Wills, Estate & Probate
An individual works hard throughout his life to accumulate wealth for his happy livings. However one should also remember that unfortunate events do come in life unexpectedly and we should carefully plan ahead in time to handle them.
Have you ever thought what will happen to your wealth if some uncertain event happens? Taking control of your financial future and the method through which your property should be distributed after your death, involves careful consultation with an experienced wills and estates Lawyer who understands your needs and concerns and be able to guide you in line with your wishes.
A person's "Will" is the official written document that details his desires and describes as to how his/her estate should be managed and distributed after his/her death. The "Will" takes effect after the death of a person.
Everyone may not have surviving relatives and if you die without a "Will" ( intestate) with no one to claim your estate, your property may escheat to Government. As per Section 47(7) of the Succession Law Reform Act, "if a person dies intestate in respect of property and there is no surviving spouse, issues, parent, brother, sister, nephew, niece or next of kin, the property becomes the property of the Crown, and the Escheats Act applies."
If you are living in a common-law relationship, both of you must make a "WILL". Common-law spouse is not considered spouse in the Succession Law Reform Act. And if any one dies without a "WILL" , the survivor will get nothing in an intestacy.
ESTATE
The wealth left by an individual after his death is called “Estate” which consists of many things, tangible or intangible, that you own at your death like your house, land, Business ,Goodwill, car, bank accounts, clothes, jewelry, etc. etc. If you own it, it is part of your estate.PROBATE
Similarly the term Probate or probate taxes are unknown to many especially those who have not yet experienced after death consequences of their loved ones in the family. But sooner or later, everyone has to pass through this phase.If you find yourself in midst of some legal issues after a loved one’s passing, or you are dealing with someone’s capacity to manage his finances or his personal care, consider giving us a call . We will be able to provide some practical advice to assist you through this stressful period. At Sahara Lawyer Prof. Corp. we provide a variety of solutions to your Estate planning needs. For further information or assistance, you can always contact our office at 905-794-0440.
Disclaimer - The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute legal advice. The information contained herein may not be applicable in all situations and may not, after the date of its presentation, even reflect the most current authority. Nothing contained herein should be relied or acted upon without the benefit of legal advice based upon the particular facts and circumstances presented, and nothing herein should be construed otherwise.