It is a fact of life that most of us don't think of the possibility of dying "before our time". Your home, land, cash money, investments, stocks and bonds, business, or just some loans to others, etc. - will your loved ones left behind (heirs) automatically and effortlessly get access to the net proceeds of the estate? Unfortunately not.

If we die "intestate", i.e., without leaving a properly executed Last Will and Testament (according to the laws of the land), the process for our heirs to receive the proceeds can be long, complicated, terribly expensive ( may even be nasty). The court procedures are tideous and lawyers must be brought in.

It is very important that we have wills.  Leaving a will immensely reduces time and money wasted. You can buy relatively inexpensive kits for simple wills from the internet.

Ontario Ministry of Attorney General have an excellent internet site with explanations and help, etc. Click on this title: Estates & Probates.  CLEONet has a very user friendly site for forms etc.: Guides to Making a Will. (You may need to load Adobe Reader.)

Disclaimer: The author is not a lawyer. This page is simply intended to point out some of the benefits of having a valid will and continuing power of attorney. The author gratefully acknowledges that the links contained are from the websites of Ontario Minstry of Attorney General and "CLEONet".

For all above, please remember, doing by yourself may save some costs, but nothing can replace the value of getting expert guidance and advice.

Mr. Howard Binsky, an experienced Barrister, Solicitor and Notary has been very accessible to me and my clients for guidance in legal matters. If you like, please call him at (905) 270-8811 or fax (905) 270-2977 for free initial guidance.

Article 2 - Continuing Power of Attorney

The Last Will and Testament takes effect only after a person is deceased. What happens if you suffer a deterioration of mental capacity for whatever reason - illness, old age, accident - and you can no longer take care of your property, or decide what medical or rehabilitation procedures are in your best interest? Will your next of kin or family members be automatically entitled to make financial or other decisions on your behalf? NO, not so. They may have to take help from the courts. Again, consuming time and money.

It is imperative that individuals or the principal members of a family each give Continuing Power of Attorney to someone who can act on their behalf in their best interest.  These are beautifully explained in the same websites. The good news is, Continuing Power of Attorney based on the Substitute Decisions Act, 1992, (SDA) is a relatively simple one. You can printout the simple forms and complete them in a short time, or visit your attorney and get it done. Either way you should do it.

Typically spouses will each prepare two Continuing Power of Attorney appointing each other as their attorneys - one for health and one for property. Click on this  Continuing Power of Attorney

Wondering how much will it cost to 'close' the transaction? Click on this link Closing Cost Calculator

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