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647.812.8462

  • ABOUT
  • WHAT WE DO
    • REAL ESTATE
    • WILLS & ESTATES
    • IMMIGRATION
    • FAMILY LAW
    • BUSINESS
    • NOTARY SERVICES
  • LEGAL FEES
  • BLOG
  • CONTACT
logologo

647.812.8462

  • ABOUT
  • WHAT WE DO
    • REAL ESTATE
    • WILLS & ESTATES
    • IMMIGRATION
    • FAMILY LAW
    • BUSINESS
    • NOTARY SERVICES
  • LEGAL FEES
  • BLOG
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by Monica Beffa
BLOG, Wills and EstatesMay 4, 20191 comment

ESTATE PLANNING

MYTH vs. TRUTH

Majority Canadians do not have a will – the most basic estate planning step. They should.

According to a new poll, 51 % of Canadians don’t have a Will. 25% of the Canadians said that they don’t have a Will because they are “too young” to worry about it; 23% said they don’t have enough assets to make a Will worthy, while 8% said that they “don’t want to think about dying.”

During meetings with clients I often come across commonly held myths about Wills and estate planning which this blog will attempt to dispel.

Myth #1: The government will take all my property if I don’t have a Will

TRUTH: If you pass away without a will, provincial government will apply its laws of intestacy to determine who will get what. Generally, your spouse and children are first to inherit your assets. In rare cases when no relatives are found, your estate may go to the provincial government.

Myth #2: Estate planning is just for the wealthy

TRUTH: Estate planning is less about the money you have and more about the protection of your family. Having a Will guarantees that your assets will be divided to the people you love. A good estate plan allows for the transfer of property or business interests according to your wishes, not according with the law which will minimizes the impact of costly probate and allow more of your assets to be transferred to those you love. It also provides for care of a surviving spouse, minor or disabled child, and tax minimization. 

Myth #3: I’m too young for estate planning

TRUTH: Estate planning if for everyone.  We never know when we might need a Will and by then, it may be too late. It doesn’t matter whether you are young or old or your estate is large or small; it allows you to control who receives it. Also, you need a plan in case you have an accident, or a terminal illness and you cannot make medical decisions for yourself.

Myth #4: My family will look after my children

TRUTH: If you don’t appoint a guardian for your children, in the event of your death, the fate of your children would be decided by the provincial government, who may elect to place your children in care. Thus, it is crucial for new parents to have wills drawn up. A Will gives you the power to control your children’s future and make sure they are cared for by a person you trust.

Myth #5: I don’t need a Will, my spouse or partner will automatically inherit all my estate

TRUTH: Spouses are not always the sole inheritor of property when their partner dies. Without a valid Will, the estate doesn’t automatically go to your partner, but ends up being distributed according to provincial intestate rules which are different for married and common-law couples. Likewise, your partner may not automatically have the ability to make medical decisions for you in the event you cannot do so; they need a legal power giving them that authority.

Myth #6: I don’t need a Will, my family can do “the right thing”

TRUTH: Unfortunately, if a person dies without a Will, their family will have little say in the matter, whether they know the deceased’s wishes or not. Without a Will, the family will lack the power to make many important decisions. Wills cover not only the finances, debts, and property, but who has legal authority over the children. A Will is a very caring thing to do for your loved ones and offers you the peace of mind that the people you care about will be taken care of when you are no longer around.

Myth #7: Estate planning is only used for distributing assets

TRUTH: Distributing assets is a big part of estate planning. In addition, without proper planning, almost half the value of the assets could disappear to cover taxes and probate fees. However, there’s more to it than money. It’s about relationships and taking care of those who are dependent on you if something were to happen. An estate plan creates peace of mind, knowing your loved ones are being looked after.

Myth #8: My debts will disappear with me

TRUTH: Any debts that you leave when you pass away will be paid from estate’s funds. Once these have been paid the remainder of your estate will be distributed in accordance with your wishes expressed in the Will.

Myth #9: This is a morbid subject. If I start thinking about my death, I am going to jinx myself

TRUTH: Sadly, some people are superstitious. Death and taxes are a certainty and a good estate plan helps with both. Not having a Will, it will only make things more difficult for your loved ones.

Myth #10: I can, so I should do-it-myself

TRUTH: But should you? Do-it-yourself products are a bad idea because it requires reliance upon a software algorithm. Estate Planning deals with family and every family’s circumstances are complex and unique. Software algorithms are designed for a limited amount of options and cannot possibly address every issue. These products are terrible substitutes for human professional experts in estate planning. Plus, you are required to sign a waiver that you don’t receive “legal advice”. Given the supreme importance of your Will being done right and the consequences of it being done wrong, do-it-yourself plans are dangerously inadequate.

Making a Will shouldn’t be a stressful experience and at Beffa Law we have expertise in professional Will drafting, so you can be sure of a qualified and compassionate service. The process is quick (1 hour) and saves months or years of pain for the family that you leave behind. It also ensures that most of the estate stays with the family.

Make an appointment with an estate planning lawyer today. For more information visit www.beffalaw.ca or call us at (416) 856.7631.

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REFINANCE
  • Review mortgage instructions for refinancing.
  • Conduct and review title searches for any defects in the title.
  • Conduct and review writ searches and execution searches.
  • Secure title insurance and all correspondence with the title insurance company.
  • Review mortgage instructions.
  • Draft all mortgage documents
  • Register mortgage documents.
  • Extensive correspondence with the lenders and banks.
  • Receive mortgage funds.
  • Review certificate of insurance.
  • Meet with client to explain and sign all legal documents
  • Close the refinance transaction and securely transfer the funds
  • Register mortgage on title
  • Open the refinance file and access to client portal
  • Report to client, lender & realtor about closing
  • One in person appointment or remote signing on zoom
  • After office hours appointment.

CLOSING COSTS &  NOT INCLUDED IN FEES;

  • Title Insurance (as per Invoice)
  • Registration Costs/ per Mortgage;
  • Software Charges;
  • Flat disbursements cost, title searches, writ searches, execution searches, bank charges, courier charges etc.

CALCULATE YOUR COSTS

OCCUPANCY
  • Acting for you in matters relating to your purchase of the property
  • Review the Agreement of Purchase and Sale
  • Conduct and review title searches for any defects in the title Submit requisitions on the title and review the responses
  • Search for arrears of taxes and obtaining a certificate
  • Confirm that utilities were in satisfactory standing and arranging for meters be read
  • Search for executions
  • Examine the draft deed
  • Review the statement of adjustments
  • Reviewing the documentation provided by the builder including warranties, declarations and vendor’s and purchaser’s undertakings, and verifying enrolment with Tarion Warranty Corporation
  • Draft documents and statements in accordance with Land Transfer Tax Act
  • Correspondence with the Condominium Corporation and obtain a Status Certificate and Certificate of Insurance and review the same
  • Meet with client to explain and sign all legal documents
  • One in person appointment or remote signing on zoom
  • Close the transaction and securely transfer funds
  • Register transfer

OTHER CLOSING COSTS

  • Software charges ;
  • Disbursements includes one title search

CALCULATE YOUR COSTS

TITLE TRANSFER
  • Complete the required documents and gather the supporting documents
  • Obtain appropriate legal advice for the tax and other implications of the title transfer
  • Review the forms for completeness and accuracy
  • Perform title searches
  • Obtain title insurance
  • Update the contents and fire insurance policy
  • Update ownership records in the utility bills
  • Advise current mortgage lender of the title changes
  • Get the title change documents registered and report them to the clients
  • Send information to the city’s tax department and condo property management of changes in ownership

CLOSING COSTS NOT INCLUDED IN FEES

  • Software charges
  • Flat disbursements cost – includes one title search
  • Registration Fee

CALCULATE YOUR COSTS

SALE
  • Review mortgage instructions for refinancing.
  • Conduct and review title searches for any defects in the title.
  • Conduct and review writ searches and execution searches.
  • Secure title insurance and all correspondence with the title insurance company.
  • Review mortgage instructions.
  • Draft all mortgage documents
  • Register mortgage documents.
  • Extensive correspondence with the lenders and banks.
  • Receive mortgage funds.
  • Review certificate of insurance.
  • Meet with client to explain and sign all legal documents
  • Close the refinance transaction and securely transfer the funds
  • Register mortgage on title
  • Open the refinance file and access to client portal
  • Report to client, lender & realtor about closing
  • One in person appointment or remote signing on zoom
  • After office hours appointment.

OTHER CLOSING COSTS 

  • Title Insurance (as per Invoice)
  • Registration Costs/ per Mortgage
  • One Mortgage payout with a Tier 1 bank
  • Software & office disbursements
  • Flat disbursements cost includes one title search

CALCULATE YOUR COSTS

PURCHASE
  • Review the Agreement of Purchase and Sale.
  • Conduct and review title searches for any defects in the title.
  • Submit requisitions on the title and review the responses.
  • Conduct and review writ and execution searches.
  • Secure title insurance and all correspondence with the title insurance company.
  • Examine draft transfer deeds and draft closing documents.
  • Review the statement of adjustments.
  • Draft documents and statements in accordance with Land Transfer Tax Act.
  • Draft documents to apply for first-time home buyer rebate for the client.
  • Correspondence with the lender and banks.
  • Review the certificate of insurance.
  • Meet with client to explain and sign all legal documents
  • Close the purchase transaction and securely transfer funds
  • Register transfer
  • Report to client, lender & realtor about closing
  • One in person appointment or remote signing on zoom
  • After office hours appointment

OTHER CLOSING COSTS

  • Land Transfer Tax
  • Title Insurance (as per invoice)
  • One Mortgage with a Canadian Tier 1 bank
  • Government Registration fees
  • Teranet and search fees;
  • Software fee and other office disbursements

CALCULATE YOUR COSTS

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