Nancy Macivor Family Law, Barrister & Solicitor, Toronto, Canada
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WILLS AND POWER OF ATTORNEY

Wills and Powers of Attorney are extremely important documents that everyone should have regardless of how much or how little you own.

WILLS

A Will sets out "who you want to get what" upon your death.

Your Will can set out your wishes with respect to whom you wish to be the Guardian and Custodian of your children. You can set up trusts for your children and you can choose the age that you wish the money from the trust to be given to them. In the interim, we can ensure that money from the children’s trusts can be used for their education and support.

You can provide specific gifts in your Will. e.g. "To my sister, SARAH SMITH the sum of $5,000.00".

You can also ensure the insertion of a clause in your will which protects the gain on any inheritance that your beneficiaries receive will not be included in family property in the event of a separation or divorce.

POWER OF ATTORNEY

What is it? A power of attorney is a legal document which allows you to choose who will make decisions for you should you be unable to do so yourself. A power of attorney ends on your death.

Who should have powers of attorney

Powers of Attorney are important documents for everyone. They allow the person whom you have chosen as your attorney to manage your financial affairs or make decisions about your personal care should you become incapacitated for any reason, for example as a result of an accident or illness.

There are two types of Powers of Attorney:

  1. Continuing power of attorney for property
    This power of attorney allows the trusted person whom you have chosen as your attorney to make decisions on your behalf with respect to all of your financial affairs.

  2. Continuing power of attorney for personal care
    This power of attorney allows your chosen attorney to make decisions about your health care, shelter, nutrition, hygiene, and clothing should you become incapacitated. It also allows you to give instructions to your attorney in advance about the kind of health care that you wish to receive in the event that you are unable to give those instructions yourself.


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Advertisement. Any legal opinions expressed at this site relate to the Province of Ontario, Canada only. If you reside or carry on business in any other jurisdiction please consult a lawyer, solicitor, or attorney in your own jurisdiction. WARNING: All information contained herein is provided for the purpose of providing basic information only and should not be construed as formal legal advice. The author disclaims any and all liability resulting from reliance upon such information. You are strongly encouraged to seek and retain professional legal advice before relying upon any of the information contained herein.

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