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July 2017 Archives

The need for estate planning for young parents

Years ago, most Ontario parents would have appointed godparents who would take care of their children, if anything should happen to the parents that would orphan the kids. However, times have changed, and young couples are either less religious or not as traditional as couples from earlier years were, and many young parents may overlook the importance of estate planning and the appointment of guardians for their children. Life is unpredictable, and any couple's children may unexpectedly be left without care if their parents are killed in a crash or an equally horrible incident.

Estate planning not only for protection after death

Regardless of how well planned our lives are, unanticipated events have a way of occurring at the worst times. For that reason, estate planners suggest three documents that should not be left out of any Ontario resident's estate planning. Rather than only having control over his or her assets after death, these papers will protect assets if the individual becomes incapacitated.

Trusts are non-essential but valuable tools in estate planning

Many Ontario residents think they only need to draft wills later in life. The truth is that life is unpredictable, and as soon as a person starts earning an income, it is wise to establish some form of estate planning that can be adapted through the years as assets increase and major changes like marriage and children occur. Those who do consider estate planning may misguidedly believe that trusts are essential, while the fact is that they can be helpful under particular circumstances, but they are optional.