At Pranzitelli Law Firm, we understand the importance of estate planning and estate administration. It is not easy to sit down and think about what will happen your family and who will get your assets when you pass. However there is nothing more important for your family and friends, then planning your estate as soon as possible. Making the tough decisions now, will save your executors from making even tougher choices once you have passed, often in an emotional time. Our clients are always surprised as to how easy and painless we make the process. Unfortunately, many people wait too long to prepare their will, and sometimes they are never able to, due to loss of capacity, or sadly, an untimely death. This can create havoc and further pain for your loved ones. It may even result in leaving many decisions up to the Courts, and not the person of your choosing.
At Pranzitelli Law, we prepare a comprehensive Last Will and and Power of Attorneys package, to ensure that you not only have your estate planned out once you have passed, but have also designated your power of attorneys. should you become incapacitated. We are also happy to help with estate administration with or without a will, although the ladder is a much longer, and expensive route! You already have your family’s best intentions at heart, make the next step to protecting them and call Pranzitelli Law Firm today.
A Last Will and Testament can be the most important document you ever create. It can determine who will administer your estate, who will take care of your children when you are deceased and exactly how you want your wealth distributed. Having a will is vital to ensure that your affairs and your family are looked after in accordance with your instructions. We can help you craft your Will to minimize the fees and taxes your estate pays, leaving more for your loved ones.
Not completing a Will may lead to a difficult, long and onerous road for your loved ones, as they be forced to navigate their way through the Courts, arguing what they believe were your intentions with their estate. Avoid deliberating and don’t place the expensive and stressful burden on your loved ones, contact Pranzitelli Law Firm today to complete your Will!
Pranzitelli Law also provides you with a set of Power of Attorney documents as part of our Wills Package. Power of Attorneys are vital to ensure that you and your family are cared for, in the event you lack the capacity to make the vital decisions for yourself and your family. By appointing a Power of Attorney for Property and a Power of Attorney for your personal care, you are empowered with the ability of deciding who will oversee these duties in the event that you are unable. Call Pranzitelli Law today for a free consultation.
When an individual passes away with assets in their name, such as a house, bank account, vehicle, securities or other assets, then Probate is required in order to transfer these assets into the hands of the beneficiaries of the estate. Probating a Will is essentially a a legal process which seeks to confirm the validity of your will and the appointment of your executor or executors. If you don’t have a Will at the time of your passing, your estate will still need to be probated, however it will a much longer, tedious and expensive process for your estate, as you will first have to have the Court appoint an administrator of your estate.
Choosing an executor (in your Will) is a very important task, as you will be entrusting this person(s) with administering your estate with the Courts. This executor will also be in charge of ensuring that your debts are paid, probate taxes are paid and all assets are accounted for and distributed eventually. Now, while it is possible for someone to probate their will without the assistance of a Lawyer, this is not recommended, as there are many details and steps which need to be taken, in order to avoid delays and additional costs.
The process of obtaining Probate, involves the executor and other agents, obtaining all the required documents and asset information and providing that to their Estate Lawyer. The Estate Lawyer will use these documents to formulate the Estate Court Forms, have them approved by the Executor, serving necessary documents, and then submitting these documents in conjunction with the Estate Administration Tax (Probate tax) estimate and other corresponding documents. Once it is approved by the Court, the presiding Judge (or Registrar) will execute a Certificate of Appointment of Estate Trustee with a Will (or Without one). Once this document is received the executor can safely distribute the assets in accordance with the Instructions in the Will. An Estate Information Return will also have to be filed within 90 days of the Certificate being Issued. Unfortunately, most jurisdictions in Ontario are quite backed up, and once the application is submitted to the Court, it is likely to take 2-4 months in order to receive the Issued Certificate. It is important to note, that often it takes more time, gathering all asset documents, sending out the required notices and preparing the Estate Court Forms to be Submitted.
Often there is confusion around probate tax in Ontario and whether or not Probate tax has to be paid for an estate. It is confusing as there is no “death tax” in Ontario as there is in other jurisdictions in the works. Alternatively, we do have to Estate Administration Tax in Ontario, also commonly referred to as Probate Tax. The tax in Ontario is typically not a big concern as the rate of tax is cumulative and tops out at a maximum tier of 0.5%. Therefore, currently in 2020, the Estate Administration Tax on an Estate valued at $1,000,000 is $14,250.00. You can calculate the amount of Estate Administration Tax here using the Ontario Estate Administration Tax Calculator.
If you or a loved one needs assistance with processing an estate, call an experienced Estate Lawyer at Pranzitelli Law Firm Today. We offer a free 30 minute consultation, and can discuss all fees in detail with you, before a retainer is signed. Call us Today.