@jc100 we are paying $650 with my wife for our wills and power of attorney documentation here in Mississauga.
Tried a few others and they ranged from 800-1200.
Yup. I name dropped and all! And he said $850!
Two napkins are less than $5 and legal as long as you entirely handwrite everything. Hell for $2.50 you could buy a fancy napkin and make it look official. Will on a parchment getting unrolled would be quite a spectacle.I’ll see if she will shop around. I want to pay $5.
Yes. PoA is actually more important than beneficiary.While I concede the beneficiary aspect is certainly meh. Power of attorney for health/property is worth the money.
Yup. I name dropped and all! And he said $850!
He didn’t even email or contact me again. Must have felt the cheapness through the phone.
@jc100 PM if you want the contact and I’ll send you that and the intake form.
In all honesty you can probably do the intake form, get it signed with a witness and it’s as valid as any other will.
We will have 3 kids to leave things to so felt it’s appropriate to use a lawyer. Otherwise I’d just use the form and be done with it.
Dig through your employment benefits package. Sometimes weird things like will/POA are in there (or a least a few hundred towards them).Thanks but she will want a local one here in K town. I wonder if the lawyers in the dodgy part of town are cheaper?
Son of a ... I never thought of that. Know what I'm doing rest of the day (in b/w meetings of course).Dig through your employment benefits package. Sometimes weird things like will/POA are in there (or a least a few hundred towards them).
Dig through your employment benefits package. Sometimes weird things like will/POA are in there (or a least a few hundred towards them).
Also just checked...nothing there.Just looked…not totally shocked to find nothing there for this. There is a help-line…that I suppose I can call if I want useless advice from someone. When they renegotiated coverage for a new med plan they got ”counselling services” added when everyone I knew was asking for massage therapy benefits so I’m not surprised.
Ah well, worth a shot. Crap like that sometimes gets added in negotiations as the cost to add is minimal and non-recurring so the employees can claim a win and management isn't too concerned about the cost.Also just checked...nothing there.
I suspect there is wording to prevent a long delay in settling the estate (or alternatively government would want money up front). If there isnt, why not just drag things out almost forever? Just keep stacking estates that havent paid cg tax but are available for the family to enjoy.Will, POA health, POA property and estate planning should be like the fingers of the same hand working together to fight the greedy (Including the government)
Probate fees are paid on the value of the estate upon the death of the owner. As I understand it, the main government grab will be on capital gains and RRSPs/ RIFs. If there isn't cash in the estate something has to be sold to pay the bills. That could trigger another tax bill.
The cap gain on a prime residence is not taxed unless the sale of the property is deferred and the property increase in value. The CG from the time of death to the time of sale is taxed on 50% of the gain. If Granny died three years ago and the will wasn't settled until recently her $1 M house could have a CG of $500 K, and the estate owes the government the taxes on a $250 K income, order of magnitude $125 K cheque to the CRA.
A cottage would go back to the purchase price and 50% taxable on the CG added to any other income. ~25% of CG.
I think RRSPs are considered cashed the day before the death and 100% taxable because that was money that didn't get taxed when earned.
TFSA should be clear and savings interest if paid yearly so not usually a big deal.
Wondering?
If the family wanted to keep the cottage could the estate not be settled until there was a crash and the estate settled at a lower CG value for the cottage?
A cottage purchased 30 years ago could have a CG of $600 K and result in a $ 150 K tax bill. If the market crashed to the values of 20 years ago the tax hit would be substantially lower. In the mean time the cottage could be used by the heirs.
Some tips on POA:Yes. PoA is actually more important than beneficiary.
Banks will accept POA after the fact. They just want copies of the document/will and will fire it to corporate legal before granting access.Some tips on POA:
Definitions:
Donor=the person granting rights (grandpa)
Attorney or Agent=Person authorized to make decisions by the donor (you?)
There is more. Read the publication.
- It's a standard form in Ontario POA is a standard form in Ontario. You don't need a lawyer to complete this, it's pretty easy, instructions and forms are downloadable at Powers of Attorney
- There are separate POAs for Personal Care and Property.
- Joint or Separate - Joint POA means 2 people must agree on any intended action. For instance, if your Wife and Mother are JOINT, they need to take action/decisions together i.e, if they are banking for you, they must go to the bank together. If it's Separate, either can make the decision, for example, Mom or Wife could decide DNR, they don't need to act together.
- POA dies with the Donor - it's of no use after the person granting POA dies. For banking accounts, it's sometimes better to set up joint accounts, this relies on survivorship at death, meaning the account ownership passes to the other person without probate.
- Banks won't likely accept a POA from an attorney unless the donor is present OR has filed the POA with the bank. It's best for donors and Attorneys to visit banks together to put the POA on file. Banks will issue a POA bank card to the Attorney.
- It's a good idea to provide your Attorney and/or trusted person who is NOT your POA with copies - a sibling or adult child.
- POAs by default can collect fees unless you prohibit them from doing so. It's approx 3% of receipts and disbursements, and for care, it's .6% of the estate value per year (about $600 for every $100K of estate value). This is important to discuss with your lawyer -- I once saw a POA drain a donors estate of $120K by paying themselves 10 years of fees weeks before the donor's death,
I'll just add my wife to all the bank accounts, sounds simpler.Banks will accept POA after the fact. They just want copies of the document/will and will fire it to corporate legal before granting access.
With a joint POA, one person could provide written authorization for the other to act on their behalf in certain situations (e.g. making bill payments from the Donors account) however you’re likely going to have to be very specific. I doubt they’ll (banks) will accept a blanket statement.