Will, Trusts and Estate Planning 

Many Canadians do not have a will or estate plan. If they pass away unexpectedly, then they will have no say about who takes care of your children, and how your assets should be distributed. That means that you will leave it up to your family and the courts to make those decisions. Having an estate plan protects your family and avoids disagreements between family members. It also prevents them from having to deal with the courts and the bureaucracy. 

However, making a will does not have to be complex. We believe that every family needs a simple estate plan, but it should not become a financial burden for you and your loved ones. 

Protecting your under-age children

Families with young children are often concerned about what will happen to their under-age children in case the unimaginable happens. Of course, you want to protect them and make sure they have all they can live a comfortable life and are taken care of by a guardian that you trust. We will help you make the decision to select someone in the best interest of your children.

The Children’s Law Reform Act gives clear guidelines to be followed when you appoint a guardian for your under-aged children. Appointing a guardian in your will is binding for ninety days, after which the guardian needs to submit an application to make the guardianship permanent. 

We often help families set up trusts for their minor children. This ensures that their daily needs are taken care of, and who administers the fund and can make decisions on investment and spending. It also specifies how and when the children can have access to the funds directly and manage the trust themselves.

Power of Attorney

Unfortunately, people sometimes end up in a situation where they can’t make decisions for themselves anymore, for example after an illness or accident. A Powers of Attorney gives someone else the possibility to look after finance and health care decisions in the event that you are not able to. It also makes sure that your estate doesn’t incur the cost associated with appointing a power of attorney later on. 

Our lawyers are well-equipped to help you decide who should have a Power of Attorney, and act on your behalf when you can’t make decisions concerning your health or your assets anymore. 

Family Trust

For families that have established assets and wealth that they would like to pass on to the next generations, it may be advantageous to establish a family trust and decide how the assets are managed. 

By preparing this well in advance and having all relevant family members involved, you can avoid conflict within the family and also avoid the possibility of estate litigation which risks to break up families. 

Our law firm can assist with the establishment of family trusts, and with succession planning of your family business. 

Probate and Estate Administration

The executors of an estate require a so-called Probate to get access to the assets of the deceased. This is a document that allows the ownership of the assets of the deceased to be transferred to the executors so that they can execute the Will.

Right now the courts are experiencing a backlog in processing the applications. Typically it takes about a year to probate an estate.

Smits Law can assist in the process of determining the value of assets of an estate and prepare other documents to submit to the court. We also provide legal advice and direction with respect to the administration of the estate.

Call Us Now for a Free Consultation

At Smits Law we help families in Waterdown and Hamilton with affordable estate planning service. We also assist beneficiaries of a will who are concerned about the validity of a will and are considering to challenge it. Call us for a free consultation to review your needs and how we can be of assistance.