Wills & Estates Lawyer Toronto

A Last Will and Testament, often simply referred to as a Will, is a legal document that allows you to express your wishes regarding the distribution of your property and assets after your death. It can also include provisions for the guardianship of minor children.

Creating a Will is crucial as it ensures that your wishes are honoured after your death. Without a Will, your estate will be divided according to Ontario’s Succession Law Reform Act, which may not align with your preferences.

Furthermore, having a Will can potentially simplify the process for your heirs, reduce conflict among family members, and minimize estate administration tax.

Despite its importance, many people neglect to prepare a Will. At Nazarian Law, our wills and estates lawyer can assist you in creating a Will that meets your needs and respects your wishes in compliance with Ontario and Canadian laws.

If someone passes away without a Will in Ontario, they are considered to have died “intestate”. In this case, Ontario’s Succession Law Reform Act determines how the estate is distributed.

Without a Will, there’s also no appointed executor, so a family member or other interested party must apply to the court to be appointed as the estate trustee.

These rules may not reflect your wishes or your family’s needs, which is why it’s advisable to make a Will. Our team of wills & estates professionals are ready to assist you in creating a Will that reflects your wishes. Simply book a Discovery Call with us today.

A Corporate Will, also known as a Secondary Will, is commonly used in Ontario to reduce probate fees (Estate Administration Tax). It’s typically executed in conjunction with a Primary Will.

In the Primary Will, you deal with assets that require probate to be transferred (like a house). In the Secondary Will, you deal with assets that do not require probate (like shares in a privately held corporation).

This separation allows the assets in the Secondary Will to bypass probate, reducing the overall Estate Administration Tax payable. It’s particularly beneficial for business owners with significant assets in their corporation.

Determining whether a Corporate Will is right for you depends on your individual circumstances, including the nature and value of your assets. Our team is experienced in both corporate law and wills & estates which allows us to guide you through the process, and ensure that your estate planning strategy is tailored to your situation.

A Power of Attorney for Property and a Last Will and Testament are both important estate planning tools in Ontario, but they serve different purposes.

A Power of Attorney for Property is a legal document in which you appoint someone to manage your financial affairs while you’re still alive but unable to do so yourself, due to incapacitation, illness or absence. It takes effect immediately upon signing or at a specified future date or event, and it ends at your death.

A Last Will and Testament, on the other hand, outlines how you want your assets distributed after your death. It only comes into effect when you pass away.

These documents complement each other to ensure your affairs are handled according to your wishes both during your lifetime and after your death. Our wills and estates team at Nazarian Law can help you create a Power of Attorney for Property in accordance with your intentions.

A Power of Attorney for Personal Care is a legal document in Ontario where you appoint someone you trust to make medical and personal care decisions on your behalf, should you become incapable of doing so. This includes decisions about health care, nutrition, shelter, clothing, hygiene, and safety.

The person you appoint is called your “attorney” (which does not mean a lawyer in this context). The role can take effect only after a healthcare professional confirms in writing that you’re mentally incapable of making certain decisions.

It’s a common concern to ensure one’s personal care decisions are in trusted hands, which is why the experienced team at Nazarian Law is ready to guide you through the process, helping to draft a Power of Attorney that reflects your wishes and needs. It’s always recommended to consult a legal professional when creating such significant legal documents.

Family Trusts are legal arrangements where a person (the settlor) transfers assets to a trust, managed by a trustee for the benefit of designated family members (the beneficiaries).

They can be an effective estate planning tool in Ontario. They allow for the control and distribution of assets during the settlor’s lifetime and after death. Trusts can provide tax planning benefits, protect assets from creditors, and offer flexibility in how assets are distributed.

For example, they can be used to income split by attributing income to beneficiaries in lower tax brackets. They can also protect assets in cases of family law disputes or bankruptcy.

However, setting up and managing a trust can be complex and involves ongoing legal, accounting, and administrative duties. The lawyers at Nazarian Law, with their experience in estate planning, are well-equipped to guide you through these complexities and help determine if a Family Trust is right for your situation.

An Inter Vivos Trust, also known as a Living Trust, is a legal arrangement created during a person’s lifetime where a trustee is appointed to manage the assets placed into the trust by the settlor for the benefit of the trust’s beneficiaries. This is different from a Testamentary Trust, which is established upon the settlor’s death.

Inter Vivos Trusts can offer several benefits. They can provide for those unable to manage their own finances, like minor children or persons with disabilities. They can also ensure privacy, as, unlike a will, a trust isn’t probated and therefore remains private. Moreover, these trusts can be used for tax planning and to avoid probate fees.

Determining if an Inter Vivos Trust is beneficial depends on individual circumstances and goals. Nazarian Law, with its experienced team of lawyers, can provide personalized advice based on your specific situation and needs.

Business Succession Planning is the process of preparing for the transfer of control and ownership of a business when the owner retires, becomes incapacitated, or passes away. It’s a crucial component of any business owner’s overall estate plan.

This planning is important as it helps ensure a smooth transition, minimizing disruption to operations and avoiding potential disputes or confusion. It also allows for the mitigation of potential tax liabilities and helps protect the value of the business.

Planning can involve strategies such as selling the business, transferring it to family members, or arranging for management buy-outs, among other things. Each situation is unique, requiring tailored solutions.

Given the complexities, it’s strongly recommended to engage with experienced professionals. Nazarian Law has a team of experienced lawyers who can guide you through the Business Succession Planning process, helping to ensure your business is well-prepared for future transitions.

Creating a valid will in Ontario requires meeting several formal requirements as per the Succession Law Reform Act. Firstly, you, as the testator, must be at least 18 years old and of sound mind.

The will must be in writing. While handwritten (holograph) wills are permitted, most wills are typed. The will must be signed by you and this signature should ideally be at the end of the document.

Additionally, two witnesses, also at least 18 years old and of sound mind, must witness your signature. Witnesses, or their spouses, should not be beneficiaries under the will as this could void their gifts.

Compliance with these requirements is crucial to ensure the will is legally valid. Errors can cause disputes or even invalidation of the will. Given the complexity and importance of this process, it’s recommended to engage our wills & estates team at Nazarian Law, who can guide you through each step of creating a will.

In the context of wills and estates in Ontario, a testator is an individual who has created a will, outlining the distribution of their assets upon their death. An estate trustee, formerly known as an executor, is the person appointed by the testator to carry out the instructions in the will. The estate trustee’s responsibilities include managing the estate, paying off debts, and distributing the remaining assets to the beneficiaries. Beneficiaries are the individuals or entities named in the will who will receive the assets or properties from the estate. These terms are fundamental to wills and estate planning law in Toronto, Ontario, and are governed by the Succession Law Reform Act. It’s recommended to consult with a Toronto wills and estates lawyer to ensure that the will preparation and estate administration comply with the applicable laws.