For more than 20 years we have been preparing wills and power of attorneys for our clients, and dealing with estate matters. We offer a fixed fee for the preparation of basic wills and power attorneys. For more complicated wills, such as a will that sets up testamentary trusts or other advanced estate planning concepts, the file is billed on a time spent basis. Estates are also billed on time spent basis. Factors that will influence the legal costs associated with the administration of the estate include the following:
- Is there a will? Applying for an Appointment of Estate Trustee with a Will (formerly known as a “Probate Application”) take less time than applications where there is no will.
- How many beneficiaries are named in the will, or if there is no will, how many persons will be entitled to share in the estate under the provisions of the relevant legislation in Ontario? Each beneficiary must served with a if the pending Application as well as a copy of the Will that sets out what that beneficiary is entitled to under the terms of the Will.
- How much work will be involved from a legal perspective in realizing on the assets owned by the deceased, and distributing the funds realized to the beneficiaries?
- How much work will be required to comply with the court rules relating to accounting to the beneficiaries for all estate receipts and disbursements?
- Will any further motions to court be required to finalize the estate?
As a rule, we will provide a quote for each step in the process. To obtain a quote for your estate, please click here.
The Basic Estate Package
What do you Need?
In the following paragraphs, Woods Legal Services outlines what is considered to be the basic estate package that each person should have in place and why.
The Will is the document that takes legal effect upon death. The basic functions of a Will are:
- to appoint an executor of your estate. This is the person who steps into your shoes and looks after your affairs pending realization and distributions of the assets of your estate to your beneficiaries;
- to appoint a guardian to look after your minor children; and
- to set out who you wish to inherit your property.
Without a Will you run the risk of no one coming forward to act as your executor or guardian, or multiple persons coming forward with a resulting court fight over who will ultimately be appointed at the expense of your estate. In addition your property will be distributed in accordance with the “intestacy rules”of the Succession Law Reform Act. These rules may have no relation whatsoever with how and to whom you would like your property to be distributed. In addition, if you do not have living relatives as specified by the Rules, your estate will pass to the Government.
You should also have Powers of Attorney over property and personal care in place. The power of attorney over property gives someone the authority to deal with your affairs if you are unable to do so but are still alive. Without this document, someone will have to apply to court to obtain this authority. As with all court applications, this can be a costly process. The power of attorney over personal care gives someone to instruct medical professionals as to the medical treatment you wish to be subject to if ;you are unable to instruct them yourself. This document used to be commonly referred to as a “living will”. If you do not have this document in place, your immediate family could be faced with the requirement of obtaining this authority by court order.
Depending on your circumstances, other estate planning documents might be beneficial such as family trust to reduce your income tax burden, or a marriage contract to protect your assets in the event of a marriage breakdown. However everyone should have a Will and the two Powers of Attorney. Failing to deal with this issue may turn out to be a very costly mistake that is entirely avoidable.
