WILLS

Having a will professionally prepared allows for the orderly disposition of your assets on death in the manner you direct. Your will can be structured to implement, as appropriate, tax savings and/or postponement of tax payable. Having a professionally prepared will reduces your level of stress should you become seriously ill as you have removed the pressure to then make a will. Reduction or elimination of potential disputes by persons having an interest in your estate can also be expected.

By not having a will you risk, for example: apportionment and delivery of your estate assets as directed by legislation, delivery of a child’s unused share of your estate at age 18 instead of at a more mature age; capital gains taxes being assessed against a child’s share instead of being postponed with proper planning; guardianship disputes, disputes by beneficiaries or interested parties as to naming estate trustee(s).

For self employed, salaried and retired persons with significant assets, tax structured, estate planning is recommended to consider recognized strategies, which if applicable to your situation, may result in tax savings on death. Savings include reduction of Ontario’s Estate Administration Tax (probate fee) and postponement of capital gains tax. Without a will, tax savings strategies may not be able to be implemented.

If your will is more than a few years old or if there has been a significant change in your personal situation, we can assist you to determine the necessity of a new will. Examples of material change are: having started a family, children having grown up, having started a successful business, marriage, separation/divorce, subsequent marriage.

We strongly recommend you make a will, if possible, when you are healthy. You never know if and when you could die from an accident, heart attack or stroke. You do not need the stress of making a will when you are facing the added stress of an operation or imminent death.