Will / Testament
A properly drafted will is very important. It can enable you to provide for your family and enable you to distribute your assets according to your instructions, without the need for court intervention. A will can also be used to designate a guardian for your minor children in the event of your death.
At Sattar Law Firm, we are experienced estate planning lawyers. We draft wills and powers of attorney, review business succession plans and create guardianships and other legal instruments that can preserve assets and help our clients gain peace of mind. As you go through life, it is important to update your will and other estate documents. After marriage, the arrival of a child, a divorce or other significant life event, our law firm can help you amend your will and other estate instruments in an appropriate manner.
Administrative Powers
When you are drafting a will, it is important to consider the administrative powers included in a will. There are two sources of these powers: statutory powers (as set out in provincial law) and the will itself.
Statutory powers are very basic and simply give the trustee authority to preserve trust property, to invest and vary instruments, and to sell the property or employ agents. However, you should also provide for other administrative powers in case they are needed or useful, such as:
- The power to make a spousal RRSP
- The general power to make tax elections
- The general power to deal with corporate securities
- The power to pay taxes on behalf of a beneficiary to whom income has been allocated
- The power to limit or expand an estate trustee’s discretion
- The power to enter into corporate reorganizations
Addressing the gaps ensures your estate trustee is able to effectively administer your estate, including any appropriate post-mortem tax planning on behalf of the estate. When meeting with us, we can discuss these and other matters.
ABOUT ISLAMIC WILL
At Satar Law Firm we will tailor your Will to your individual situation. We meet with you to establish the nature and extent of your assets and how best to draft your Will given your family’s state of affairs. We will provide you with a draft to review and if everything meets your requirements, we will meet with you again to review and execute the Will. We ensure that you and your family are protected during and after your lifetime by assisting you in the preparation of Wills, Powers of Attorney for Property and Personal Care according to your provisions and requirements.
Without a proper Will, Ontario law decides who will receive your money and property. You will not be able to appoint a guardian for your minor children. If you are separated, your separated spouse can inherit your entire estate. As well, you will not be able to choose the person who will distribute your estate, arrange your funeral and ensure that all your debts and liabilities are paid.
Preliminary Considerations
Important, preliminary decisions must be made in preparation for completion of your Will:
- Who will act as your Estate's Executor and Alternate Executor?
- How do you wish the assets of your Estate to be distributed or divided?
- Do you wish to make special provisions for any important items or heirlooms?
- Do you have any assets that will require specific planning or management?
- If you have children, who will be named as their guardian(s)?
- If minors may become beneficiaries under your Will, at what age(s) do you wish that your bequests be granted to them?
It will be important to give thought to these issues in order to provide comprehensive instruction to your lawyer, so that your Will can be completed. Your lawyer will also be able to provide advice and guidance as to these concerns.
POWER OF ATTORNEYS
A power of attorney for property and a power of attorney for personal care are documents that everyone should have, regardless of his or her age or life situation. At Sattar Law Firm, we create powers of attorney that are tailored to your particular situation that also reflect your values. As with wills and other legal instruments, our law firm does not believe in a one-size-fits-all approach. We will listen closely to you as you discuss your attitudes toward end-of-life issues so that, together, we may ensure that your intentions and wishes are documented properly.
Offering Customized Solutions
At Sattar Law Firm we provide a variety of services, including:
- Advice concerning powers of attorney
- Drafting, implementation and interpretation of powers of attorney for property
- Drafting, implementation and interpretation of powers of attorney for personal care
- Special powers of attorney
- Living wills
- Advice for persons acting under powers of attorney as to their duties and obligations
- Advice designed to avoid litigation over powers of attorney
Why Create a Power of Attorney?
The benefits of these legal documents, including the following:
Power of attorney for the property — Without a power of attorney for property, you do not have someone in place who can make decisions on your behalf during your lifetime, if you are unable to do so. Let’s say you are in the process of selling your house, but you are going to be out of town for an extended amount of time. A power of attorney can designate someone who can accept an offer on your behalf. If a loved one is incapacitated, a power of attorney can enable another party to make financial decisions without the need to create a guardianship.
Power of attorney for personal care — This document appoints someone to make personal care decisions on behalf of an incapacitated person concerning such issues as consent to treatment, nutrition, shelter, and clothing.