Wills and Estates
Estate Planning in its basic form consists of creating a Will and Powers of
Wills: A will is a document which names a person or persons to
administer your Estate, and provides for the distribution of your property after
you pass away. It allows you to decide who will handle the administration,
paperwork and finances. Upon your death, everything you own forms your Estate.
This includes real estate, bank and investment accounts, a personal business,
art, jewellery and intellectual property.
A Will allows for the naming of guardians for minor children, and can set the
age of distribution of gifts to children to whatever age you deem appropriate.
Without a Will, a statutory scheme of distribution and probate tax of 2% on
real property will be imposed upon your Estate and your Executor may have to post
security with the Estate Court before being able to implement that
government-imposed distribution. If you own property, have children, or would
like to leave gifts to specific friends, loved ones or
for charitable purposes, having a Will is imperative.
Estate planning is a choice to look ahead and decide in advance how you and
your property will be protected and distributed. Failing to plan means that
others will decide these matters on your behalf.
Powers of Attorney:A Power of Attorney for Property names one or
more persons to act as your fiduciary agent for your property and gives your
Attorney either general or limited powers to deal with your property while you
are alive. If you become incapable of managing your property and do not have a
Power of Attorney for Property in place, the Public Guardian and Trustee for
Ontario will take control of your property on your behalf. If family members or
friends wish to take control of your property for you after such an event, they
will have to apply to the Ontario Superior Court to be appointed your Statutory
A Power of Attorney for Personal Care gives your Attorney the power to make
medical decisions for you in the event that you cannot speak for yourself. A
properly prepared Power of Attorney can help guide your Attorney through what
may be a difficult time.
Islamic Wills: We can also prepare Wills that are Sharia-compliant
with respect to distribution, guardianship, burial and arbitration in case of
dispute or difference.