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Wills and Estate

Wills and Estate

One may believe that their life is going according to plan and that making a will is an important decision that should be made as soon as possible. It’s surprising, however, how few people actually write a will. Our Wills & Estate in Toronto at Sarao Law can assist you in drafting a Last Will & Testament that reflects your wishes in light of your circumstances. Making a living will, Last Will & Testament, and a plan for your loved ones as soon as possible is always a good idea.

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Why Using a Toronto Lawyer to Draft a Will is Always the Best Option

Anyone who is concerned about how their estate will be distributed when they pass away should consult a lawyer in Toronto to draft a will. However, consulting with a lawyer about the distribution of your assets is about more than deciding who gets what when you die. Consulting with the right lawyer about your Will will enable you to structure your estate and financial holdings in such a way that they are passed on to your loved ones as cheaply as possible.Similarly, our Toronto estate planning services can assist you in drafting a ‘living will’ or a power of attorney for property. This way, you can plan not only for how your estate will be handled after your death, but also for who and how your financial affairs and physical well-being will be managed in the event of an incapacitating disability.

What Happens if You Don’t Write a Will?

If you pass away in Ontario without making any formal plans for how your estate should be distributed, your estate will be handled according to the Ontario Succession Law Reform Act’s guidelines.
Because of the automatic way in which this Act administers your estate, it is critical to speak with a Sarao Law Toronto lawyer if you want your estate to benefit specific family members over others.

Wills and Estate in Toronto
Wills and Estate in Toronto

Why is it important to make a will with a Toronto lawyer?

One thing to keep in mind for both those who have and have not made a will is that the Succession Law Reform Act clearly states that a previous will becomes null and void when a person marries. Divorce, on the other hand, does not invalidate a will. As a result, if you are divorced from your spouse and living with a new significant other, you should seek legal advice on how to create a new will that will ensure that your estate passes to the people you truly desire.

Succession of the Testates

When your assets and estate pass to people named in a will you’ve written, this is known as testate succession. A will, on the other hand, enables you to engage in tax-structured estate planning. Structured estate planning entails working with your Toronto lawyer to structure your estate in the most tax-efficient manner possible in order to avoid negative tax consequences. If you have a lot of assets, for example, you might want to talk to a lawyer about arranging the transfer of some of them while you’re still alive. Of course, the rules governing income and capital gains tax on asset transfers and gifts to spouses, partners, and children are complicated and frequently changing.

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Wills and Estate

Other Advantages of Proper Estate Planning

While consulting a Toronto lawyer is necessary if you want to write a will, preparing a power of attorney for property or personal care is also necessary. This way, if you ever become unable to manage your affairs or yourself, you will be able to legally appoint someone to act on your financial and/or personal behalf. In the same way, consulting with an attorney is critical when naming trustees for any portion of your estate that you might leave to children under the age of 18. Also, if you have previously written a will or designated certain people to have power of attorney on your behalf, but your circumstances have changed, it is critical that you act now to revoke or amend those powers and your will. Given the foregoing, if you need to speak with a lawyer in Toronto about your will, please contact us at Sarao Law right away. We can assist you with any aspect of your personal estate. Even better, we take pride in offering only the most courteous and professional service.