Notwithstanding popular belief, without a will, the Government will not automatically inherit your assets or property upon your death. In fact, without a will, your estate is subject to the division schedule outlined within the Succession Law Reform Act, (Ontario) which may be difficult for your loved ones to understand or apply. Further, if you have assets that are located outside of Ontario, parts of your estate are subject to that jurisdiction which can further complicate matters.
POWERS OF ATTORNEY
While Wills have the ability to speak on your behalf after death, Powers of Attorney speak on your behalf during circumstances in which you are incapacitated or unavailable to make decisions for yourself. Preparing Powers of Attorney for both personal care and property are also an important aspect of your estate plan. These documents ensure that you have the ability to choose the person that will make decisions and maintain your assets during your absence or incapacity. The Power of Attorney also gives you the ability to provide directions to your selected attorney as well as place any restrictions upon the actions that they may exercise.
Law In Motion Professional Corporation has experience with drafting Wills and Powers of Attorney and will work with you to ensure that your wishes are well documented within your Will and Power of Attorney documentation.
A codicil is a legal document that attaches to an original Will and provides an amendment to the Will itself. Codicils are useful in the event that your circumstances have changed; however, the changes do not impact the entire will. For instance, a codicil can be used to change your named executor or the distribution of certain property etc. Akin to the Will document, a codicil must be signed, dated and witnessed by two individuals and is subject to the Succession Law Reform Act (Ontario).
Although a codicil may seem like an easy option and solution to amend a will, it may not always be the best avenue. Law In Motion Professional Corporation is familiar with Will drafting and provides Will review services to ensure that your will is up to date with the law and your wishes. Upon review, Law In Motion Professional Corporation will work with you to ensure that a codicil is sufficient in your circumstances.
HELPFUL LINKS AND RESOURCES
- Succession Law Reform Act https://www.ontario.ca/laws/statute/90s26
- Substitute Decisions Act https://www.ontario.ca/laws/statute/92s30