Estate Planning
Lees & Lees is committed to guiding each client through the process of estate planning. We will facilitate the various aspects of wills and estates, including taxation, Power of Attorney, trusts, probate, and others.
The creation of a will is one of the most important undertakings a person will make.
Over the course of life, many things are acquired. Assets may take many forms, including real estate, cash and bank accounts, investment accounts, and other precious valuables. Collectively, these items make up the legacy of a full and successful life.
Drafting a will is a technical and frequently emotional process. Many people are reluctant to begin preparation of their own will, in part due to the difficulty of contemplating mortality.
However, failing to prepare a will can have dire and often heartbreaking consequences. Dying intestate (without a valid will) means your assets will be distributed regardless of your wishes, which can have devastating effects for loved ones left behind.
With empathy, compassion and expertise, Lees & Lees helps you plan for an uncertain future. We offer objective advice on sensible asset distribution, beneficiaries, and selecting executors/powers of attorney.
Contact Lees & Lees to schedule an appointment with an estate planning lawyer, and enjoy peace-of-mind knowing you and your family are prepared for what comes.
Creating a Will
Every day, Lees & Lees assists clients from all walks of like with preparing valid, comprehensive last wills and testaments.
The procedure involves collecting and listing what property will be included in the will, beginning with a list of significant assets. Beneficiaries—the recipients of your assets—will also be determined, as will an executor and a trustee, if applicable.
After your will is prepared, you will sign it before at least two witnesses, and it will be stored securely.
Lees & Lees’s estate lawyers are specialists in will preparation, and will patiently guide you through each step of the process.
Power of Attorney
Lees & Lees will help you through the process of selecting and appointing a power of attorney.
Choosing a power of attorney entails giving an individual the power to make your financial decisions if you become unable to make them yourself.
Among their responsibilities are bill-paying, tax-filing, banking, and communicating with your accountants and lawyers.
Power of attorney applies only if an individual, while incapacitated, is still alive. Upon death, your affairs are managed by your executor.
Choosing an Executor
An executor is responsible for ensuring that the specifications of a will are carried out as intended.
Acting as executor is a major responsibility, and requires good communication, ability to handle conflict, financial literacy, and patience in dealing with extensive paperwork
Lees & Lees’s estate lawyers assist in selecting reputable executors for overseeing wills and estates. We explain the obligations of the role fully, in order to help you choose the individual most suited to it.
Trusts
In estate planning, the type of trust dealt with primarily is called a revocable living trust. Established when the estate holder is still living, the person is then able to alter or revoke the trust terms at any time.
Testamentary trusts, in contrast, are established following death of the party.
The purpose of a trust is to inform trustees with regard to asset distribution to your beneficiaries.
Lees & Lees’s estate lawyers will assist you in establishing trusts, including dividing your assets amongst your beneficiaries.
Taxation
In Canada, there are no estate taxes or succession duties. However, the province of Ontario does charge an estate administration tax. When an estate is passed directly to a surviving spouse, however, the taxes are deferred. No inheritance tax is required for beneficiaries to pay.
An estate planning lawyer at Lees & Lees will help you navigate through tax rates and ways to reduce taxation to your estate.