Wills Lawyer in Mississauga
WILLS LAWYER IN MISSISSAUGA
LAW FIRM: WILL PLANNING & DRAFTING
What Issues Do Wills Cover?
- Guardianship of dependants
- Appointment of an Executor
- Funeral Arrangements
- The distribution of property and assets
Protect Your Wealth & Loved Ones
Regardless of what your finances look like, it is always advisable to draft a Will to ensure that your wishes are carried out the way you envision them to be carried out. Once you are ready to discuss the possibility of drafting a Will, the lawyers at our law firm can advise you on the various options you have available to you and create something that is suitable to your specific needs.
Setting up a Will does not need to be a grave or tedious process; our legal team can work with you to achieve your goals at a reasonable price and at a time that is convenient for you.
Estate Costs Which You Should Consider:
Probate fees are fees associated with ensuring that your Will is legally approved by the courts in Ontario. When your probate fees are calculated, the Executor of your Will is typically appointed as well. In assessing the amount of your probate fees, our lawyers will go over your expenses. Generally speaking, if you have a condominium that is worth $250,000, your probate cost will most likely exceed $3000. Given the high cost of probate, our lawyers make the utmost effort in minimizing the amount of your fees and by ensuring that your estate goes to whom or where you wish it to go to.
Tax on Capital Gains
Capital Gains are profits made from the sale of a piece of property or the profits made on an investment. If you own property or have investments, you may have noted capital gains on your previous income tax returns. If you had a capital gain on your return, your accountant may have deferred part of it by claiming a reserve, or your accountant may have reduced all or part of it by claiming a capital gains deduction. When you draft your Will, all capital property and investments are disposed of, after your passing. After your passing, your Estate covers the tax on any capital gains. For capital losses, your Estate covers these as well.
Tax on Tax-sheltered Savings Plans
Tax-sheltered savings plans are plans such as RRSPs and RRIFs. You may have heard your bank discuss the possibility of setting up an RRSP (if you do not already have one). Both RRSPs and RRIFs can be transferred to your spouse, in a Will. RRIFs are Registered Retirement Income Funds. As these types of savings plans have been created in order to grow savings tax-free, such accounts can be transferred tax-free to your spouse’s plan. If you do not have a spouse, these savings become fully taxable after your death.