estate lawyer

Disclaimer: This article on what to do after making a will in Ontario is intended for the purposes of providing information only. It is to be used only for the purposes of guidance. This article is not intended to be relied upon as the giving of legal advice. It does not purport to be exhaustive.

Creating your estate documents (i.e. your will and your powers of attorney) is an important step in protecting your future. This process can be time-consuming and requires a lot of thought.

After all, you must decide who will be the executor and your attorney under your powers of attorney. You also likely had to consider some decisions unique to your family. This could include second marriages, the family cottage or whether you wanted to make any charitable contributions.

Once you sign your estate documents, you can’t forget about them. You must ensure that you store them safely and securely so that they will be available when needed.

This article will outline what you must do once you sign your documents and some best practices to keep in mind. At Beeksma Law, we have helped many clients prepare their estate documents.

What are properly executed estate documents?

First of all, let’s review what it means to have your documents properly executed.

The first step is to ensure that you have the original copies of your will, power of attorney for property and personal care properly executed. You should sign your will in front of at least two witnesses, who must also sign the document along with you.

The witness can be almost anyone over 18 years old, as long as they are not a beneficiary, the spouse of a beneficiary or your executor. While digital signatures are invalid, since COVID-19, wills can be witnessed virtually, so long as one of the witnesses is a licensee under the Law Society Act and the making or acknowledgment of the signature and the subscribing of the will are contemporaneous. This simply means that when a testator signs a will, the witnesses must be present, whether that is physically or virtually.

Handwritten (or holograph) wills have slightly different signing requirements. These must be dated and signed by the testator (the person creating the will). It does not require witnesses and anything gifts listed after the signature are not valid. You cannot create handwritten powers of attorney.

There will typically also be an affidavit of execution signed by the witnesses confirming they witnessed you signing the documents.

Where should I store my estate documents?

When you pass away, you want your executor to be able to access it as quickly as possible. You also want to make sure that the document is secure.

Some people choose to purchase a fire and waterproof file folder that are fairly inexpensive. They then store this folder at their home and let their executor know where it is located.

Sharing the location of your estate documents

The only person who needs to know where your estate documents are located is your executor. You do not need to tell any of your family members or beneficiaries where it is located and what it contains.

Should I store my estate documents in a safety deposit box?

We don’t recommend it. While a death certificate may be enough to let your executor access your safety deposit box, if you were to become incapacitated, it could create a catch-22 for your executor. They may need to prove to the bank that they have the right to access the contents of the safety deposit box; however, that proof is located inside the safety deposit box.

Creating and updating your estate plan

At Beeksma Law, we understand the importance of creating a secure and up-to-date estate plan for yourself. We are here to help you create and review your will or powers of attorney. You can also make updates to your documents as needed over time.

If you want to learn more about taking the next steps in planning your estate, contact us today. We look forward to helping you secure your family’s future.

Disclaimer: This article on estate planning is intended for the purposes of providing information only and is to be used only for the purposes of guidance. This article is not intended to be relied upon as the giving of legal advice and does not purport to be exhaustive.

When it comes to estate planning, there are many misconceptions out there that have rooted themselves in people’s minds. These misconceptions can be costly and dangerous, so in this article, we are going to set the record straight. 

At Beeksma Law, we believe that estate planning is too important to be overlooked. Estate planning involves preparing for your possible incapacitation or death. It can help ensure your wishes are carried out in a way that meets your goals. If you want to talk about your wishes, please book a call with our team today. 

Misconception #1: I don’t need a will. 

Yes you do. 

About 51% of Canadians do not have a will. Many people think that having a will is only truly important if you are older (25% of Canadians) or have a lot of assets (23%). This could not be further from the truth. Everyone, regardless of their age or financial status, should have an up-to-date will that outlines their wishes.

Here’s the reality: Being young, unfortunately, does not make you immune to death or incapacitation. Not having a lot of assets will not prevent complications with distributing what you do have. Dying intestate (without a will) means that your estate be divided according to Ontario’s laws (such as the Succession Law Reform Act). It also means that your estate will be tied up with the courts longer and be more complicated.

Misconception #2: I only need a will.

Do you have powers of attorney for personal care or for property?

We covered this in a previous article. Simply put, a power of attorney for personal care is a legal document that appoints someone you trust to make decisions about your health care and personal matters if you become mentally incapable of making those decisions for yourself.

Not only are these documents typically overlooked, but they are actually more important than a will in many cases. Practically speaking, it is much easier to prove that someone is dead than that someone is incapacitated.  If you need someone to handle things on your behalf, they will be held up without a power of attorney in place.

(While we are talking about powers of attorney, it is also important to address another misconception. While there can be holograph wills (or handwritten wills), there is no provision in Ontario for holograph powers of attorney.)

Misconception #3: Will kits will do the trick.

We know that the cost of preparing your will and powers of attorney stops many people from hiring an estate lawyer. In fact, you may think that a will kit is the best way to avoid those costs. However, each person and their estate is different and it is vitally important that your legal documents meet all of the guidelines for your specific situation.

Will kits are a one-size-fits-all approach, which means you may be leaving out vital information or making mistakes that may result in confusion, disputes and estate litigation after you’re gone. An estate lawyer is going to know where these complexities are and be able to give you solid advice on  how best to move forward.

For example, let’s talk about those power of attorneys. Some document kits would require that your power of attorney get an assessment done to confirm that you are incapacitated before being able to make decisions on your behalf. However, in the meantime, no one will be able to access your bank account for possibly a month or two. 

In that practical scenario, is that what you want for your power of attorney? Does it make sense to have them be able to use their authority immediately? It will depend on your unique circumstances, which is something we will talk about while preparing your documents. 

Misconception #4: Once I’m done, I’m done.

Your will plan is never going to be a “once and done” project. It is important to review your estate plan regularly. Your life, financial and family circumstances can change over time. Therefore, it is essential that your legal documents are updated accordingly to make sure they remain valid.

We always recommend that you review your estate plan every few year (at the very least), You should also review it after major life changes (i.e. marriage, divorce, having a baby, or the death of a relative or beneficiary).

Also, think about who you appointed as your executor (which we will talk about below) and your powers of attorney. Are they able and willing to act in this capacity?

Misconception #5: Anyone can be my executor.

An executor’s role is vital in settling an estate. Your executor is responsible for seeking out, preserving and managing the assets of your estate. They must determine how much debt you owe and use the assets of the estate to pay off those debts, as well as file your taxes.

This role is not one to be taken lightly and it really is not for everyone. It is commonly referred to as “the year of the executor” because your estate will take up a considerable amount of time for a year after you pass away.  Executors can be family members, friends or professional executors such as lawyers, trust companies, etc. Just make sure it is someone you trust who is willing and able to take on this responsibility.

Estate Planning You Can Trust

At Beeksma Law, we believe that estate planning is too important to be overlooked. Our team of experienced professionals can help ensure you have all the documents in place for after your death or incapacitation, and provide you with peace of mind during this difficult time. We would be happy to discuss any questions you may have. Please book a call with our team today.