse to give their assets to the surviving spouse and in the event both spouses are deceased transfer their assets to their children. When the children are young it is particularly important to consider the possibility of the entire family being killed in some tragic event, a car accident, for example as consideration as to how you wish to dispose of your assets in that eventuality should also be considered. Where you have married children you may wish to consider whether in the event of the death of one of your children the share of your estate which would have gone to that child should go to that child’s spouse.
For further information regarding Wills for Individuals contact Murray & Thomson.
Wills – Corporate Shareholders
In the event you are a shareholder in a Canadian private corporation we may avoid an Application for a Certificate of Appointment (probate) by having a separate Will specifically dealing with your interest in the corporation.
For further information regarding Wills for Corporate Shareholders contact Murray & Thomson.
Power of Attorney for Property
In the event you are incapacitated prior to your death and someone needs to handle your financial affairs you should have a Power of Attorney for Property.  If you do not have a Power of Attorney for Property then the Public Guardian and Trustee has the responsibility of administering your affairs unless someone makes application to the Public Guardian and Trustee for an appointment as the guardian of your property.  This process is complicated and expensive and can be avoided by appointing a Power of Attorney for Property. In this way you name the person whom you wish to administer your affairs in the event of your incapacity. Frequently, one or more people are named in the first instance with a provision that an alternate be provided in the event the person named in the first instance is unable or unwilling to act on your behalf.
For further information regarding Powers of Attorney for Property contact Murray & Thomson.
Power of Attorney for Personal Care
In the event you are incapacitated and unable to make health care decisions the Public Guardian and Trustee will make health care decisions for you or an individual can apply to the Public Guardian and Trustee’s Office to be appointed guardian of the person for you.  This process is complicated and expensive and can be avoided by appointing a Power of Attorney for Personal Care. In this way you name the person whom you wish to administer your affairs in the event of your incapacity. Frequently, one or more people are named in the first instance with a provision that an alternate be provided in the event the person named in the first instance is unable or unwilling to act on your behalf.
For further information regarding Powers of Attorney for Personal Care contact Murray & Thomson.
Estate Planning
Estate Planning is simply taking some steps to prepare for your death and the taxes and other obligations that will arise upon your death. There are steps that can be taken to minimize or defer taxes. In some instances it may be appropriate to establish trusts for children or grandchildren to ensure that they have some income at a later date or in the event of a disabled child or grandchild to provide for them in a manner which will not impede the assistance the government is able to provide.
For further information regarding Estate Planning contact Murray & Thomson.