Executors:
The executor’s responsibility is to carry out the wishes of the deceased.
Devise of Personal Property:
The devise of personal property including all property other than real estate.
Devise of Estate:
A devise of estate includes all property which is not personal property such as real property, cash, stocks and/or GICs and bonds.
Appointing Guardians:
A guardian is one or more persons who care for your child/children in the case you are no longer able. Guardians and trustee/executors should be separate to avoid a conflict of interest.
Buried or Cremated:
You may determine whether you want to be buried or cremated.
Powers of Attorney:
There are now two powers of attorney in the Province of Ontario, one for property and one for personal care.
Probating A Will:
Probate is essentially the recognition by the court of the validity of the will and the appointment of the person named in the will as the executor.
Probate Fees:
The probate fee is paid to the provincial government when an executor or administrator of an estate of a deceased person seeks to submit a will to probate or obtain approval to administer an estate where there is no will or no executor named in the will.
Inter Vivos Trusts:
A trust is a method of holding property where the legal and beneficial ownership of the property are separate. A trustee owns the legal title to the trust property, but the beneficiary receives all benefits.
Joint Accounts with Right of Survivorship:
Property such as a home registered between joint tenants or a bank account that is jointly held will pass outside the estate of the deceased joint owner and vest in the surviving joint owner.
