A Will is a written document that indicates how you want your assets distributed upon your death. You can distribute your assets as you think best and appoint an executor to manage the estate. They can also help you take advantage of tax deferrals and tax-saving opportunities that may arise. If you pass away without a will, your estate is divided up according to the Succession Law Reform Act. This ensures that your estate is divided up between your spouse and family members, but may mean that your estate is distributed against your wishes and it may cost more.
For more information:
The Ministry of the Attorney General can provide you with more information on their website. They have Power of Attorney kits, as well as frequently asked questions that can help you set up a Power of Attorney. For more information here is a link to their website: http://www.attorneygeneral.jus.gov.on.ca/
For more information specific to Power of Attorney, you can click on the following link: http://www.attorneygeneral.jus.gov.on.ca/english/family/pgt/incapacity/poa.asp
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