Estate planning is a lot about having a will and more. It requires a good amount of planning to help alleviate the financial impact of your death on those that you leave behind. By spending a few hours and dollars every now and then, you can save the loved ones from paying at least 35 per cent of estate taxes. In a well created estate plan, you may be able to cut down on the tax bills and help your loved ones understand and prepare for any issue that arises with the sale of an estate.
You may die without a will and that may be a troublesome situation. In certain countries, similar to Canada, this is called dying intestate. Your relatives may go through probate and often claim ownership of the assets and even fight with others for it. The state often determines the way the property will pass hands and go on to heirs. If the heirs are able to fit the state’s way of things, then your property will automatically pass onto the state upon your death.
In case you have an estate will, this can prevent such an eventuality. The assets are then subjected to timely and costly probate processes that can involve court involvement.
When planning for an estate will, you can actually have a guardian care for the dependents and beneficiaries in case you die. There is an overwhelming responsibility that helps select guardians and then get their consent before it is listed in the will. The ultimate decision in terms of the guardianship si determined by court and often give a lot of priority to the parent’s decision and intent in the will.
Estate planning comes to be very important , hence to know more about estate planning Notarizers can guide you.
Contact Notarizers by email at firstname.lastname@example.org or by phone at 416-782-5926 if you require Estate Planning, Wills, Trustee, Powers of Attorney services
The power of attorney is a legal document that helps grant permission to someone you choose to act on your behalf when you are not around. In case you are mentally incapacitated, there is the concept of the durable power of attorney, which is common in the medical care and finances sectors. A durable power of attorney effectively allows the document to be in effect in case you become incapacitated and cannot handle your matters on your own. The ordinary or the “nondurable” power of attorney ends when the person loses mental capacity.
With the medical power of attorney, a new healthcare directive comes into play. This is a document that sets out the wishes for healthcare when the person is too ill or injured and cannot speak on his or her own.
This kind of the power of attorney is also called a “durable power of attorney for healthcare”. This arrangement involves a trusted person who will oversee the medical and healthcare decisions for you in case you are not able to do so on your own. Depending on the area where you live and the individual you call your “agent” or the “healthcare proxy”, he or she works to get you the kind of care you want to receive. This agent organizes the care for your health and is bound to make sure your treatment preferences are taken into account and you receive the best possible care during times of dire need.
A lot of times, the durable power of attorney for health care along with healthcare declaration are merged to give rise to a combined health care directive.
For further information about power of attorney for healthcare, please contact Notarizers by email at email@example.com or by phone at 416-782-5926.
Victor Opara. Victor Nnamdi Opara
Having a will is must if you are old or you are an inheritor of a large property. Even if you are not rich enough, you need to make a will that helps split your belongings among your next of kin, children and spouse. If you do not make a will now for your descendants to implement, your family might encounter several obstacles when you have passed away. Here are the top 3 reasons why you should have a will:
1. It is essential that you nominate a guardian for your children. It is absolutely imperative that as a parent, you pass on the last will to your children and ensure that there is a guardian for the execution of the will till the children are of adult age. The Will needs to be looked after by a responsible person who cares for your child with love and trust.
2. Having a Will is also about appointing a guardian for your business too. This is a great way to pass on the reins of the company to the heirs you think are suitable for the business. Nearly 70 per cent of family owned businesses do not last past the first generation of owners and the main reason is lack of estate planning.
3. Having a Will also enables you to distribute the heirlooms and assets you have for your family members. The distribution of the classic cars or the savings and a decision on who receives your belongings, are a must when you die. You need to build on a Will because your loved ones need the assets to survive when you die.
In case you are an individual who wants his property to be distributed to charity, you need to have a specific Will that explicitly explains that. Giving up assets for charity is often a great reason to make a Will. Would you like to make a Will? visit us for more at www.notarizers.ca.
For further information about why you should make a will now, please contact Notarizers by email at Info@Notarizers.ca or by phone at 416-782-5926.
Notarizing a power of attorney involves the work of a notary public who authenticates and ratifies the identity of the person signing the document.
- A notary public or a legal authority also witnesses the document being signed.
- Notarizing any legal document helps deter crimes and frauds.
- Notarizing a document also assures others that the signature in the document is authentic.
A proper power of attorney requires the presence of two parties – the principal or the person signing the power of attorney and the agent- the person who is given the power to carry out the duties on behalf of the principal. It should be noted that in some jurisdictions, however, a proper power of attorney only requires the signature of the principal. The power of attorney gives the agent the power to help the principal take care of the financial matters and also take care of health care needs. The power of attorney then becomes operational and effective when the principal is ill or invalid mentally or physically.
If the principal dies, the power of attorney is revoked automatically. A notary public on the other hand carries out public functions and prepares acknowledgment that is attached to the power of attorney. A correct power of attorney requires the principal to appear in person in front of the notary public and append his signature on the document and then swear or affirm that he has done so willingly and without duress. The principal prefers to make the details of the document to take effect. After the principal signs the power of attorney and considers the provisions of the document as valid, the notary public witnesses the signing and also acknowledges the right to penalize the principal in case of a perjury and stamps his seal on it.
In case of a power of attorney for healthcare or personal care, it is often operational in conjunction with the living will of the principal. The document then states the wishes of the principal and states the end of life medical care facilities too. For further information about the notarization of your power of attorney, please contact Notarizers by email at Info@Notarizers.ca or by phone at 416-782-5926.
The legal relationship between the guardian – a person who has been appointed by the court to manage and look after the property of a person, better known as the ward who does not have the legal capacity because of many reasons such as age, disability, self control and comprehension etc.
The term guardian often refers to a person who manages the affairs of a person who is not able to take care of his own monetary affairs. In most cases, this ward is the infant who is below the age of an adult or is disabled or mentally incapable of taking care of himself despite physically attaining the age of an adult. Most children below the age of 18 and 21 years have a legal guardian to look after their assets and financial well being as well as adults that are mentally challenged.
The courts often appoint guardians to take care of the property and personal well being of adults that are not able to take care of themselves. These may include people who are incapacitated due to physical and mental problems, alcohol and drug abuse as well as other forms of disability. The entire conservation of the property and overseeing the day to day personal care of the ward is the job of the legal guardian. In many ways, the term conservator is also used to designate the guardian who is managing the property of an adult who is not in a position to do so.
There are two types of guardians – one is the guardian for property and the other is the guardian of a person. The guardian has the custody of the ward and takes care of the daily needs of his ward. The guardian then manages the property as per his rights and carries out the duty to hold and manage property belonging to the ward. In certain cases though, the ward and the guardian together divide responsibilities among themselves and carry out monetary responsibilities.
For further information about the legal responsibilities of the guardian of a property, contact Notarizers by email at Info@Notarizers.ca or by phone at 416-782-5926.
A comprehensive power of attorney is a well organized and customized power of attorney. In a financial power of attorney, the one signing the power of attorney can delegate an authority to act on his behalf in making certain financial decisions. This does not mean that the person assigning the authorities has got no powers. Here are some benefits of a comprehensive financial power of attorney.
1. Select the Person You Want To Act on Your Behalf
Keeping a comprehensive financial power of attorney helps you select the person you want to act on your behalf instead of allowing the court to do so for you. The person in charge can act only if you have become incapacitated. If there’s no power of attorney, it would take a lot of time, efforts and costs for you to assign one when it becomes necessary as you may not be mentally and physically capable to provide the authority at that time.
2. Lets You Discuss Your Wishes with Your Family Members
When you have decided to sign a durable power of attorney, you would have ample time to discuss with your family members on the issues covered in the power. This will help you take a mutual decision towards selecting the agent you want without creating any dispute in the family. Read more in details why power of attorney is actually needed.
3. Asset Protection Planning Is Well Timed
In order to carry out proper planning, a comprehensive power of attorney is needed to assign the necessary powers of the person selected. Inability to do so might cause you to lose money, due to poor timing of the asset protection planning.
4. Provides Complete Peace of Mind
If you are ill and not able to make important financial decisions, under such conditions a comprehensive power of attorney will help you opt for the right person who can make decisions on your behalf. This provides peace of mind to family members as they can stay away from the basic hassle that might be created when you get ill. Read few common types in power of attorney in Canada
5. Gives Authority to Your Agent
In the event of your sudden illness, the agent in charge of the comprehensive power of attorney will have the right to talk to the banks, hospitals and clinics as well as make proper arrangements for your health care and upkeep. If there’s no one to make these crucial decisions, banks, hospitals, clinics and other organizations may refuse to release any information that would help you due to privacy reasons and the fear of not being sued by you when you recover or sued by your estate if you die. This creates frustration for both you and your family members.
For further information and how to apply for a comprehensive financial power of attorney, contact Notarizers by email at Info@Notarizers.ca or by phone at 416-782-5926.
Are you thinking of migrating to Canada? Here are some tips that will help you achieve your aim during the immigration process.
1. Be Well Informed
Before you make up your mind to immigrate to Canada, it is very important to get to know the place and the work opportunities over there. You should also have the basic skills of speaking either proper English or French, which will help you in communicating with the locals. Knowing both English and French is an added benefit.
2. Arrange All Your Important Documents
Important documents such as passport, proof of education, birth certificate, resume, medical histories, drivers license, etc should be arranged perfectly before approaching for immigration. Make sure all the documents are in English or French. If not, get them translated to prevent delays in the processing of the documents.
3. Do Not Lie
Telling a lie or presenting false documents to an immigration officer or on the immigration form, leads to the failure of your dream to immigrate to Canada. You might also not be able to enter Canada for even few years, since you have already put up a negative impression on the officials. Stay away from people who encourage you to take short cut in your home country or Canada.
4. Make Selection On The Destination Wisely
Canada is a huge country, thus selecting a destination suitable for your needs is very important. If you are migrating to Canada in search of jobs, choose a destination that has many job opportunities, is well connected to the major cities via transportation and is quite cost effective to live in.
5. Behave Respectfully With Immigration Officials
Talking politely and respectfully to the immigration officials is necessary. If your immigration takes some time to process or if there’s any problem, it is not always the fault of the officials. So, the best way out is to discuss the situation well beforehand with your immigration lawyer and find the correct solution.
Following these few tips will immensely help you to succeed in the immigration process. For further information, contact Notarizers at www.Notarizers.ca or call us at 416-782-5926.