What is a will?
A Will is a document that comes into effect when you die. In it you identify
what you want to happen to your property after your death. Additionally, one or more person may be identified as executor of your estate, this person or persons is responsible for the administration of your estate in accordance with the terms of your Will. Should you decide to appoint more than one person as your executor, you may specify if you would like these people to act either jointly, or severally.
What does an executor do?
The Executor of your estate is responsible for:
- Identifying the assets and debts
- Realizing any assets to meet any debts
- Distributing any balance to your chosen beneficiaries
Power of Attorney
A Power of Attorney is a legal document that gives someone else the right to act on your behalf.
In Ontario there are different kinds of Power of Attorney: A Continuing Power of Attorney for Property which covers your financial affairs and allows the person you name to act for you even if you become mentally incapable. Alternatively, a Power of Attorney for Personal Care covers your personal decisions, such as housing and health care.
Your Power of Attorney for either Property or Personal Care do not need to be the same person, neither do they need to be the same as the Executor of your Will.
Preparing your Will
In preparing your Will, it is important that your explicit wishes are understood. Our office has prepared a questionnaire which we ask all clients complete and submit back to us, which you may find below.