Wills & Estates
Your Trusted Wills & Estate Planning Lawyers
You’ve worked hard all your life. Plan wisely and ensure your assets are protected and left to the people you love in the event of death or incapacity.
Some people will need more than one will. The Miskin Law prepares wills and powers of attorney for individuals in Ontario, Canada. If you live in another jurisdiction or most of your assets are outside of Ontario, your will should be prepared by a lawyer in the other jurisdiction, as estate law is different in each province.
What to Expect at Your First Meeting
We draft the will after a first personal meeting with a lawyer and the client to assess a client’s situation and needs, in order to best meet the individual requirements and wishes of the client. The purpose of this first meeting is to simplify future estate issues to ensure a smooth transition of assets, which will reduce the need for future legal services, prevent disputes and challenges, and also plan for reducing taxes payable after death. We encourage clients to prepare wills that do not lead to family disputes which can ruin relationships, and cost a lot of money.
What Is a Will?
A will is a document that you can sign with your binding instructions as to who will receive your assets after your death. It names an estate trustee (formerly known as executor) whose responsibility after your death is to manage the estate in accordance with your wishes. You may also propose guardians for your underage children, and indicate preferred funeral arrangements in your will. We often prepare specialized wills for people who have children with disabilities or special needs. Until your death, the will may be revoked or changed so long as you are mentally competent. Minor changes can be done by codicils which cost less than a new will. Wills should be redone immediately on a marriage break-up. If you do not have a valid will, the law determines what happens to your estate without consideration of your preferences. This may be fine for many families where there are no common-law relationships. If you are living common law, or there are children of prior relationships involved, it would be wise to obtain legal advice immediately.
Things to Consider
In preparing these documents we always have a lawyer meet with you for as long as necessary to advise you, and to take careful instructions to make sure the document prepared is what you want it to be. We generally bill and expect full or partial payment by cash or cheque at the first meeting. It is important to have a fully qualified and experienced lawyer discuss your intentions with you to ensure that the will is done properly. We do not believe it is sufficient to give instructions to a member of the lawyer’s staff in a meeting or by phone. It is important that the lawyer assess capacity issues at a meeting to prevent future disputes of wills. This is particularly true for people who are elderly, have mental health issues, or wish to make unusual bequests. We sometimes require clients to get a doctor’s note or an assessment on capacity ahead of signing a will. At a later meeting, the documents are signed in accordance with Ontario legal requirements with the lawyer present to oversee, explain the document and discuss any last-minute changes. In cases of complicated wills with unusual provisions or special requirements due to personal circumstances, we may charge extra. We will let you know and decide how to proceed at our no-cost/no-obligation meeting, in advance of actual will preparation.
Power of Attorney for Property
A Power of Attorney for Property is a document you can sign which gives power only in your life over your assets to another person whom you may designate. That authority may be set up to be effective any time, or only if you become incapacitated. It may also be restricted to dealing with or not dealing with certain matters. You may have more than one person designated, so both, or either may sign for you. You may name alternates and specify whether the attorney has a right to be paid for what they do. It does not take away your own rights to sign on your own behalf. A power of attorney is a critical document to have, should you ever become totally incapacitated or suffer a loss of mental competence. A power of attorney expires on your death.
Power of Attorney for Personal Care
A Power of Attorney for Property is a document you can sign which gives power only in your life over your assets to another person whom you may designate. That authority may be set up to be effective any time, or only if you become incapacitated. It may also be restricted to dealing with or not dealing with certain matters. You may have more than one person designated, so both, or either may sign for you. You may name alternates and specify whether the attorney has a right to be paid for what they do. It does not take away your own rights to sign on your own behalf. A power of attorney is a critical document to have, should you ever become totally incapacitated or suffer a loss of mental competence. A power of attorney expires on your death.
Fee Structure
The below fees are discounted when multiple documents are prepared. Clients pay the fee on a first meeting to discuss wills and then the documents are reviewed and signed, on a second visit. We usually store the original signed will and give clients 2 copies. For powers of attorney, we usually make 3 originals; the client keeps 2 and we hold the 3rd. Our usual fees (including basic planning for the estate and including disbursements) are set out below with 13% HST added to any fee:
Wills
- One will: $400
- A pair of wills: $600
Codicils (Will Changes)
- One will change: $150
- A pair of will changes: $250
Power of Attorney
- One document of each type: $200
- A pair of each type: $300
Obtaining Probate of Estates
- Estates up to $150,000: $2,000
- Estates over $150,000: 3,000
Personalized Estate Planning
Some clients require personalized estate planning for their special situations. We may recommend that you establish trust to deal with your situation. We may refer you to accountants or other experts to help with planning. This will cost extra but probably save later costs in taxes paid by the estate and provide more structured plans for your family and future generations to preserve wealth. We can assist you with up-to-date information about recent changes in tax structures. We strongly encourage you to get your will and estate completed soon. You never know when it is going to be needed, and you do not want to risk wasting your hard-earned money on unnecessary legal costs and taxes or have your assets held up in otherwise avoidable delays. To make an appointment for will and estate planning, please give us a call. The first meeting is free and there is no obligation.
How Do I Benefit From Having a Will?
There are good reasons to draft a will. Having a will provides peace of mind that your wishes will be respected once you’re gone. What’s more, it ensures that your loved ones receive the correct assets when your estate is distributed. If you have children, a will can also name a guardian.
What Should Be Included in a Will?
Drafting a will can quickly become complicated, especially if you have unique circumstances surrounding your assets and their distribution. Fortunately, Miskin Law is here to help you hit all the right points. A will should at least include the following:
- Name(s) of the executor(s)
- Name(s) of beneficiary or beneficiaries
- Amount of current assets and liabilities and how to distribute them
- Which assets you’d prefer to sell
- Guardianship for dependents
- Requests for your funeral (i.e., headstone inscription, cremation, burial, etc.)
What If I Don’t Have a Will?
While it’s easy to put off preparing a will, especially if you’re young, not having one could leave your loved ones with a great deal of uncertainty should you pass. Here’s what can happen if you don’t have a will at the time of your death:
- Leave dependents without financial support
- Pass your assets onto the government
- Force the sale of your family home
What Does an Executor Do?
An executor is responsible for making sure that the terms of your will are executed properly. The best executors already have an understanding of financial matters and estate law and will be able to distribute your assets efficiently. In many cases, the executor are entitled to earn a commission for their work. Executors’ responsibilities include:
- Locating the will
- Requesting the death certificate and other relevant documents
- Notifying family and beneficiaries
- Applying for probate
- Organizing the funeral
- Paying outstanding debts and taxes
- Distributing assets
How Do I Pick an Executor?
In your will you are able to name up to four executors. We recommend getting each individual’s consent before nominating them. However, you shouldn’t nominate just anyone who says yes. Here’s what to consider when selecting an executor:
- Their proximity to your estate in Ontario
- How much you trust the person
- How willing they are to take on a big job
- Their assertiveness—they will need to advocate on your behalf when dealing with beneficiaries, banks, and insurance companies
What Factors Go Into Estate Planning?
Estate planning is more than just creating a will. But don’t panic—the team at Miskin Law is glad to help those in the Greater Toronto Area navigate this often complex area of law. Some estate planning considerations include:
- Tax planning
- End-of-life care
- Life insurance
- Funeral wishes
- Arrangements for dependents
- Charitable giving
How Can a Lawyer Help With Estate Law?
It’s important to work with a lawyer experienced in estate law to draft a will and plan your estate. The legal system is complex, and it can be easy to overlook aspects of estate planning without a professional at your side. The lawyers at Miskin Law will ensure that all your bases are covered.