A Will (Last Will and Testament) is a written legal document setting out what will happen after a person’s death to his/her property. Wills must be in writing and should be dated and properly witnessed.
Wills don’t do anything while you are still alive. If you want someone to be able to handle your financial affairs while you are alive, then you would prepare a Continuing Power Of Attorney for Property, which is effective only until your death.
You may also want to prepare a Power of Attorney for Personal Care, which instructs and authorizes another person as to which medical, health or sanitary services should be provided to you, if you are unable to instruct them yourself. Both Wills and Powers of Attorney can be revoked or replaced by another Will or Power of Attorney at any time as long as you are considered mentally competent.
Life changes, such as marriage, divorce, separation, the birth of children, the death of a family member, or changes in your financial circumstances, can affect how the instructions in your Will or Powers of Attorney will be carried out. It is important to review those changes and to make sure that your Will or Powers of Attorney are up to date.
I can meet with you to discuss what is appropriate for your circumstances, needs and wishes. There is no charge for the initial consultation.
Fees can vary depending on the complexity of a specific situation, but the base rates for an uncomplicated Will (including two Powers of Attorney – one for Personal Care and one for Property) are $1,000.00 plus HST for a single individual, and $1,500.00 plus HST for two spouses. Additionally, if travel is required outside of the GTA, a nominal additional fee may be added to cover travel expenses, usually of around $50.00.
Contact me to obtain specific information about the fees for obtaining a Will or Power of Attorney.