Estate Planning is a process that involves work by both the lawyer and the client. I recently met with Carl and Sue at my law office in Stittsville (Ottawa). During our meeting, they said how surprised they were at the amount of paperwork they were asked to bring to the first meeting.

I explained to Carl and Sue that there are very important reasons for thoroughly reviewing what they own and how they own it.  I commented that clients often feel the way Carl and Sue do but after hearing just one example, they’re usually convinced that it is important to do.   Here is one example.

If clients own real property, it can be owned as ‘joint tenants with rights of survivorship’ (JTWROS) or as ‘tenants in common’ (TIC). If owned as JTWROS,  when one owner dies, title to the property passes to the surviving joint owner without going through the estate of the deceased owner. In other words, probate fees are not payable on that real property.

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Early in the new year, I met with Grace* to review her estate planning. She signed a new Will and Power of Attorney for Property (POA) naming her daughter, Julie,* as her executor and her attorney in the new documents.

Grace called me last week to let me know she had gone to her bank to give them the new POA document. She is getting older and, although her mind is still sharp, she likes the idea of Julie being able to manage her money for her. However the bank would not accept the POA because Grace had only an unsigned copy and hadn’t brought the original with her. The bank’s staff, trying to be “helpful,” offered to have Grace sign the bank’s POA form. However, they did not explain to her the problems that doing so could create.

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From all of us at Neff Law Office Professional Corporation to you and yours, we wish you a happy and healthy holiday season. We hope 2014 brings you much happiness and prosperity.