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ARTICLE · 14 MAY 2020

The Importance Of A Will: Part 1

Minden Gross LLP
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We are living in unprecedented times. The importance of a Will–during this COVID-19 pandemic or anytime for that matter-simply cannot be overstated.

CanadaFamily and Matrimonial
Matthew Getzler
Matthew Getzler
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We are living in unprecedented times. The importance of a Will–during this COVID-19 pandemic or anytime for that matter-simply cannot be overstated.

This first part of this two-part article discusses some of the major implications of dying without a Will. As a tax lawyer, I would be remiss if I did not address the potential exposure one has to both prematurely paying income taxes and unnecessarily incurring probate fees when dying without a Will. These tax/probate consequences will be discussed in Part 2.

Powers of Attorney should also be addressed while drafting a Will to determine who can make decisions on the individual's behalf, if eventually the individual is incapable or incapacitated. I will not go into the details of Powers of Attorney here. I recommend reading Sheila Morris' article " Substitute Decision Making During Covid-19: Why you need (or may need to update) your Power of Attorney" on the Minden Gross LLP website.

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