Willy Wonky

Post date: 2022-06-22 23:13:10
Views: 87
Canadian Law Filter - I do not understand wills. Can you please help me understand wills?

We live in Ontario, Canada. My common law Partner and I share a 6 year old child, and a $400,000 mortgage on a house. We own a car worth $10K. He has $30K in student debt.

If we both die at the same time, we would like a dear Friend to take our child, and take all of our assets, and use them to raise our child. We have life insurance, and our house would be a decent source of rental income. Conveniently, Friend has property management experience.

Friend has a mortgage of their own, and some debt. Also a common law partner, and 2 children from a previous relationship. Friend makes an inconsistent income.

We know our values are aligned, and we trust Friend 100% to deeply love our child, use the money in ethical ways, and raise the child well. There's nobody else we would ever choose to raise our child if we couldn't do it.

So - what do we need to do to make this legal? I called a lawyer that does wills, and they talked about making 1 or 2 Wills, and 1, 2, or 4 Powers of Attorney, for Personal Care and / or Property (1 for the couple, or 1 of each for the couple, or 2 each).

I don't know what any of that means, or what we should do.  Could you explain it in very simple terms, please? I know it's important to do this, but it makes me feel nervous and intimidated. I appreciate any advice.
Please click Here to read the full story.
 
Other Top and Latest Questions:
Robinhood CEO downplays OpenAI concerns on tokenized stock structure
Honeywell to review alternatives for two businesses ahead of 2026 split
Movie: 50 First Dates
The Gilded Age: Love is Never Easy
Book: The Hobbit
Getting swole for the revolution, for some values of swole
Answered: [New Premium Plugin] Q2A Avatar Cropper (square image 1:1)
White House: Odds of tariff-related inflation are low, like 'pandemics or meteors'
Former UK Prime Minister Rishi Sunak returns to Goldman Sachs
Here's why Jim Cramer believes GE Vernova's big rally has more room to go