Wills & Estate Lawyers HALIFAX, BEDFORD AND TANTALLON

Many clients with a high value estate (near or more than half a million dollars) request us to consider minimizing the taxes and probate fees.  This can take some more time and for this situation, we offer an Advanced Estate Planning Package.

A Will must meet specific draing and signing requirements in order to be legal. Therefore, it should be done with a lawyer to ensure its validity and to ensure your wishes cannot be overturned.

The benefits of using an estate planning lawyer may include:

• reducing probate fees
• ensuring a valid W ill is drafted
• ensuring your children are emotionally and financially taken care of
  upon your death
• dividing your estate according to your wishes.

A Wills and Estate lawyer typically prepares three documents: a Will, a Power of Attorney and a Personal Directive (Living Will). These documents appoint someone to step into your position if you are unable or unwilling to respond.

A Will appoints a legal representative aer death. A Power of Attorney appoints an alternate financial decision maker to act for you while you are living. A Living Will/Personal Directive appoints someone to make your medical decisions if you cannot make them yourself.

A Wills and Estate lawyer must file extra court paperwork (i.e., an “application”) in probate court to appoint a person to handle the estate. These applications typically cost between $2,000 and $3,500.

An executor (personal representative) is an individual appointed to carry out the instructions in your Will. Their power takes effect immediately upon your death.
They are responsible for implementing the directions in your Will. They ensure the payment of debts and then transfer your assets to the beneficiaries.

After death, a Will sometimes needs to be submitted for probate, particularly when financial institutions like banks or investment companies are involved. These companies typically require legal recognition from a court that they can release funds to the executor/personal representative named in the Will.

Sometimes probate can be avoided when spouses make sure all titled documents such as bank accounts, deeds and motor vehicles are made joint. See our advanced state package for more information on avoiding probate. 

If there is no Will, an administrator must be appointed through probate court to distribute your assets and pay your debts. Asking the court to appoint an administrator (executor) can cost in the range of an extra $2500.

If you do not have a Power of Attorney and you were incapacitated, a lawyer would have to submit a guardianship application to the court. The court would appoint a family member or a friend to take over your finances.

The application typically costs $5000 and this is when there is no dispute within your family about who should be appointed guardian!

Avoiding a court application, the Power of Attorney simply states who you want to conduct your financial affairs. It can be revoked at any time by you by destroying it. You should, however, notify the banking institutions or other institutions that have relied upon it.

The Intestate Succession Act of Nova Scotia governs what happens to people's assets without a Will. Who gets what depends on whether you are married and have children.

The biggest risk in writing your own Will is that it won’t be considered a valid Will. An incomplete or incorrectly witnessed Will can be the same as having no Will. For example, if one of the witnesses forgets to initial one of the pages of the Will, probate court will consider everything on that page invalid. 

An invalid Will will not take care of your children or your assets according to your wishes. An invalid Will can lead to fighting among family members.