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logologo

647-812-8462

     

  • ABOUT
  • WHAT WE DO
    • REAL ESTATE
    • WILLS & ESTATES
    • IMMIGRATION
    • FAMILY LAW
    • BUSINESS
    • NOTARY SERVICES
  • PRICE LIST
  • SERVICE AREAS
    • OAKVILLE
    • BURLINGTON
    • MILTON
  • BLOG
  • CONTACT
logologo

     

647-812-8462

  • ABOUT
  • WHAT WE DO
    • REAL ESTATE
    • WILLS & ESTATES
    • IMMIGRATION
    • FAMILY LAW
    • BUSINESS
    • NOTARY SERVICES
  • PRICE LIST
  • SERVICE AREAS
    • OAKVILLE
    • BURLINGTON
    • MILTON
  • BLOG
  • CONTACT
by Monica Beffa
BLOG, Wills and EstatesJanuary 19, 20221 comment 0 Likes

Why do you need an estate plan?

   

Watch The Video
By Alexandra Balaj & Monica Beffa

Have you seen Knives Out (2019)? Do you remember that scene where the family was shocked, confused, and angered by the reading of the will? When it was discovered that the deceased patriarch left his entire estate and business to an unexpected individual, his family immediately tried to challenge the will. They contemplated arguing that he was under a lot of medication, forced or unduly influenced to make such a drastic change to his will. They fought amongst each other for hours. Unfortunately, this scene is not uncommon when it comes to the final reading of wills. Even if the deceased had thought they were clear and fair in dividing their assets between their family and friends, their written words can be interpreted differently or challenged in court and the deceased will be unable to speak for themselves. This is one of the many reasons why you need an estate plan prepared while you are still alive, and the the best time to start is now.

 

Some people might hear the word “estate” and think that since they don’t have a multimillion-dollar property, estate planning is unnecessary. This couldn’t be further from the truth. If you’re married, if you have children or pets, if you have any assets or property at all, you and your loved ones will benefit from an estate plan.

What Can Be Included In Your Estate Plan?

An estate plan can include a will; the power of attorney or representation agreements; advance directives; appointed guardians, executors, and trustees; business succession plans; trusts; beneficiary designations; and charitable gifts. The numerous legal terms and their definitions can seem a little intimidating. Essentially, a final Will doesn’t cover everything. There are several important decisions you can make and implement while you’re still alive that can make everything easier for yourself and others, before and after your death. To learn more about Wills in particular and their advantages, you can read these previous posts from our blog:

  • Why Do I Need A Will?
  • The Curious Case of Jeffrey Epstein’s Wealth, Death, and Estate
  • Three Things You Need to Know About Taxes At Death
  • 7 Celebrities Who Didn’t Leave A Will
  • Do I Need A Lawyer To Draft My Will?

Why Do You Need An Estate Plan?

Medical Reasons

If you were to have a serious accident tomorrow and you became unable to communicate, did you know that your spouse and family would not have the legal authority to make certain financial and medical decisions on your behalf? That is unless they have power of attorney. This happened to Margot Bentley in 2014. As a nurse in British Columbia, she decided she did not want to end up like many of her elderly patients, so she wrote a living will (a document that outlines an individual’s healthcare and life-support preferences) that stated that if she ever became extremely disabled, she did not want her life to be extended by artificial means. However, now in her 80s with late-stage dementia, her healthcare team and a B.C. Supreme Court decided that since she still accepts food from her nursing home staff, she must be consenting to be kept alive. Her family disagreed and appealed the decision to have her wishes complied with, but their claims had been denied by the B.C. Court of Appeal in 2015.

Part of the reason behind this dispute appears to be the lack of legal authority in her living will. Living wills (in Ontario called “advance directives”) are limited by the individual’s knowledge and foresight into what medical issues may arise in the future. Medical technology may change between drafting the advance directive and the point at which it is implemented. The best practice is a combination of a power of attorney and an advance directive. An advance directive can be used to explain, for example, whether you consent to surgery if you wish to be placed in a retirement home, if you would like to remain on life support and whether you consent to donate your organs. Meanwhile, a personal care power of attorney lets you pick one person to make healthcare decisions for you if you become incapacitated. This is more useful than an advance directive alone because you won’t be able to anticipate and write down your answer to all the medical dilemmas that may occur in your future.

 

Financial Reasons

A power of attorney can also be assigned to make financial decisions for you when you no longer can, whether you are incapacitated or deceased. This includes tasks such as paying your bills, banking, processing your mail, filing your tax returns, and even voting on your behalf. If your spouse does not have power of attorney, they will not have the legal authority to perform these for you. You can think about it this way: a power of attorney is for life; a will is for death. An estate plan includes both.

Besides the person(s) to whom you’ve assigned power of attorney, your estate plan should also include appointed guardians if you have any dependents, including pets. It may be best to add a lump sum (potentially in the form of a trust) for the care of these loved ones.

Estate plans can also include funeral and burial preferences and instructions as well as funds assigned specifically for this purpose. This will ease some of the financial and decision-making burdens of your loved ones during the rawest period of their grief and bereavement.

If you have a business, your sudden death or incapacity can create serious damage or delay if you don’t have a plan. This is why it is ideal to have a plan of succession or an idea of a fair market asking price for the business if you don’t have any successors and wish to sell it. As with the points above, it is also beneficial to set aside some money to cover the expenses of running the business during an unexpected transitional period.

When Should You Start Your Estate Planning?

To quote Jennifer Leathem from the Financial Post, “It’s never too early or too late to start estate planning because death or incapacity is often unexpected.”

According to a 2020 survey, over 50% of Canadian adults do not have a Will. That percentage jumps to almost 90% for adults under the age of 34. A Will and estate plan can help you control how your assets will be distributed after your death, how your loved ones will be cared for, and who will make decisions on your behalf before and after you die. An estate plan should involve consultations with a lawyer, financial advisor, and accountant. Their expert advice will ensure your estate plan is properly prepared, up-to-date, and unlikely to be challenged.

This year, the federal government passed a bill that made amendments to the Succession Law Reform Act and the Substitute Decisions Act. In light of the conditions imposed by COVID-19, the amendments officially allowed remote or virtual signing for Wills and powers of attorney.

This makes estate planning quicker and easier than ever!

In our  estate practice at BeffaLaw we have a streamlined process for helping our clients draft their wills and power of attorneys. Depending on the complexity of the situation, our clients can have their wills done in a couple of days.

Get in touch! Beffa Law would be pleased to help. Please contact us at 647-812-8462 or email us at info@beffalaw.ca.

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by Monica Beffa

What contracts do I need for my startup?

Improve your startup’s odds is by ensuring you have all the contracts and agreements necessary as well as a well-drafted business plan

What contracts do I need for my startup?

BLOG, BusinessApril 29, 2022
by Monica Beffa

Why do you need an estate plan?

You want your assets to be divided clearly and fairly between family and friends; you need an estate plan, and now is the best time to start.

Why do you need an estate plan?

BLOG, Wills and EstatesJanuary 19, 2022
by Monica Beffa

The COVID-19 Impact on Marriage and Divorce

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The COVID-19 Impact on Marriage and Divorce

BLOG, FamilyNovember 16, 2021

Beffa Law Professional Corporation

Real Estate
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Contact Us:

Phone: 647.812.8462
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231 Oak Park Blvd
Suite 301, 3rd Floor
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Copyright © 2021 - BEFFA LAW
All the information presented on this site must be regarded as general information and  not legal advice. Every case is different, so please contact us to assess your particular situation. A solicitor-client relationship will be established only after we’ve determined that there is no conflict of interest.
Check all that applies
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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 & conveyancing charges $75+HST;
  • Flat disbursements cost $125+ HST  includes one title search
  • Registration Fee $78.79
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

CLOSING COSTS NOT INCLUDED IN FEES

  • Software & conveyancing charges $125+HST;
  • Flat disbursements cost $225+ HST  includes one title search
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) – CALCULATE
  • Registration Costs/ per Mortgage $78.79;
  • Software & Conveyancing Charges $270 + HST;
  • Flat disbursements cost $240 + HST title searches, writ searches, execution searches, bank charges, courier charges etc.
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.

CLOSING COSTS  NOT INCLUDED IN FEES

  • Title Insurance (as per Invoice) – CALCULATE
  • Registration Costs/ per Mortgage $78.79;
  • One Mortgage payout with a Tier 1 bank $200+HST
  • Software & Conveyancing Charges $225+HST;
  • Flat disbursements cost $275+HST includes one title search
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

CLOSING COSTS NOT INCLUDED IN FEES

  • Land Transfer Tax –  CALCULATE
  • Title Insurance (as per invoice) – CALCULATE
  • One Mortgage with a Canadian Tier 1 bank $300+HST
  • Registration per transfer and per mortgage $78.79 each;
  • Software & conveyancing charges $225+HST;
  • Flat disbursements cost $275+ HST  includes one title search