Frequently Asked Questions
Why do I need a Will?
A Will is a very important document in which you are able to appointment an executor who is in charge of settling your estate after you pass away.
It will name your beneficiaries who receive all of your remaining property.
It can appoint a custodian for your minor children, and it can establish trusts for beneficiaries who you would like to receive, their entitlement over time.
What is a Power of Attorney?
There are actually two main Powers of Attorney, one for Property and one for Personal Care.
They are documents that are only valid while you are alive and these allow you to appoint one or more individuals who can handle your money and property and can make decisions about your health and treatment, if you are unable to make your own decisions.
How much is a new Will or Powers of Attorney?
We offer affordable package pricing for Wills, Power of Attorney for Property and Power of Attorney for Personal Care.
Ask us what package will work for you?
How long does it take to complete a Will?
For many client’s we can complete the process with two meetings. We strive to have the documents completed within a short period from the initial meeting.
How often should I update my Will?
Properly executed Wills do not expire. However, there can be many reasons that a Will should be updated; for example, if your circumstances change, there is a death in your family, and many other possible changes.
Please contact Lutz Law to schedule an appointment to review your will if you are wondering if yours needs to be updated.
Can we meet with the lawyer virtually or remotely?
In many cases, virtual meetings using video conferencing technology is suitable and convenient. We guide you through the virtual set up, making it easy. However, some document completion and other meetings are best held in person.
Let’s talk about what is best for you!
At Lutz Law, we offer both virtual and in person client meetings.
How much does it cost to close a real estate transaction?
We will review with you the factors that contribute to the cost of a real estate transaction, whether you are buying, selling or refinancing.
At Lutz Law we have fixed fee pricing for most real estate transactions. Ask us for an estimate of the costs to close your next deal.
What is Title Insurance?
Title Insurance is a policy of insurance that is affordably purchased at the time of closing your real estate purchase or completing your new mortgage.
It is a policy that lasts for as long as you own the property and for mortgages, as long as that mortgage is in effect.
There are no annual premiums for the policy and the insurance provides wide coverage including coverage in the case of title fraud.
Contact us if you have more questions about Title Insurance.
How much does it cost to incorporate a company?
There are many factors that contribute to the over-all costs of setting up a corporation including whether you need a named company or a numbered company, the number of shareholders, complexity of the corporate structure, whether a Unanimous Shareholders Agreement is required, and other factors.
We encourage you to contact us for further details and cost estimates for your specific needs.
What is probate and why do I need it?
Probate is a common term used when referring to an Estate.
The word “probate” today, is commonly intended to mean a Certificate of Appointment of Estate Trustee, either with or without a Will.
It is the Court process used in Ontario, when it is necessary to prove that a Will is valid and to appoint Executors and Trustees named in the Will.
If there is no valid Will, then the application is seeking to appoint an administrator who will act as Trustee and to distribute your estate according to Ontario statute.