Drafting a will to ensure that your loved ones are taken care of in the untimely event of your passing is a smart decision but not everything is so cut and dry. Hence the team at Dabros Law would like you to know the pros and cons of creating a will in this new year.

Pro: Your Property Goes To The People You Choose

Your last will and testament allows you to divide your belongings among the people in your life you want to have them. Your family members and friends can have property to help them remember you or aid their quality of life. If there are organizations and charitable foundations that you support, you can allocate some of your property to them after you have passed.

Without proper estate planning, your property enters a state of limbo ruled by laws of intestacy. This could make it so your loved ones receive very little of your property, if not nothing.

Con: Your Will Can Be Challenged

If someone in your life has been left out of your will or if they have received much less than they expected, they can make a challenge to contest your will. This draws out the process and makes your passing even more arduous.

Thankfully a well-drawn will can withstand any challenges. As such, you should engage the services of an estate lawyer to follow all the proper guidelines and ensure that your will is secure.

Pro: You Can Choose Who Handles Your Estate

Your will allows you to specify an executor, a person who makes sure that the bequests of your estate planning are carried out exactly the way you want. The executor should be someone you trust and who is willing to undertake all the necessary steps to close your estate.

Without a will, a court can appoint a stranger with no connection to your family and friends to administer your estate. This person can then take actions that are contrary to your wishes and leave your loved ones with very little of your estate.

Con: Your Will May Require Probate

If your estate planning includes some assets whose worth exceeds a certain amount, your will has to go through probate. The process is a lengthy and costly one that can drain the resources of your estate.

This becomes even more complicated if your estate includes assets that are located in separate provinces or countries. The legislation that governs probate in those other locations could be minimal or even more stringent than expected.

Dabros Law Firm – Comprehensive Will And Estate Planning

Estate planning in Ottawa can be a complicated process, with some merits and demerits to the situation. However, preparing a last will and testament does ensure that your property is assigned to the people and/or organizations you want to have it. There may be some conflict and bureaucracy to get through but the plan you left behind can withstand all that.

The key to getting through all the obstacles to your will is to hire a great estate lawyer to ensure that your will is comprehensive and complete. Please contact us if you need any help with estate planning. Dabros Law boasts the best will and estate planning services in Ottawa. Our team has successfully aided clients in drafting wills properly and assisted executors in the process of administering the will. With our help, your passing can be less painful for those who remember you.

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Hence the lawyers at Dabros Law Firm would like you to know why you should engage the service of an estate lawyer.

An Estate Lawyer Can Navigate Complex Estates

If your estate is composed of different assets of different types in different countries, the process of drawing up a will become a complicated endeavour. The legal regulations that surround the different assets vary and the variation increases when you cross the borders into other countries. All that is compounded by the taxation demands of your country and the countries that host your other assets.

To ensure that your will can comprehensively include all the parts of a complex estate, you need an estate lawyer. They can navigate all the hurdles in place to create a complete representation of your final wishes.

An Estate Lawyer Can Eliminate Errors

There are many tools that allow you to govern your wills and estates independently but your inexperience can work against you. The average citizen might not know to name more than one beneficiary or might exclude digital assets from their will. Making mistakes in your estate planning can create problems for those whom you intend to inherit your estate.

With an estate lawyer, these errors can be avoided. The required beneficiaries will be included, all your assets will be accounted for, and your taxation demands will be met. Estate planning with the services of a lawyer will be a complete process.

An Estate Lawyer Can Help Avoid Challenges

Family disputes over a last will and testament can arise, especially if the family’s relationship with one another is contentious. Violent disagreements about who gets what and how much is deserved can tear a family apart when they should be helping each other.

An estate lawyer can help mitigate any contentious proceedings that might arise from the contents of your will. They can facilitate any meetings to discuss perspectives to obtain the family’s support during the estate planning process. Failing that, they can defend your will and testament in a court of law, should a legal challenge arise.

Dabros Law Firm – Estate Planning To Protect Your Legacy

Your estate and assets should be protected and shared with the people you want to have them. Engage the services of an estate lawyer to ensure that your last will and testament are followed to the letter and all your wishes are met.

Please contact us if you have any questions or considerations about Estate Planning. Dabros Law Firm can help you plan for the inevitable future by helping you create a last will and testament. Our estate planning lawyer will help you determine your assets, your taxation requirements and help you share them. Any required changes can be made in-house with no complications. Choose us to make this process as smooth as possible.

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Applying for a mortgage requires a thorough review of the borrower’s credit history and an involved underwriting process before it can close. The expertise to navigate this process is not available to the average citizen. Hence, the lawyers at Dabros Law would like you to know exactly why you need to consult a real estate lawyer for help with your Ottawa mortgage.

A Real Estate Lawyer Helps You Determine The Type Of Mortgage You Need

There are many types of mortgages available but each one is designed to fulfill a specific need. Some mortgages have a fixed interest rate while others come with an adjustable rate. Interest-only mortgages involve complex repayment schedules that should only be used by experienced borrowers. Reverse mortgages, a type of loan that helps you get money from your property equity without needing to sell it, are available for a specific type of homeowner.

Depending on your personal financial situation and what you need, consulting a real estate lawyer in Ottawa will help you make the appropriate decision. With their vast knowledge and experience in the real estate market, the lawyer will help you choose the right mortgage.

A Real Estate Lawyer Protects You From Undischarged Mortgages

An undischarged mortgage can create a lot of legal trouble for a prospective buyer. When buying a new property, you need to ensure that there are no standing mortgages on what you are purchasing. If not, you could be on the hook for the previous mortgage with yours as an additional financial burden.

A real estate lawyer will liaise with the lawyer of the previous owner to properly discharge that mortgage and replace it with yours. Then, the seller can pay off their mortgage while you own the property with a free and clear title. This protects your financial interests in the mortgage process.

A Real Estate Lawyer Keeps You Safe From Scams

Entering into a mortgage without a real estate lawyer puts you at risk from the actions of malicious people. You could enter into a costly scheme due to misleading information and find yourself prey to other scams. Scammers can leverage title/mortgage fraud into identity theft or put you at risk for foreclosure. Then, you are rendered homeless and financially destitute.

A real estate lawyer can search the property title to identify any suspicious issues and flag any potential threats to you. They can also help you acquire title insurance as protection from more sophisticated fraudsters. By making sure your mortgage is legitimate, a real estate lawyer in Ottawa can protect your financial interests from fraudulent activity.

Dabros Law – Trusted Law Firm in Ottawa

When entering into a mortgage, always make sure you have a real estate lawyer with you for the proceedings. The knowledge and experience they bring to the table will prove invaluable in protecting your interests and ensuring that you get the appropriate mortgage for your property and finances.

Please contact us if you are looking to buy, sell or refinance your property. Dabros Law provides real estate services to ensure a smooth transaction from start to finish. Our team is experienced and detail-oriented and will make sure that your interests are well-represented during the whole process.

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The real estate market is a complicated area, with many legal necessities and requirements that will confuse the average buyer. There are so many ways that you can be taken advantage of when buying a house and here are a few reasons why you need a lawyer to buy a house.

Review Legal Documentation

You will need a real estate lawyer to go through the PSA (Purchase and Sale Agreement) to ensure everything is optimal. The agreement details the various aspects of the deal in question, the budgetary demands, and the requirements of all the relevant persons involved. The average person might miss a crucial part of this agreement and render the entire transaction null and void.

A real estate lawyer will ensure that you understand any and all complex issues with regard to the agreement. Also, in case of any mistakes on the lawyer’s part, they come with insurance that covers errors and omissions to cover your costs in that unique event.

Protect Your Interests

The sale of a house will require many critical checks that real estate lawyers have experience in. As such, they are in a unique position to find and protect you from any encumbrances. If you purchased a house that has an existing mortgage or if the land the property stands on has a construction lien or building permit issue, you are on the hook for whatever costs come along with that. The lawyer can negotiate on your behalf if the details of the contract are not favourable to you in any way and alert you to any encumbrance you might face. 

Also, a real estate lawyer will protect you from the actions of unscrupulous real estate agents and developers. They can and will advocate on your behalf to maintain the integrity of the transaction and advocate on your behalf.

Transfer of Property

During the purchase, you will need a real estate lawyer to register the transaction. After all negotiations have been completed to the satisfaction of the customer, your lawyer and the seller’s lawyer will begin drafting the necessary documentation that will legally transfer possession of the house from the seller to you. The lawyer will guide you in the process of gathering all the required papers you need to carry out the transaction and make sure that nothing is left out.

Real Estate Lawyers Protect Your Money and Documentation

Before money changes hands from you to the seller, a real estate lawyer holds it in escrow to ensure that everything in the deal is satisfied completely. That means that you will have to sign all the legal documents that apply to the sale and pay all the down payments and deposits required in full a week before the closing date. The lawyer keeps all this safe until the transaction is complete.

On the closing date, the seller’s lawyer receives the payments necessary to complete the deal, and the keys to the house are released to your lawyer. Of course, in the information age a lot of this is computerized but only a lawyer can access the specialized software to complete the transaction. This prevents any and all misconduct from both sides of the transaction.

Dabros Law – Ottawa’s Trusted Real Estate Lawyer

The benefits of a real estate lawyer in the purchase of a house far outweigh any cost that might be incurred in retaining their services. The protections they provide during the arduous and complicated matter of buying a house in Ottawa are crucial to ensure that you get the house you want with no strings attached. 

Interested in working with a reputable Ottawa real estate lawyer that will give you the attention and service you deserve? Contact Dabros Law today. Our family-operated practice helps people from every end of the Ottawa region and we’d be pleased to offer your our services.

The post Why Do I Need to Hire a Real Estate Lawyer When Buying a Home? appeared first on Dabros Law Professional Corporation.

Whether it’s due to an illness, injury, or recovery process, unforeseen events are almost certain to pop up at some point. Although you aren’t able to prepare for unfortunate events, you can prepare for them with estate planning services. Keep reading to discover how an estate planning lawyer can help you prepare your assets for any situation.

What is Estate Planning?

In short, estate planning is a process by which an individual assembles a detailed plan that dictates what happens to their assets in the event of death or debilitation. “Assets” in this sense can represent many things, such as properties, businesses, bank accounts, investments, personal property, and much more.

The individual who makes the estate plan decides who benefits from their assets and how much each beneficiary gets. The power of attorney is the one responsible for making financial and healthcare decisions on the incapacitated person’s behalf – they are trusted to ensure the integrity of finances and other matters related to the incapacitated person’s affairs.

An estate planning lawyer is the one responsible for drawing up the legal documents once the individual has decided who they want to represent them and who should benefit from their estate in the event of an accident.

Why Estate Planning Services are Important for Entrepreneurs

Hiring an estate planning service is important because it keeps your business running smoothly. Taking the time to detail a plan, such as who should be in charge of your business in the event of an accident, preserves the operation of your business and keeps your family provided for. There are a surprising number of people that don’t bother to hire an estate lawyer in Ottawa and their business and family suffer as a consequence – don’t fall victim to this!

Another important reason to hire an estate planning service is debt management. Part of estate planning involves detailing how you would like your debts to be repaid. Note that your personal assets can be used to repay business debts, however, your personal assets will need to be incorporated to do this.

What Happens if You Don’t Have an Estate Plan?

The government makes an estate plan for you if you suffer incapacitation or death without a plan already set in place. In Ottawa and the rest of Ontario, this is handled by the Office of the Public Guardian and Trustee (OPGT).

While the government has protocols on how to handle these situations, your assets will likely be handled in a way that differs from your wishes. Take control of your life and hire an estate planning service to avoid government interference!

Failing to create an estate plan also poses challenges for your heirs. You won’t have the opportunity to appoint a guardian who would care for your kids. This one is especially damaging if you don’t trust the person that the government is likely to appoint.

Expert Estate Planning Lawyers in Ottawa

Are you an entrepreneur in Ottawa that is interested in securing the future of your family and business? Contact Dabros Law, Ottawa’s trusted estate lawyers, to get started on planning your estate.

Dabros Law is passionate about providing hassle-free, knowledgeable, and trustworthy legal services to the Ottawa region. Our founder, Shane A. Dabros, was born and raised in Ottawa, so you can be sure that you are getting the personal, professional, and comfortable estate services that you deserve.

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A will and estate planning are not legally required in Ontario, however, to ensure your assets are divided as you wish, it’s best to continue updating your will and estate plan throughout your life.

In the event that you pass away without these legal documents in order, the laws in your province will be the ones responsible for deciding how your estate will be divided.

Making a will or planning your estate in Ontario can seem like a daunting task, but with the help of a trusted lawyer, you’ll be done in no time!

What is a Will?

A will is a legal document that outlines your wishes after you pass away. It tells your loved ones, family, and power of attorney how to distribute assets such as your property, money, and anything of sentimental value.

If you pass away without a will, you’re considered to die intestate. If this is the case, courts will use provincial law to determine how your assets are distributed. To do so, they use the Succession Law Reform Act.

What is Estate Planning?

Estate planning includes legal documents and preparations for your family. An estate plan includes everything from a “living will” in the event that you can’t make decisions for yourself, to your last will and final testament for after you pass away.

It outlines details like who the executor of your estate is, a guardian for your children (if they’re still minors), and more. It is now common to include digital assets and pets when planning your estate.

Having an estate plan in place provides you peace of mind and takes a huge burden off of your loved ones

Will & Estate Planning in Ontario

Although you’re not required to work with a lawyer to make a will in Ontario, it comes with its benefits! For instance, if you have a complex estate or have custom clauses you want to include in your will, a lawyer ensures that everything is listed properly.

Four Important Factors to consider when estate planning:

1. Complexity of your estate – when planning your estate, consider everything from your foreign assets, business assets, investments, who your dependants are, and more. A Lawyer will be able to help you account for everything in your estate plan and help you keep things up to date throughout your life.
2. Stage of life you’re in – as you go through life, your situation changes. Do you still have children who are dependent on you, what about elderly parents? An estate planning lawyer will ensure you think of all the details to ensure nothing is forgotten.
3. Personal goals – ask yourself why you’re planning your estate, and who it’s for. This will help you keep the interests of your loved ones in mind while you’re planning.
4. Who you do trust – you need to appoint an executor of your will. This is someone who you know is reliable so you can trust that they’ll carry out the wishes of your will after you pass away.

In Ontario, a will must meet the following criteria to be considered legal:

• The will must be created by you when you’re over the age of majority in Ontario (18 years old)
• The document must be signed in the presence of two valid witnesses
• The witnesses must sign the final page of your will with you
• Your will must be signed in wet ink and stored as a physical document (a digital copy is invalid)

Having a valid last will and final testament in place will ensure your family is not carrying any additional burden while they mourn you. It can also cause delays in the distribution of your estate if things are unclear.

Preparing a Will & Planning Your Estate With Dabros Law

At Dabros Law, our estate planning lawyer will help you determine your assets and how you would like them distributed.

A will that is properly drafted provides you with the ability to control the conditions of your inheritances and decide how you would like your estate to be distributed all while reducing the hardships on your loved ones.

Whether you need to create a will, or need updates or changes made to an existing one, reach out to our estate planning lawyer in Ottawa.

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