Strategic Estate Planning Law Firm
What is estate planning?Estate planning is the process of planning how a person will
divide their estate; including property and money assets, upon their death. The planning usually involves deciding who in the family will receive what piece of property and who in the family will receive what sum of money left in the will.
What is a will?A will is a legal document that defines who in the family of a deceased person receives that person's earthly possessions including their money and their property.
What is a beneficiary?A beneficiary is the person that is named in a will and receives the money or property from the holder of the will or the recently deceased person. A beneficiary can be a sibling of the deceased, offspring of the deceased, a parent of the deceased, a cousin, aunt or uncle of the deceased or a friend of the deceased. A beneficiary can be anyone that is named in the will of a person.
What is a power of attorney?A power of attorney is someone given legal power over another person's estate if the holder of the estate ever becomes mentally or physically incapacitated and cannot make competent decisions on their own.
What is a living will?A living will is a legal document that defines what a person wants to have happen regarding their healthcare if they should become seriously ill during their lifetime and cannot make the decisions regarding their life following the illness on their own.
What is joint tenancy?Joint tenancy is when two people share the ownership of a piece of property. When one of the owners dies, their share of the property is handed over to the other owner involved in joint tenancy and cannot be sold to another person without the second owner's approval.
What is an attorney?An attorney is a person that has gone through years of legal schooling, training, has passed their state's legal bar, and has a license to practice law in a certain state or states. An attorney can help people planning their estate figure out who they want to leave their earthly possessions to upon their death.
Is estate planning legally binding?Estate planning is legally binding. Terms of a will cannot be violated and if they are violated the beneficiaries named in the will might not be able to receive the property and money left in their name if they violate the will. All wills, after signed, are legally binding in a court of law.
What is an executor?An executor is the person who is put in charge of the will or estate of a deceased person and is responsible for carrying out the terms of the will upon the holder's death. The executor's responsibilities also include the distribution of the property, collection and paying debts of the will's holder, filing necessary tax forms and making sure that the estate' taxes are in proper order.
Bisceglia & Associates Professional Corporation is a law firm located in Toronto. Our lawyers represent clients in a variety of litigation areas including: corporate, commercial, construction law, debt and mortgage enforcement, creditors' rights, product liability claims, insolvency, real estate, mortgage, shareholder disputes and banking, real property disputes, professional negligence, employment, landlord and tenant, Ontario Human Rights, insurance claims, and estate law matters, to name just a few.
by: Charley Peffer
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