In our Hamilton office, O’Connor Richardson we work with clients concerned about preserving and protecting their assets in the event of death or incapacity and success.
Will planning is necessary in order to distribute your estate in a way that reflects your intentions and wishes. You decide to who and how you want your estate divided.
If you die without a will, then your estate is distributed in accordance with the Ontario Succession Law Reform Act:
- Surviving spouse and children: Spouse receives first $200,000 and the spouse and children divide the remainder of the estate
- Surviving spouse and no children: Your spouse receives the entire estate
- No spouse or children: Estate goes to your next of kin, determined by the Succession Law Reform Act
- Child under 18 years of age: Their share will be administered by the Ontario Office of the Public Guardian and Trustee. They are given their share when they turn 18
Having a will allows you to leave more to the people you care about.
We can also assist in drafting Powers of Attorney for you; this gives you a voice when you are unable to voice your own wishes.
There are two types of Powers of Attorney:
Powers of Attorney for Property: The person designated looks after financial affairs
Powers of Attorney for Personal Care: The person designated is responsible for decisions regarding care and medical treatment when you are not able to do so
For more information or to schedule an appointment, contact O’Connor Richardson today.