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. |
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