WILLS, TRUSTS AND ESTATES
WILLS, TRUSTS AND ESTATES
WILLS AND ESTATE LAWYERS IN MISSISSAUGA
What Is A Will?
A will is a legal document that outlines the way in which you want your estate to be allocated once you pass away. Your estate encompasses what you own (assets) and what you owe (liabilities). A current will can help your estate representative deal expediently with your estate when you pass.
You are not legally bound to prepare a will; however, without a will the laws in Ontario will determine how your estate is allocated. Therefore, it’s wise to get professional legal help to create a will. Tailor Law wills lawyers can help make sure that all of your documents are prepared and witnessed correctly.
What Is A Trust?
A trust is a vehicle for holding and passing on family property, and in effect is nothing more than a relationship. It occurs when one person (the deceased or living trustor) gives property to another person (the trustee), to manage on behalf of still other people (the beneficiaries).
The two main types of trusts that can be set up are a living trust and a testamentary trust. A living trust goes into effect during the trustor’s lifetime. A testamentary trust, on the other hand, goes into effect after the death of the trustor.
A testamentary trust is established by the will of a deceased individual, who has named the trust as his or her beneficiary. The testamentary trust is a provision made in the will that instructs the executor of the estate to create the trust upon the death of the trustor. After the trustor passes away, the will must go through probate to determine its authenticity before the testamentary trust can be created. After the trust is created, the executor follows the directions in the will to transfer property into the testamentary trust.
What Is An Estate?
An Estate makes up the assets, property, and debts of a deceased person. If a person passes and leaves behind a car, bank account, and several pieces of property, all of these items will belong to the estate once that person passes away. This also includes debts, which means that all debts, liabilities, and any mortgages, must be paid off prior to the beneficiaries receiving anything that has been set aside.
A beneficiary is the person/persons who are named in the trust or will that has been left by the deceased. There can be more than one beneficiary assigned. A beneficiary may have to share the proceeds at the time of the disposition, based on the instructions of the deceased individual.
Common Estate-Related Issues
The most common legal issues include those concerning taxes to be paid on estates, representatives and other professionals that must be contacted in the estate administration, the distribution of the estate, and any claims made against the estate. Regardless of whether your question is simple or complex, Tailor Law’s team of estate lawyers are here to provide easy, accessible services that meet your specific needs.
How Is An Estate Distributed?
An estate is typically distributed based on the instructions of the will. Ontario’s Succession Law Reform Act sets out how the estate will be divided and distributed. In understanding Ontario’s Succession Law Reform Act, the legal team at Tailor Law will detail the distribution of the will and outline various scenarios in which the involved parties could be entitled to making claims of the estate.
Lawyers Who Are Careful, Resourceful, And Efficient
Estate law is an area that deals with the distribution and management of a deceased person’s assets and possessions. The Tailor Law team’s approach when providing advice is simple: we offer honest and candid counsel to pursue suitable results on any given issue. We begin this process by providing a free consultation on your issues, goals, and objectives.
We understand that these topics can be daunting, and as such, we’re here to meet your needs with support and services such as: estate administration, estate litigation, planning, distribution, and various other related tasks. Our estate lawyers serve clients in Mississauga, Toronto, Oakville, and throughout the GTA. Please give us a call at any time of day to schedule your free consultation.