Wills & Estates

Wills & Estates Planning in Ontario

Equity Law Firm LLP excels as a leading authority in the multifaceted sphere of wills and estates law. Our steadfast commitment to excellence enables our seasoned legal experts to steer clients through convoluted procedures. We offer peace of mind, securing your legacy.

When it comes to planning for your family’s future, opting for Equity Law Firm LLP is not just a wise decision, but crucial. Confide in us for your legal needs. As a team, we’ll tackle the challenges you may face, fulfilling your wishes and shielding your loved ones.

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Wills and Estate Planning

Life’s uncertainty necessitates preparing for what lies ahead, no matter the circumstances. A succession plan is essential, irrespective of your estate’s size, the worth of your possessions, or your marital or parental status.

For over three decades, our estate lawyers at Equity Law Firm LLP in Toronto have assisted clients in safeguarding their estates and devising succession strategies. Our team is committed to understanding your immediate and long-range objectives, familial relationships, and unique situations in order to create a bespoke estate plan. As you invest your life in amassing your estate, trust our proficient legal experts to ensure the realization of your desires, granting you serenity.

Estate Planning: Wills

Delineating the allocation of your assets posthumously is vital to guaranteeing the well-being of your family and loved ones after your departure, as well as ensuring your assets are apportioned according to your wishes. A will stands as the optimal method for communicating your postmortem preferences. An expertly crafted, current will ought to serve as the foundation of your comprehensive estate plan.

In the absence of a will (termed “dying intestate”), intestacy regulations come into play, leading to an equitable division of your assets among your surviving kin (e.g., spouse, offspring). This could potentially deviate from your desired distribution. Furthermore, until an executor is designated, your estate remains inaccessible, preventing family members from obtaining necessary information to cover mortgage payments, taxes, and other liabilities, ultimately jeopardizing their financial prospects.

Equity Law Firm LLP is dedicated to precisely incorporating your intentions in a tailor-made, routinely revised will. Our tactful, empathetic, and proficient Toronto wills attorneys engage in in-depth discussions with you to grasp your aspirations, apprehensions, and distinct conditions. Our aim is to devise a will that optimizes wealth transfer to your beneficiaries while curtailing potential legal and fiscal hazards.

Business Succession Strategy

As an entrepreneur or business proprietor, contemplating the trajectory of your enterprise is essential. A meticulously crafted succession blueprint can tackle unforeseen incidents (such as accidents, illness, or demise), facilitate seamless business transfer, and bolster your family’s financial stability.

For over four decades, Equity Law Firm LLP’s accomplished estate and corporate attorneys have guided business owners in forging their company’s legacy. Catering to businesses of various scales and sectors, we employ our proficiency and acumen to mitigate risk and prime the enterprise for sustained expansion and prosperity.

Legacy Preparation

Inheritance planning constitutes a crucial aspect of a comprehensive estate strategy, serving as an effective way to secure your offspring’s future after your passing. It is imperative to approach inheritance planning with caution to avert legal and financial complications, taking into account numerous potential scenarios.

Considerations include:

Safeguarding your child’s inheritance from their partner
Reducing probate and related tax consequences
Contemplating pre-mortem cash gifts to your children
Integrating inheritance planning with your overarching estate plan

It is essential to consult an experienced estates attorney for a thorough discussion of these matters. At Equity Law Firm LLP, our over 40-year track record of assisting clients in planning for their children’s financial welfare speaks to our strategic, practical, and well-informed approach. Our goal is to protect the best interests of your loved ones.

Plan for Peace of Mind

Addressing life’s uncertainties through comprehensive estate planning, encompassing wills, business succession, and inheritance planning, is vital to safeguard your assets and provide for your loved ones. We offer seasoned expertise in these areas, ensuring that your intentions are respected, risks are mitigated, and your family’s financial future is secured. With a thorough understanding of individual circumstances and objectives, we create plans to meet the unique needs of each client, ultimately providing peace of mind in the face of life’s unpredictability.

Survivorship Applications

A survivorship application is a document which outlines your rights and protects multiple owners of a single property in case something happens to you or someone listed on your property title.

Right of survivorship

Right of survivorship is a right of full ownership granted to tenants who are listed on the same property when one of them dies. Upon the death of a joint tenant, the surviving owner(s) are automatically granted equal portions of the home that was once also owned by the deceased. A right of survivorship overrides whatever is written in the deceased persons will or any other process that divides their estate.

Survivorship Application Fundamentals

In order to successfully complete a survivorship application, the tenant(s) will have to provide an original copy of the deceased tenant’s death certificate. A death certificate can usually be obtained from the funeral home. Upon providing a death certificate, at Equity Law Firm LLP Real Estate Lawyers, our team of legal associates will conduct a title search, thoroughly explain (informing you of your rights) and assist you in the process of signing the documents to ensure a seamless and successful registry of your survivorship application. At Equity Law Firm LLP, we will be with you every step of the way, contact us for your survivorship application inquiries today.

Powers of Attorney

A power of attorney (POA) is a legal document giving one person the power to act for another person in regard to property, finances, or medical care.

A POA document states a person or organization you name to act on your behalf in regard to handling transactions when you are out of the country or physically and or mentally incapable. There are two types of POA’s; durable POA and non-durable POA.

Durable vs. Non-durable POA

Non-durable POA: Grant someone the power to close on real estate in your name if you are out of the country.

Durable POA: Grant someone the power to make financial decisions on your behalf even if you become mentally or physically incompetent.

Why you need a power of attorney

The power of attorney mitigates long-term stress in the event of illness or disability, or when you cannot be physically present to sign necessary legal documents. Attaining a power of attorney helps prevent any costs, delays, and emotional distress.

In the case where you choose not to opt for a power of attorney, the court will automatically appoint a guardian who may not be in line with your wishes. Unlike a court-appointed guardian, if you attain a power of attorney, all activities between you and the power of attorney are confidential and will not be accessible to the public.

Prevent future distress and contact our trusted team at Equity Law Firm LLP real estate lawyers to attain a durable or non-durable POA today.

Trusts

Trusts serve as potent estate planning tools, providing a robust framework for managing wealth and assets. With their inherent adaptability, they can accommodate a wide array of assets, maintain privacy, and offer tax benefits. Importantly, trusts are effective in safeguarding vulnerable family members and ensuring the smooth transition of assets across generations. In the hands of a skilled professional, a well-structured trust can tackle the complexities of estate management, safeguarding your family’s financial future for years to come.

Why have a family trust?

Establishing a family trust is vital for ensuring the financial well-being and security of your loved ones. By thoughtfully crafting a trust, you can protect your assets from creditors, provide for children from a previous marriage, or make certain that a family member with special needs is cared for. A well-designed trust can also offer tax-saving benefits, which can maximize the inheritance passed down to future generations. In essence, a family trust is a tailored financial blueprint that accommodates the unique circumstances of your family, fostering stability and prosperity in the long run.

Trust Equity Law Firm LLP

At Equity Law Firm LLP, we pride ourselves on our extensive expertise and dedication to client satisfaction when it comes to establishing trusts in Ontario, Canada. Our team of experienced legal professionals is well-versed in the complexities of trusts and estate planning, ensuring that we craft a trust specifically tailored to your unique family circumstances and financial objectives. As a firm with a proven track record in navigating intricate legal scenarios, we are here to guide you every step of the way, providing peace of mind that your assets and loved ones are in competent, caring hands.

Probate in Ontario

Estate planning plays a vital role in securing your financial legacy by optimizing tax efficiencies, maximizing the estate’s value, and minimizing tax burdens upon your passing.

Demystifying Probate

Probate refers to the legal procedure that empowers an Executor to represent the deceased person’s interests. This process entails:

Officially confirming a will as the deceased’s legitimate final testament.
Designating the Executor responsible for the estate.

Circumstances Requiring Probate

Not every situation calls for probate. Nonetheless, it becomes essential when:

Court validation is needed for the will or selection of the Executor.
The estate comprises real estate not automatically transferred to a specific individual, such as the deceased’s spouse.
A financial institution or bank mandates probate.

Understanding Probate Fees

Probate fees follow this structure:

$0 for each asset up to $50,000.
$15 for each $1,000 of estate assets exceeding $50,000.

Probate is applied to assets like:

Real estate (excluding encumbrances like mortgages).
Investments (excluding those with designated beneficiaries, e.g., RRSPs, TFSAs).
Bank accounts (excluding jointly-owned accounts).
Collections (artwork, coins, etc.).
Furniture.

Probate fees are assessed based on the fair market value of these assets at the time of death.

Why Choose Equity Law Firm LLP for Your Estate Planning Needs?

Navigating the complexities of estate administration can be a daunting task, especially during the emotional period following a loved one’s passing. At Equity Law Firm LLP, we offer compassionate, expert guidance to help you through this challenging time. Our team of experienced professionals is dedicated to providing personalized, effective estate planning solutions tailored to your unique needs. With Equity Law Firm LLP by your side, you can trust that your estate planning is in good hands, ensuring peace of mind for you and your family.

Meet Our People

Thomas McGreggor

Principal Partner

Angie Maccarone

Licensed Paralegal/Law Clerk

Angela Barrientos

Business Development Consultant

Why You Need a Will

Writing a will is essential. It protects your assets, takes care of your loved ones, and gives you control over your estate’s distribution. Without one, the government steps in, applying provincial laws that might not suit your individual preferences or your family’s specific requirements.

A will lets you pick trusted people to manage your estate, designate guardians for minors, and donate to charities. In short, you gain peace of mind, ensuring your hard-earned legacy benefits those who matter most to you.

Do I need a Power of Attorney?

A power of attorney (POA) is vital. It grants someone you trust the authority to make decisions on your behalf, should you become incapacitated or unable to manage your affairs. Life’s unpredictable—accidents, illnesses, or cognitive decline can happen. With a POA, you’re prepared.

You get to choose who acts for you, in matters like finances, health care, or property. This legal document ensures your well-being and preserves your interests, even during tough times. Don’t leave things to chance; a POA brings security and peace of mind.

Why You Might Need a Trust

Establishing a trust can be a smart move. It serves as a vehicle to manage your assets and benefit your loved ones, both during your lifetime and beyond. Trusts can also offer tax advantages, reducing your financial burden.

Flexibility is another perk. You decide how assets are distributed, even setting specific conditions. Trusts also bypass probate, saving time and money. In summary, a trust provides control, financial benefits, and eases estate administration—worth considering for your unique situation.

Get in Touch

Call us now or fill out the form to discuss your case with an experienced legal professional.

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Wills And Estates

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Our Location

Office Location

401 Bay St. Suite 1600, Toronto,
ON M5H 2Y4, Canada
Tel: +1 416 225 2598

Office Location

401 Bay St. Suite 1600, Toronto,
ON M5H 2Y4, Canada
Tel: +1 416 225 2598