Protecting Your Heritage: A Guide from a Wills and Estate Planning Lawyer
- 4 days ago
- 3 min read
Updated: 4 days ago
Essential steps for protecting your assets and ensuring your wishes are respected in Ontario.
The first step in preparing a will is understanding what assets you own and how each asset is registered. A will can only dispose of property and assets that the testator personally owns. This means it cannot include assets held in joint tenancy, or assets excluded under prior agreements such as separation agreements, marriage contracts, investment plans, life insurance policies, and similar arrangements.
“A Will can only protect what you truly own. Understanding how your property is registered is the vital first step to ensuring your legacy reaches the right hands.”
For this reason, it is essential to prepare an inventory of your assets to determine how each one should be treated or included in the will.
The second step is to consider who should administer your estate after your passing — in other words, whom you will appoint as your Trustee (a role commonly known in many of our countries as the Administrator or Executor of the estate).
Keep in mind that the Trustee becomes the legal representative of your estate after death and will be responsible for tasks such as.
Arranging the funeral in accordance with your wishes and legal requirements
Notifying creditors and paying outstanding debts, including those owed to the Canada Revenue Agency
Managing any claims made against your estate and paying related expenses
Validating the will, a process commonly known in English as probating the will (if required), and obtaining the Certificate of Appointment of Estate Trustee with a Will from the appropriate court
Distributing the remaining assets according to the terms and conditions of the will.
The next consideration is how your assets will be distributed. In Ontario, there is testamentary freedom — meaning you may generally dispose of your property as you wish — but this freedom is subject to certain restrictions found in statutes, common law, and public policy.
“While a Will protects your interests after you are gone, a Power of Attorney protects you while you are here. A complete estate plan leaves nothing to chance.”
Why a wills and estate planning lawyer recommends preparing powers of attorney alongside your will
Ontario recognizes two types of Powers of Attorney:
1. Power of Attorney for Property
This document authorizes a trusted person to manage your financial affairs if you become unable to do so. This may include paying bills, managing bank accounts, handling investments, or dealing with real estate.
2. Power of Attorney for Personal Care
This document allows someone you trust to make decisions about your health care, medical treatment, housing, and personal well-being if you are incapable of making those decisions yourself.
Without valid Powers of Attorney:
Your family may need to apply to court for authority
Decisions may be delayed
Someone you would not have chosen may end up making decisions for you
Preparing these documents at the same time as your will ensures that your wishes are respected both during incapacity and after death, and that the people you trust are legally empowered to act on your behalf.
A wills and estate planning lawyer will advise you on how to properly structure the distribution of your assets, help you minimize the risk of future claims by beneficiaries, and determine whether specific clauses should be included based on your circumstances. At the same time, your lawyer will also guide you in preparing your Powers of Attorney for Property and for Personal Care, ensuring that your wishes are respected not only after your passing but also during any period of incapacity. Together, these documents form a complete and coherent estate plan that protects you and your loved ones.
