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June 2017 Archives

Wills and trusts in estate planning

Trusts are becoming more and more popular by Ontario residents who want more control over what happens to their assets, both during their lifetimes and after their deaths. While a will is an essential estate planning tool, trusts can be used as added methods of control. The person who establishes a trust is called the settlor, and he or she appoints trustees who will become the legal titleholder of any assets transferred into a trust.

The need for powers of attorney as part of estate planning

Life in Ontario is unpredictable, and adverse circumstances or advancement in age can affect any person's mental competence. If such an individual did not anticipate this and failed to address it by appropriate estate planning measures, a court will appoint such a guardian -- if the individual is no longer mentally able choose a substitute decision maker. The court's appointment may not be the person that the individual would have chosen.

Tips and tricks for effective estate planning

Whether one has a lot or a little, it only makes sense to consider what is going to happen to his or her assets when he or she passes away. While there is no legal requirement to make a will or do any kind of estate planning whatsoever, leaving no plan for heirs to follow can create chaos and disappointment during a time of need. Rather than forcing family and loved ones to scramble, it is always better to put a plan place to provide comfort at a dark hour. Here are some tips for men and women in Ontario looking to put their affairs in order.

Estate planning for blended families may take extra care

Although it makes great fodder for soap operas and dramatic movies, no one wants to leave the family to squabble over an estate after he or she passes away. For that reason, many people leave their final wishes in a will, so that there can be no doubt as to who gets what. Disappointed heirs, however, can make life difficult for others if they feel the will was unfair. Blended families may be especially likely to experience turmoil, if the estate planning is not done just right.