Writing a Will is very important because it’s the only way you can be sure that your estate will be handled the way you want it to be handled. However, both your assets and your feelings may change over time, and Wills need to be revisited on a regular basis to make sure the Will is reflecting exactly what you want as time goes by. Here are some important points to consider when revisiting your Will. Personal Effects Do you know what you want done with your personal effects? Will they be going to the right person? You will want to be sure that your personal effects will be handled the way you want. If you want a friend or relative to have something of [...]
In a pandemic people need to think about their estate planning. Is what they have in place sufficient? It is always a good idea to review your estate planning documents on a regular basis, but particularly after major life events such as marriage, divorce, children, the passing of a loved one or Covid-19. An estate plan typically consists of three major pieces: Last Will and Testament – this takes effect after you pass. Power of Attorney – this only has effect while you are alive and appoints people to help you manage your financial and legal affairs. Representation Agreement – this only has effect while you are alive and appoints people to help you with your personal care and health care decisions. It is recommended [...]
As an Essential Service, our office is open for business Monday to Friday from 9:00 a.m. to 5:00 p.m. In efforts to comply with the requirements of Social Distancing, our office is providing a “Drive Thru” Notary Service which is conducted as follows: Instructions are received via telephone/video call/email to reduce our physical contact. Documentation is provided to the clients by email prior to their appointment for review. Upon arrival at our office, clients are asked to call to advise they have arrived and the Notary or our office contract Lawyer will meet with the clients at their vehicle. Our office is continuing to work hard to meet clients needs in this ever-changing world. Please note that our office is also open for Estate Planning. [...]
Our team is committed to continuing to provide you with our services within the social distancing guidelines recommended by both the federal and provincial government. Please contact us to see how we can best assist you either by phone at: 604-531-2611 or email at firstname.lastname@example.org. Thank you and be safe.
The terms Encumbrance and Lien are often used interchangeably, but they are not the same thing. In simple terms, a Lien is a type of Encumbrance. So, all Liens are Encumbrances, but not all Encumbrances are Liens. ENCUMBRANCE An Encumbrance is a broad term that means a claim against someone’s property. It’s a term often used in real estate, but Encumbrances can be against other types of personal property like cars or boats. The Encumbrance can be financial, such as money owed, like a mortgage, or it can also be non-financial, such as an easement or right-of-way. LIEN Lien is a narrower term that refers to a special type of Encumbrance. For example, with regards to property, we often hear of a tax Lien. A [...]
In broad strokes, estate planning is making plans for the transfer of your estate after death, part of which often involves writing a Will. A Will is the legal document that takes effect upon your death and it describes how you wish those assets flowing through your Will are to be distributed, and it appoints an executor to manage this process. Not all assets may flow through your Will. Estate planning covers assets that flow through your Will and those assets that are distributed outside of your Will. WHAT GOES INTO ESTATE PLANNING? 1. Taxes One of the most important parts of estate planning is determining what, if anything, you can do to reduce the taxes that will be due on your estate. With some [...]