No one wants to think about death or incapacity, but it’s important to have a plan in case something happens.

Unfortunately, most people don’t have an estate plan and they often find out too late that they should have created one. This can lead to family conflict and a loss of assets.

Beganyi Professional Corporation Law Firm can help you create an estate plan that will protect your loved ones and assets in the event of death or incapacity. We appreciate the sensitivity and care required in dealing with your wills and estate matters. By taking a comprehensive approach to the planning process, we are able to assist you in arranging your affairs in a manner that avoids ambiguity, unnecessary probate taxes and potential litigation.

A basic estate plan consists of a last will and testament. A more comprehensive estate plan will also include a power of attorney for property and a power of attorney for personal care. A more complex estate plan may also include multiple wills, trusts, estate freezes, estate related real estate planning, incapacity planning and special-needs planning.

A Last Will and Testament details the transfer of property after death. A well drafted will:

1. Help you ensure that your assets are distributed as you would life;
2. Allow you to name guardians for your minor children;
3. Help you establish trust for children and other beneficiaries, as may be required;
4. May lower your probate and minimize taxes; and
5. Provide for the interest of your common law partner or spouse.

A Power of Attorney for Property is a written document in which you give someone the power to make decisions about your property and finances. This document can be drafted as part of your estate planning process or to assist you with managing a specific transaction like the purchase of a home. Whatever the reason, our office can assist you with drafting a power of attorney for property.

A power of attorney for personal health allows you to name a person that can make decisions about your health care, housing and other aspects of your personal life (such as meals and clothing) if you become mentally incapable of making these decisions. Our office can work with you to ensure that you are taken care of by someone you trust in the event you’re no longer able to make those decision yourself.

In some cases, a trust may be a more effective estate planning tool than a will, particularly where there are significant assets to manage and beneficiaries who require protection from themselves or others. We can prepare estate plans for you that utilize trusts with appropriate drafting documents such as a mutual will trusts, bare trusts, charitable trusts,  and testamentary trusts.

An estate plan should also include beneficiary designation forms for all of your important accounts including RRSPs, TFSAs, RESPs and life insurance policies. Our office can assist you with making the appropriate arrangements with various institutions to ensure that the beneficiary designations at those institutions accurately reflect your wishes and desires.

If you don’t have an estate plan in place or are seeking to review your existing planning, we would be pleased to assist you.

At Beganyi Professional Corporation Law Firm, we want to make sure you are comfortable with the estate planning process. That’s why we offer free twenty-minute consultations where you can meet with Ladislav face-to-face at no cost or obligation whatsoever! Our goal isn’t just to provide legal services; we want everyone who comes into contact with Beganyi Professional Corporation Law Firm is informed about and has a full understanding of their choices and options. Contact us today if you would like more information about our firm, our estate planning services or any of our other services!