Legal Insights

If a person dies without a will that person will have died “intestate”, meaning that the person who passed away gave up all of his or her power and freedom to choose beneficiaries, how much of the estate each beneficiary would obtain, when the beneficiaries would obtain their inheritance, etc. If a person dies intestate, one must look at the Succession Law Reform Act to determine who gets what. In the event that a person passes away intestate and without issue, meaning without children or grandchildren, and the spouse by marriage is still living, the spouse will be given the entire estate. If the person dies intestate and has issue, the spouse will generally be entitled to the Preferential Share which is prescribed by law and which is currently the first $200,000.00 of the estate. The balance of the estate will be divided between the married spouse and the deceased’s issue, depending on how many issue there are. If there is one married spouse and one issue, then the remainder of the estate will be divided 50/50. If there is more than one issue the married spouse will get 1/3 and the issue will equally share 2/3 of the remainder of...

An attorney for property is an individual who you appoint to handle any financial or property decisions, which are specified in this legal document. The document commonly known as a Powers of Attorney for Property ensures that the individual who you choose to be the guardian appointed to handle your finances has the right to make decisions regarding them. It ensures that this individual will not need to go through a costly court process to attempt to prove that he or she is in a position to handle your finances. If you designate a Power of Attorney for Property, they will be authorized to do almost anything that you can do with regard to your finances, except make a will. However, these individuals only have this authority over your finances when you are still living. In the event that you pass away, executors will take over. By law, the attorney you appoint is required to act within specific boundaries. The attorney is required to, avoid any conflicts of interest, keep all financial records, and to have his/her work audited by the court if found necessary. You are able to outline within the Power of Attorney for Property whether or not...

If a spouse or a partner of yours passes away it is important to, when you are emotionally ready, make sure that the death of your spouse is taken into account in your will. There are certain things that individuals must look for when altering their will following the death of their spouse or partner. Firstly, you need to make sure that you did not name your spouse or partner as the estate trustee. If you have, then you must name another. There are situations whereby you can, in your will, put in a clause that states that there will be a secondary estate trustee in the event of the initial estate trustee passes away. It is important to ensure that if your will has that clause, you are sure that the individual previously chosen is still the person you want to hold power over your estate following your death. In addition, it is important to make sure that you name someone to be a power of attorney for property and personal care, other than your deceased spouse, in the event that you are not able to make decisions relating to these areas for yourself. When looking over your will, you...

A certificate of appointment with a will means that the courts have acknowledged and stamped the will as legitimate and binding. Certificates of appointments are created so that financial institutions (for instance: banks) can protect their institutions. If not for certificates of appointments, in the event that the deceased had more than one will, with two different beneficiaries, the financial institutions may be in a situation whereby they may make a pay out to the wrong beneficiary. In response, these financial institutions require legal proof that you are the sole estate trustee and beneficiary, and that they are paying out the estate to the proper person. Once the financial institutions see a certificate of appointment with the will, then they are protected financially, and are no longer liable if they pay out the estate to the wrong individual. In addition, a certificate of appointment with the will is needed in order for a beneficiary to sell or transfer the deceased’s real estate, as well as in order to transfer shares from the deceased to the estate trustee. There are also situations whereby the content of the will may difficult to understand. By obtaining a certificate of appointment with the will...

A will is a legal document that is used to determine the division of an individual’s assets following their death. Preparing a will begins with the completion of a list of both your assets as well as your debts. This list should ideally include the components of any safety deposit boxes that you currently hold in your name, any items of sentimental value, and any family heirlooms you hold in your possession along with anything else you wish to pass down to anyone following your death. Then in preparing a will you must determine what goes to whom. In situations whereby the estate in question is a large sum of money, or whereby the situation is legally complex for whatever reason, it may be in your best interest to hire a lawyer to assist you in preparing a will that best suits your situation. Another reason to obtain an attorney to help in preparing a will is to ensure it is legally binding and is resistant to being overturned, should there be disagreement with respect to the will after your death. It is possible to change your will after the initial draft. Doing so requires either preparing a new legally...