The law offices of Stephen Shub will prepare a Wills Package, which includes
1) A Will
2) Power of Attorney for both Property and Personal Care
3) An Affidavit of Signature
When wills are being done in our law offices, we focus strictly on methods of distribution of whatever assets you own at the time of death (rather than using estate planning methods for tax reduction, for which you should consult an estate planning specialist). No one can predict the future regarding whether one might end up, (at the time of death), with $5 million or $5 in net assets.
An example of a typical formula for distribution of assets by a husband and wife (married for the first time) with two children would be that each spouse leaves everything to the other spouse. However, if both die (for example, in a common accident), all assets might be left to the children in equal shares, to be held in trust for such children until each reaches an age specified by you (we normally recommend age 21). Until such age, the trustee(s) (named by you) can use the funds for the education, health and welfare of your children.
NOTE: Of course, you can develop your own formula for distribution of assets since the above-mentioned formula is only an example. Wills can be changed any time (before death, of course!).
In Ontario, The Substitute Decisions Act of Ontario allows you to appoint a trusted individual(s) (over 16 years of age), in advance, to make decisions for you if you become mentally incapable. This type of power of attorney gives a person of your choice the authority to make decisions about your PERSONAL CARE should you become mentally incapable. Decisions about personal care involve things such as where you live, what you eat, and the kind of medical treatment you receive. You may give your attorney special instructions about the particular kind of care you want or in fact do not want (sometimes this power of attorney is called a Living Will).
WARNING:
Giving any power of attorney is a serious matter. You are giving the person you appoint significant power over your property and/or health care. There is always a risk that your attorney could misuse this power. If you have any doubts about the motives or ability of the person you are considering (or are under any pressure from your proposed attorney) do not appoint that person. It is your decision and you must weigh it carefully. In each case, you may appoint more than one attorney, so that both may be required to sign for you.
Wills done at our office now include a document called an Affidavit of Execution of Will (“Affidavit”). This Affidavit is a sworn statement, under oath, by the person who witnessed the signing of the will. The signed Affidavit serves to simplify the probate process in the event the witness(es) is not available at a later date.