Wills and Power of Attorney

JimboD wrote: ↑ Hey!

In general, for a husband and wife with 2 small children, simple and straight forward... how much would a will, living will, power of attorney and rep agreement cost? via using a lawyer?

I'm guessing of you phone a couple of lawyers to ask, you'd get a price just for you.

We used / use our regular Legal Firm
They have a Wills & Estates Dept / Partner
That doesn’t just write up these documents
But advises how best to do things from a Tax Perspective as well (Estate Planning )
Last batch was about 10 years ago = $ 600
Now that we’ve retired and are getting older
And life has evolved again since …
Our parents have passed & we inherited
And there is now grandkiddies who have been born to consider
We plan to do a bit of an update

Believe that will cost us about $ 200

My best recommendation
DONT USE A ONLINE … WILLS ARE US
Sort of pkg
Go actually talk to a lawyer so they can figure out where you are in life
And better yet go to a Lawyer who SPECIALIZES in Estate Planning
And what your current needs are
(Expect to update your will at least a few times between 20 and 80 )
We did ours as newlyweds
Then as Parents
Then as Empty Nesters
And this last time will be as Retirees

Nothing makes you realize how important it is to think ahead
And be organized in this regard
Than when someone dies …
And you end up being an Executor of their Estate

Most wills written aren’t sufficient
And cause great stress for the Executor
When it comes to all the things that needs to be sorted
Bank Accounts, Debt, Investments, Personal Property, Real Estate
Dealings with Lawyers, Realtors, Accountants, more Lawyers, and Taxation

And … Relatives !!!

Unless one is an only child
There are siblings to deal with

Rare a Will satisfies everyone
Or there isn’t criticism of the deceased decisions
Or push back / hard feelings within a family

Consult a Lawyer that is an Estate Planner
And they can give you great info for the front end
To make things less stressful at the back end

And thereby save your loved ones the added grief that seems to happen far too often in these situations

Use willful. Unless you want to waste money and have lawyers rob you.

It costs nothing to appoint a POA. Download the forms and appoint the persons. It's legal and valid with their signature.

MartinaC32 wrote: ↑ It costs nothing to appoint a POA. Download the forms and appoint the persons. It's legal and valid with their signature.

IMPORTANT NOTE :
Wills - Power of Attorneys - and Directives
Have different rules (or even names) around them that can differ by Province
As they are LEGAL DOCUMENTS
And therefore fall under the Legal Requirements that can differ by Province

And not just Quebec (Civil Law) vs the rest of Canada
But all provinces & territories can differ greatly one to another

Another important reason to work with a lawyer

Example … Ontario the Marital Home is dealt with as a separate asset
Upon death it transfers immediately to the surviving spouse and is not dealt with by the deceased will or estate
This is not true for other places in Canada

Likewise … some provinces put Estates thru Probate
While others do not

All of this makes the process quite complicated
And can change taxation requirements too

Powers of Attorneys & Living Will Directives can also differ greatly by Provincial Legislation
In Ontario we have 3 types of POAs
General for Property - Continuing for Property - and a 3rd for Personal Care

Having now been an Executor several times …
In various Provinces

Again, I can not reiterate enough
DO YOUR SURVIVING LOVED ONES A BIG FAVOUR

1- Make a will (without one … you leave essentially the Govt in charge )
2- And consult a Lawyer, so the Ts are crossed and Is are dotted
And your loved ones have an easier time of it when you aren’t around to consult on what it is EXACTLY you would like to happen

JimboD wrote: ↑ Hey!

In general, for a husband and wife with 2 small children, simple and straight forward... how much would a will, living will, power of attorney and rep agreement cost? via using a lawyer?

~$200

https://www.theglobeandmail.com/investi ... in-canada/