SERVICES | Dashwood

Our Services

What we do is outlined below. How we do it is well. That is, respectfully, thoroughly, and on time.

Dashwood & Dashwood is a general practice law firm specializing in real estate, wills and estates. The office has Commissioners for taking Oaths (typically restricted to Ontario or Canadian documents) and Geoffrey Dashwood is a Notary Public (which is an internationally accepted position).

The major part of our business involves real estate conveyancing from a solicitor’s point of view.

While we are happy working on more complex estate plans or administrations, we are particularly proud of our straightforward and inexpensive wills and powers of attorney.

We generally refer litigious matters to other qualified lawyers.

The office is open from 9:00 a.m. to 5:00 p.m., Monday to Friday, although we can take appointments as early as 7:00 a.m., and as late as 5:30 p.m., upon notice.

Buying a Home Checklist

Selling a Home Checklist

Power of Attorney Checklist

Buying A Home Checklist

In Ontario the lawyer typically acts to ensure that the purchaser is getting good and marketable title to the land, as the escrow agent (we oversee the transfer of money), set up a title insurance policy, oversee the transfer of keys, and registration of the deed.

Review

There is no fee for reviewing the contract or pre-closing meetings (including reviewing status certificates for condominiums). It is always better to review a purchase contract before it’s signed. It’s essential to go over the agreement with a lawyer after is agreed to.

Meeting

Once you have an agreement, it is best to meet with a lawyer and review exactly what each party is expecting. Another meeting is necessary a day or two before closing to sign the closing documents and deliver the closing funds, followed by a meeting on the afternoon of closing to pick up keys. Please note the closing documents must be signed in front of a lawyer or notary. If you will not be able to sign in our office arrangements must be made to sign with another lawyer/notary or by power of attorney.

Once we have been retained to purchase a property we complete a title search. Should any significant title problems come up, we will notify you.

Title Insurance

Most transactions now close with title insurance. Due to the current state of fraud, legislation in Ontario puts liability for fraud on the innocent purchaser. As a result, title insurance (which covers for fraud amongst other things) is often mandatory and always highly recommended.

Mortgage

In most transactions the purchaser’s mortgagee uses the purchaser’s lawyer to do the legal work on the mortgage. The mortgage company is responsible for forwarding mortgage instructions to the lawyer and we prepare the actual mortgage which will be registered on title.

House & Fire Insurance

Most mortgage companies (the “mortgagee”) require that you obtain house insurance before closing. Normally the insurance company sends a “binder” verifying you have valid insurance effective the date of closing. The binder letter must include the name and address of each mortgagee.

Adjustments

The vendor’s solicitor adjusts for realty taxes, water (if it’s flat rate), fuel/oil and any tenancies being assumed on closing. Typically this results in slightly more money being paid on closing although these are not technically closing costs (they are simply pre-paid monies that would otherwise have to be paid).

Please note: There is a $36.40 ownership update fee applied to each property tax account where a change to ownership is requested. There is also a $36.40 fee for ownership updates on a utility account. Where requests for update on both a tax account and utility account for the same property and same ownership change are requested and processed at the same time, a fee of $52.05 total is charged; $26.00 on the tax account and $26.05 on the utility account.

Utilities

Private utility companies like gas and hydro no longer form liens on the property. Consequently you are required to contact them directly. Under the Privacy Act they will not take instructions from your lawyer. Water is a public utility, we notify them on closing of the transfer of ownership. Please watch for the final water bill, we have no way of ensuring it is paid as it is not levied until after closing. If it is unpaid it becomes the buyer’s responsibility (title insurance will cover it, but must be notified).

Parking

Front Yard Parking is not Transferable in the City of Toronto. You must call the appropriate authority, make an application as the new owner and pay the required fee. Please talk to us about parking, the laws can sometimes be difficult and some parking that is used is often actually illegal.

Identification

We are now required to get full identification from purchasers. Typically this includes two pieces of ID, one piece of government photo ID and the other typically a credit card. Please note that we are not permitted to view health cards.

Funds

We collect the balance of your down payment before closing as well as all legal fees, disbursements, bank fees (if any), land transfer taxes, registration fees and adjustments. This will be delivered to us in the form of a certified cheque or bank draft payable to ‘Dashwood & Dashwood in trust’ at the meeting a day or two before closing.

While it is very difficult to set an exact price due to differences in each transaction, the disbursements, including title insurance, H.S.T. and search costs are typically about $600.00 for transactions under $400,000.00. Above $400,000.00 the costs escalates (chiefly due to the title insurance costs).

Registration fees are now $75.72 per instrument (most transactions have two registrations – the deed and the mortgage).

Land Transfer Tax

Land transfer tax is calculated based on the purchase price, if you are in Toronto, and whether you are a first time home buyer. The calculation is available on many government and real estate related websites.

The actual formula for Ontario Tax is 0.5% on the first $55,000.00, 1.0% from $55,000.00 to $250,000.00, 1.5% from $250,000.00 to $400,000.00 and 2.0% above $400,000.00. The Toronto Tax is 0.5% on the first $55,000.00, 1.0% from $55,000.00 to $400,000.00 and 2.0% over $400,000.00.

If you are a first time homebuyer, you get the first $4,000.00 off the Ontario Tax and the first $3,725.00 off the Toronto Tax.

For first time home buyers of a house in Toronto for $250,000.00, there will be no land transfer tax.

Note: You must be a Canadian resident in order to qualify for the first time homebuyer rebates.

For non-first time home buyers of a house in Toronto for $600,000.00 the land transfer tax is $16,200.00.

Keys

Depending on the arrangements, the keys are normally picked up from my office on the afternoon of closing. Usually the keys are available between 3pm to 5pm.

Checklist

The following is a checklist of things you need to see through once you have signed an offer to purchase:

Ensure that you have retained a solicitor to complete the closing prior to the requisition date.
Contact your mortgage company to ensure you have a mortgage in place. Please note in this regard your mortgage company will need to check all purchaser’s credit ratings, the purchaser’s ability to pay and appraise the value of the property. Once all of this is done, the mortgage is typically approved and the mortgage instructions sent to the lawyer. A pre-approval doesn’t mean the mortgage company will lend on a specific house.
Contact your insurance company and arrange to have an insurance “binder” forwarded to your lawyer.
Contact hydro and gas to arrange for new accounts (water in some cases).
Contact the phone company to change or transfer your phone number.
Contact the post office to arrange for all mail to be redirected.
Contact the Ministry of Transport to arrange for your driver’s license to be transferred.
Book a moving van, keeping in mind that the likely time for the move on the day of closing is later in the day (between 3 pm and 5 pm).
Ensure you have sufficient funds easily available to certify (note: virtual banks take up to a week to get certified cheques) three days prior to closing to cover all expenses, adjustments and the balance of the down payment

Selling A Home Checklist

Thank you for allowing Dashwood & Dashwood to be of assistance to you regarding the sale of your home. To assist you with your move, we would like to provide you with the following information.

Required Information

To prepare the documents for your signature we would appreciate receiving the following information from you as soon as possible::

1.Particulars regarding any mortgages registered on title

2.Current realty tax and water bills

3.Survey

4.Marital status of registered owners

5.Telephone and e-mail contacts for you

PLEASE SEND THESE TO US as soon as possible by one of the following methods:

• Mail 961 Kingston Road, Toronto, Ontario M4E 1S8

• Fax 416-690-8738

• E-mail jenniferjardine@dashwoods.ca.ca or geoff@dashwoods.ca

Mortgage Particulars

If there are mortgages registered against the title to your home (conventional or home equity/personal credit lines) – please provide us with a copy of a mortgage statement which indicates:

a) the loan number of the mortgage or credit line

b) the address of the institution/bank servicing the mortgage

PLEASE NOTE: If you have a conventional CLOSED mortgage and you are paying off this mortgage prior to the maturity date, a pre-payment penalty will be applied by the Bank to your discharge statement. The bank will also include a discharge administration and registration fee.

ALSO PLEASE NOTE: Home equity credit lines and personal lines of credit are usually considered to be mortgages and registered against the title to your property. We require information regarding the same to order payout statements.

If you are buying on the same day and using the same institution for the mortgage on your new home, you may be able to make arrangements with that particular bank to either waive the prepayment penalty and/or discharge fees or at least lower the amount of the penalty. Kindly discuss this with your loan’s officer directly.

Realty Taxes

If you are selling your home between January and June 30th, we require a copy of your interim realty tax bill. If you are selling your home between July 1st and December 31st, we require a copy of your final realty tax bill. Please advise us how much you have paid on account of your realty taxes for the year that you are selling your home. You are required to make all usual installments due for taxes up to and including the date of closing. We will adjust for your overpayment on the statement of adjustments on closing and the overpayment will be added to the sale price of the property. If you have under-paid your share of the taxes to the date of closing, a credit will be given to the purchaser or we will be required to make all normal tax payments on your behalf plus late payment penalties from the sale proceeds on closing. Taxes are adjusted on a per diem basis on closing.

If there are tax arrears for previous years – the total owing should be provided to us along with all applicable penalties. These can be paid from the sale proceeds on closing on your behalf.

PLEASE NOTE: if you are paying your realty taxes by pre-authorized monthly installment – you must cancel your installment payments. (Example – if you are selling on April 25th – allow all monthly tax installment to be processed but ask the Tax Department to stop the pre-authorized payments after the April payment …payments are usually around the 15th day of each month… if you are closing before the 15th of the month – cancel your payment after the previous month’s payment has been taken).

PLEASE NOTE: as a courtesy, the Tax Department will allow you to make monthly pre-authorized payments. However, each municipality has a set payment schedule for taxes (for instance Toronto has 6 payments per year).

You should not that there may be additional tax funds owing by you on closing due to the difference in payment schedules between monthly and normal scheduled payments.

For closing, all realty taxes due and owing by you pursuant to the Tax Departments, normal billing process, must be paid by you. This means that if you cancel your pre-authorized payment plan, there will no doubt be funds owing by you which must be paid by you on or before closing. For example… you are selling on June 15th – all monthly installment have been paid by you up to and including May 15th. You are to cancel the pre-authorized effective May 15th and then pay the Tax Department the balance of the interim tax bill up to and including the normal June installment (which in effect is the balance of the interim tax bill). Should you require further clarification of this – please do not hesitate to speak with me or any of my assistants.

Water Accounts

The City of Toronto, in particular, has 2 methods of water accounts:

A metered account where the City comes out and either reads your meter or leaves a card for you to fill in and call your meter reading in. The City then forwards you a water bill for payment. IF THIS IS YOUR METHOD – please arrange for a final meter reading to take place the day of closing or the day before and advise the Water Department of your forwarding address so that the final water bill can be sent to you for payment. You are responsible for all water used on the property up to the date of closing.
A flat rate account. The City in this instance sends out 2 water bills a year. The first is due in January and the second is due in July of each year. The January bill is for the flat rate water used for the period January 1st to June 30th and the July bill is for the period July 1st to December 31st. These bills should be paid on or before their due dates and as with the taxes – we will adjust for your overpayment or under-payment on closing. We require a copy of the relevant bill relating to the closing date. If you are selling before June 30th, please provide us with the interim flat rate water bill and if you are selling after July 1st, we need the final flat rate water bill.

PLEASE NOTE: Unpaid water and tax bills form a lien against the property for the purchaser and it is imperative that all water and tax bills be paid up to and including the date of closing. The payments should be made by you or if circumstances do not allow you to meet these payments, we can pay them from the sale proceeds on closing, however, there will be a late payment charged by the City which must also be paid.

We should also advise you that due to the Privacy Act, the Tax and Water Departments will not discuss your accounts with us as your solicitors unless we provide proof that we are acting on your behalf and pay a certificate fee on your behalf. This fee need not be paid if you are able to provide us with tax and water information from your own records. The Tax and Water Departments will speak with you as owner and provide you with the information over the telephone – so if you cannot find your bills, kindly contact the City at 416) 338-4829 and obtain the necessary information on our behalf.

Garbage Pick Up

The City of Toronto has now delivered green bins, blue bins and grey bins to households for the removal of garbage on your scheduled pick-up day. PLEASE NOTE THAT THESE BINS MUST BE LEFT WITH THE PROPERTY ON CLOSING. They form a chattel that remains with the property.

Also, in Toronto the fee for garbage/waste pick up is included in your water bill on a daily rate.

Hydro & Gas Accounts

These accounts are generally metered accounts and you are billed for services used by you. You are responsible for all hydro and gas services to the date of closing. Kindly call the Hydro and Gas Departments and arrange for a meter reading for these two services on the day of closing (or the day before if that is more convenient for you) and advise them of your forwarding address so that the final bills can be sent to you for payment. Under the Privacy Act these utility accounts will not speak to us as your solicitor.

PLEASE NOTE: if the furnace is a rental unit – we need to know this as soon as possible so that we can obtain an assumption agreement from the purchasers on closing.

PLEASE NOTE: if the hot water tank is a rental unit – we need to know this as soon as possible so that we can obtain an assumption agreement from the purchasers on closing. Please provide us with a copy of the Agreement – especially on the sale of newer constructed homes where the Lease Agreement is through companies such as OZZ or RELIANT.

PLEASE NOTE: If you have purchased an appliance or a gas appliance (BBQ etc) from your service provider and these appliances will remain in the property for the purchasers – any outstanding balance due and owing by you on the purchase of same MUST BE PAID FOR on or before closing. We require information from you regarding the payout amount for these appliances as soon as possible. The service provider will not release this information to us.

Oil Heating

If your property is heated by oil, unless the purchasers have advised you that it their intention to switch to an alternate heating system, you will be required to have the oil tank filled for closing and the bill paid by you. Please advise us if this property is heated by oil so that we can adjust for a full tank on closing. Kindly provide us with the following information:

The size of your tank – oil tanks are usually 200 gallon tanks or 909 litre tanks.
The name of the company that provides the oil to you as the purchasers may wish to use the same oil provider.

Heating Service Plan

If you have a maintenance plan with the gas or oil provider – please note that this plan is not adjusted for on closing and it will be necessary for you to cancel your plan or transfer it to your new home if the provider will allow this.

Front Yard Parking Pad

If your property has a licensed front yard parking pad – this license is not assumable by the purchasers on closing. You are required to advise the Transportation Service Division/ Front Yard Parking Authority for your area that you have sold this property and you should obtain a refund of your license fee from them directly. Purchasers are required to submit an application to have the license put in their names and a fee is required to be paid by them at that time. Please consider this if you are purchasing a home with front yard parking. You must apply to have the same transferred into your name as new owners.

Survey

If you agreed to provide the purchasers with a current or up-to-date survey, you must provide both us as your solicitor and the purchasers with a copy of the up-to-date survey. Please note: if you agreed to provide a current or up-to-date survey and you do not have one, you will be obligated to either provide one at your expense, or we can suggest to the purchasers’ solicitor that you pay for the purchasers’ title insurance coverage on closing. This is an issue which should be discussed with me as soon as possible.

When accepting an Offer that calls for you to provide a survey, if you do not have one you should strike that clause from the offer or you should insert the words “if any” after the words “vendor agrees to provide an existing or current survey”.

If you agreed to provide the purchasers with an existing survey, kindly forward me a copy and provide a copy to the purchasers as well.

Marital Status

The documents as prepared by us must indicate your marital status and accordingly we would appreciate your advising us if you are:

Legally married, living common-law, single, a widow, a widower
If you are separated we need to know if the property was occupied by you and your separated spouse as your matrimonial home prior to your separation.

House Fire & Liability Insurance

Please arrange for your fire insurance policy for this property to be cancelled effective midnight the day of closing.

Bell Telephone/Cable/Satellite Service

Please arrange for your telephone, cable and/or satellite service to be cancelled the day of closing. The services should be transferred to your new home or cancelled and final bills sent to you if these services will no longer be required by you.

Sale of Condominium Unit

You are required to pay all condominium maintenance fees up to and including the month of the sale of your property. The only exception to this is if your closing is on the 1st day of a month – example you are selling your condo unit on November 1st – the purchaser will be responsible for the November 1st maintenance fee upon closing – you must have paid the October fees in full.

Condominium fees will be adjusted on a daily basis on closing and you will be given a credit for any overpayment of same in the statement of adjustments.

Alarm/Security Systems

These items are not adjusted for on closing. You will be required to make arrangements directly with your surveillance company to cancel your service and obtain a refund if possible. The purchasers may wish to take an assignment of the security system and if this is the case you should advise the security company of same and provide the purchasers with the name and telephone number of the security company so that they can arrange for the assignment of the lease etc.

General

Just about all of the properties are now computerized with the Registry Offices and we no longer require a copy of the Deed to your property for closing. If the property being sold is a cottage/rural property, kindly provide us with a copy of the Deed as we will require same to prepare documents.

Photo Identification

The Law Society, Title Insurance and the Banking Institutions now require that we obtain two (2) pieces of identification from you on closing, one of which must be photo ID. Please bring these with you when you come to sign documents for closing.

Acceptable identification:

Photo ID: Permanent Driver’s License, Passport, Certificate of Canadian Citizenship/Naturalization, Permanent Resident Card
Other ID: Credit Cards, Social Insurance Card, Old Age Security Card issued by Government of Canada, Foreign Passport, Employee Identification Card (with photo attached)

Keys

We are required to deliver one(1) key to the purchasers’ solicitor on closing. Please bring one key with you. The balance of the keys can be left in the property on the kitchen counter for the purchasers.

If you are selling a Condominium Unit – please provide us with one complete set of keys (including a mail key, front door access key, apartment key, and the garage door pass if required). Another complete set should be left in the unit or with the Concierge or Management Office if applicable.

Change of Address Form

Please obtain and file a change of address to your new residence with the Post Office.

PLEASE NOTE: that the tax or flat rate water bills for the balance of the year may well be forwarded on to you to your new address as the City may well have not changed their records to show the purchasers as the new owners in time. If you get the tax or flat rate water bills for the periods after you have sold your home – please forward them on to us and we will arrange for the purchasers to receive the same.

PLEASE BE AWARE THAT ONCE WE RECEIVE THE FUNDS FROM THE PURCHASER’S SOLICITOR AND THEY HAVE THE KEYS AND HAVE REGISTERED THE DEED, THE PURCHASER BECOMES THE OWNER OF THE PROPERTY AND IS ENTITLED TO IMMEDIATE ACCESS. MOST SALE TRANSACTIONS DO NOT CLOSE UNTIL LATER IN THE DAY (BETWEEN 3:00 P.M. AND 5:00 P.M.), HOWEVER, THE ODD TIME, WE ARE ABLE TO CLOSE YOUR SALE BEFORE 1:00 P.M.

YOU SHOULD ARRANGE TO HAVE YOUR POSSESSIONS MOVED OUT BY NOON ON THE DAY OF CLOSING. WE APOLOGIZE IF THIS CAUSES YOU AN INCONVENIENCE WITH YOUR MOVERS, HOWEVER, WE ARE NOT IN CONTROL OF REGISTRATION AND CLOSING TIMES.

If you have any questions regarding your sale transaction, please do not hesitate to speak with me or one of my assistants.

It will be necessary for all registered owners to attend at our offices a couple of days before closing to sign the sale documents. We will contact you to arrange a mutually convenient time for this appointment. If you have not heard from us the week before closing, please do not hesitate to call and arrange the appointment.

Last Minute Reminders

Cancel all pre-authorized payment plans.
Order meter readings gas/hydro/water (as applicable).
Cancel fire & liability insurance coverage to be effective the day FOLLOWING closing.
File change of address forms with the post office.
Notify alarm company of change of ownership.
Notify furnace/air-conditioning service plans of change of ownership (as applicable).
Change over telephone/cable/satellite service to your new residence (as applicable).
Arrange for moving company (PLEASE NOTE: some moving companies require you to book them for the full day – if you arrange an afternoon move only – there is a possibility that they will not have completed the morning move for someone else and for this reason there are instances where movers have not shown up on the scheduled day.
If the property is heated by oil arrange for an oil fill for closing – you will be reimbursed for a full tank of oil on closing.

Moving Tip

Pack a suitcase for each family member with enough clothes etc for one week – just as if you are going on a trip – this way you are not hunting for clothes and personal supplies.

Power of Attorney Checklist

Under the Ontario Substitute Decisions Act, it is possible to appoint a power of attorney for property and a power of attorney for care. Forms for both Powers of Attorney for Property and Care are available through the Attorney General should you choose to prepare your own. If you choose this route, we caution you to ensure that all documents are signed properly. We charge a nominal amount for simple powers of attorney. We come a across a large number of powers of attorney which were done privately by clients but which are invalid for any number of reasons. Typically you will not know if the power of attorney will not work until the attorney goes to use it, which is usually after the donor has become incapacitated and it’s too late. We strongly recommend you allow us to review your Powers of Attorney or prepare them, often at the same time as we do the will.

Power of Attorney for Property

The Power of Attorney for Property allows someone or a group of people (either jointly or individually) to make financial decisions on behalf of the donor (the person make the Power of Attorney). It is typical to appoint the person who is the executor of your will as Power of Attorney but is by no means a requirement (in this respect please note that the word attorney refers to the person you are appointing to look after your affairs, not your lawyer). Powers of Attorney can be made conditional upon your incapacity but setting up a mechanism to prove your incapacity to third parties can be extremely complex and awkward. As a result it is our general practice to have the forms signed unconditionally. Please note that the Power of Attorney does not take away the donor’s rights, it simply allows someone else to make decisions. All decisions must be made in the donor’s best interest. The Power of Attorney terminates when the donor dies, when the donor executes another Power of Attorney or when the donor specifically renounces their Power of Attorney.

Power of Attorney for Care

The Power of Attorney for Care allows the “attorney” to make health care decisions on behalf of the donor. These can only be done if the donor is not capable to making health care decisions for him or herself. At Dashwoods we typically we incorporated the “living will” with the Power of Attorney for Care.

Estates Checklist

When someone passes away that person’s assets become their ‘estate’’.

General

Whenever someone passes away, it is advisable for the next of kin to seek legal counsel. In many cases, our advice is that you need no legal work done. The most common cases where no legal counsel is necessary are for parties that have less than $20,000 in assets, for whom the institution where the majority of assets are held releases the money to the beneficiaries without ‘probate’; and in cases where the first party of a spousal situation passes away (as many spouses own all of their assets jointly, the deceased’s assets flow to the survivor). In these cases, simply delivering the death certificate to the various holders of the assets is usually sufficient. (Except the Land Registry Office, which will require a formal ‘survivorship application’ – we can help you with this, though it is not necessary to do this immediately upon death.)

In most cases where the assets are substantial, the holder of the assets will usually require ‘probate’.

Appointment of Estate Trustee (‘Probate’)

Should a court appointment be necessary, the process is called ‘obtaining a certificate of appointment of estate trustee with a will (or without a will)’. This is usually referred to as probate. Probate involves taking the will – or if you have no will, affidavit material – in front of a judge, to approve the documentation. Once the judge has approved it, the will, in effect, becomes a court order and binds any assets.

If probate is necessary, we need to provide the court with a breakdown of the assets of the estate, and their value. We also need a list of the beneficiaries, their circumstances and addresses. The application for probate – from the beginning of the initial interview to obtaining the court order – usually takes from few a months to a half a year. It is very much dependent on how quickly the probate court is operating. There is no ‘fast-tracking’ for families that want to dispose of properties quickly. Please note that we are not able to complete a sale until probate has been obtained. Please talk to us about this as there may be some other procedures available.

Once probate has been obtained, the assets need to be gathered up, accounts/debts need to be paid, and the Estate taxes settled. Once we have a clear idea of the exact accounting of the estate, it is customary to send out notices with the accounting to all the beneficiaries of the estate – with releases for the beneficiaries to approve all of the work done. Once the releases have been received, the funds will be distributed.

It is not unusual for CCRA to audit files after a client’s death. This can occur years after the death. As a result, where potential taxes are involved, it is customary to obtain a clearance certificate. This can take up to a year after the final income taxes have been filed and assessed. For larger estates, it is customary to hold back money for the final taxes.

This description is a very superficial of overview of estate practicing. Every estate is a little bit different. We would be pleased to discuss your particular circumstances. We can bill based on a flat rate for a given service, an hourly rate. or as a percentage based on the value of the estate. We would be pleased to discuss the work and choice of billing at the initial interview.

Will Checklist

We have been assisting clients with their estate planning for almost 90 years. Depending on your needs, your plan can be quite complex or very simple. Many people die with no plan at all leaving it up to the government legislation for intestate people (The Succession Law Reform Act) and the common law to determine how your assets are dealt with at your death.

Intestacy

While the law that deals with an estate where there is no will does not lead to gross inequality, in that it divides the assets largely the way the majority of people would have expected them to be divided, it can lead to some extremely inequitable, awkward and sometimes bizarre results. The Act sets up a schedule of who would receive your assets at your death which is usually your legal spouse and legal children. It makes no provisions for children who are underage and common law spouses are treated differently from legal spouses. Should you die without a will and an estate trustee needs to be appointed (this is the case of most estates where the value is in excess of $20,000.00), your estate trustee will probably have to be bonded before the courts allows him or her to administer your affairs.

Testacy

For most people with assets in excess of $20,000.00, or if you have children or a spouse, a will, simple or otherwise, it is strongly recommended as the main estate planning tool.

With a will you can set up trust funds for children or others. A trust fund can be adjusted to fit each families’ needs.

With a will you can ensure that certain people are looked after that may not fall within the limits of the Succession Law Reform Act (for example; parents, stepchildren or charities). You can also ensure that certain items such as cottages, art collections, etc. will be divided amongst the appropriate people (meaning they get the actual cottage as opposed to forcing the estate to sell the cottage and dividing the money).

You will set up an “Estate Trustee” (Trustee) who is a person appointed by you to look after your estate. This person, assuming they are a resident, will not be obliged to file a bond.

Other Estate Planning

There are many other estate planning tools other than wills which are regularly used by lawyers and financial advisors to ensure an orderly succession on death. These include life insurance policies, owning assets jointly, setting up “inter vivos trusts”, setting up separate corporate wills, cohabitation agreements, shareholders agreements and partnership agreements.

Our Procedure

If you are interested in estate planning, our practice is to book an appointment.

The meeting typically takes about a half-an-hour.

To prepare for this meeting, you do not require a detailed list of your assets. In fact, no list at all is mandatory. You will be asked about your assets in a general way. You should bring in copies any of the above-mentioned documents which could affect your estate planning.

After review of your general financial circumstances, we will discuss with you the main points of your will and draft a will. It will then be sent to you for review. You will need to re-attend to sign it.

It is our office policy that a will prepared by our office be witnessed by Geoffrey Dashwood.

Main Issues

Estate Trustee

Who will be your estate trustee (executor)? That is the person who administers your estate on your death and typically administers any long term trust funds you may have set up. This person should be a resident of the country you live in, available on reasonably short notice to assist and must be of legal age of majority. This should be a fairly responsible person as this person will have access to your assets upon your death.

Guardian

If you have any underage or incompetent children or dependants, you should consider a guardian. This is the person who will largely look after the children on a day-to-day basis. The appointment of a guardian, under the Children’s Law Reform Act, is only good for three months after your death. At that point the guardian may have the appointment approved by the court.

Beneficiaries

The final position, the one most people are most interested in, are the beneficiaries.

There are a series of ways of getting your assets to your beneficiaries. You can pass specific things to your beneficiaries (e.g. cottage) or you can give a bequest to a beneficiary (e.g. $1,000.00). The assets that remain (the residue) will then have to be divided amongst a given set of beneficiaries.

Amending

Once we have prepared and signed the original will, we would be pleased to assist with any necessary changes. Typically you should re-think your estate plan every time a major life change occurs or about every ten years. Please do not amend the original will or Powers of Attorney once they have been signed. The best thing to do is to simply photocopy them and on the copy make any necessary changes and drop them off to the office. We do not charge the full fare for reasonably minor amendments to wills or Powers of Attorney, however we do have to go through the same formalities of signing the documents.

Once we have met, we usually draft documents and forward them on to you. You have the opportunity to review the documents to confirm that the draft represents your wishes. At that point, once you have reviewed the document and you are satisfied with it, you book an appointment to attend the office to have the document formally executed. Please note that the document is invalid until the document is executed with the appropriate witnesses.

It has been the practice of Dashwood & Dashwood for many years to keep a record of the meeting and the fact that the will was signed. The original will is delivered to the client.

The usual process can take as little time as 2-3 days but typically takes about 2-3 weeks.

Dashwood & Dashwood, Barristers & Solicitors
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