Wills & Estates Lawyer

One thing to remember for those who have already made a will and those who have not, is that on the advent of marriage, the Succession Law Reform Act clearly states that a previous will becomes null and void. Divorce, however, does not revoke a will. This being the case, if you are divorced from a spouse and living with a new significant other, you need to seek advice from a lawyer in regard to how to make a new will which will ensure that your estate passes on to the people who you actually want it to.

Testate succession occurs when your assets and estate pass on to people outlined in a will which you have had created. However, a will also allows you to engage in tax structured estate planning. Structured estate planning is where you and your Toronto lawyer will structure your estate in the most tax efficient way possible so as to minimize adverse tax consequences. If for example, you have a large volume of assets, you might consult with a lawyer in order to arrange the transfer of some of these assets while you are still alive. Of course, there are complicated and often changing rules surrounding income and capital gains tax of asset transfers and gifts to spouses, partners, and children. However, the right lawyer will help you navigate these, as well help you designate Estate Trustee’s to administer your estate for you

While consulting with a Toronto lawyer is essential if you would like to draw up a will, preparing a power of attorney for property or for personal care, is essential. This way, you will be able to legally mandate someone to act on your financial and/or personal behalf should you ever not be able to look after your affairs or yourself. In like regard, consulting with a lawyer is just as essential in regard to designating trustees for any part of your estate which you might leave to children under the age of 18.  Just as importantly, if you have previously drawn up a will or designated certain people to have power of attorney on your behalf but your circumstances have changed, it is imperative to act now to revoke or amend such powers and your will accordingly.  All of the above being the case, if you need to speak with a lawyer in Toronto regarding your will, make sure to reach out to us at GK Law today. We can help you with any matter regarding your personal estate.  Even better, we pride ourselves on providing only the most courteous and professional service possible.