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Estate Planning Archives

Estate planning is also about choosing the right people

When many of today's adults were children, choosing the right people to be by their sides was just as important as it is now. Whether making friends, or picking players for a team, kids learn early that it pays dividends to choose the best people for the job. The same holds true when an adult is working on his or her estate planning in Ontario. Whom one chooses to be the executor of the estate can have a major effect on the administration process.

Without a 'Titanic Clause' a person's estate planning could sink

No person can predict the future, but that does not mean one shouldn't make plans for the inevitable. At some point, everyone passes away, and it is important to prepare for the distribution of one's assets when the time comes. Being prepared for multiple contingencies can help to ensure that all of a person's estate planning wasn't for nothing. 

Choosing one's executor is a key part of estate planning

It is one of life's great ironies that one of the most important and potentially complicated events an individual will be associated with occurs after he or she has passed away. The dispersal of personal effects and assets after a person's death may be a simple wrapping up of affairs, but it could also be a time for giving generous gifts to loved ones, or securing a legacy for the future. Unfortunately, the donor cannot be there to oversee the process. For that reason, choosing an executor is one of the most important aspects of estate planning in Ontario.

Include the kids while estate planning later in life

Most children probably believe that mom and dad will always be there. As people age, however, they come to understand and accept that all things come to an end in time. Part of being an adult in Ontario should include preparing for the day when one is no longer around. Some financial experts believe children and other heirs should be included in the estate planning process.

Power of attorney is an estate planning tool that can be misused

There are many tools available to those seeking to have their affairs in order in advance of their demise. Granting power of attorney over one's finances is an excellent choice for many older people to consider while attending to their estate planning. It is, however, a power subject to abuse, and careful consideration is prudent before granting it to someone. A person in northern Ontario is no doubt regretting their choice after his or her accounts were used for the personal benefit of another.

Estate planning update: Change may be coming to power of attorney

Periodically, the laws of the land come under review to ascertain whether they still meet the needs of the population. This includes many areas, including criminal law, family law and estate law. The Law Commission of Ontario has recently issued a report detailing recommended changes to systems in place for substitute decision-making that could have an impact on estate planning.

Suggestions about what to do with RRSPs during estate planning

Many people are surprised by the complexity of their estates when they get older. Assets accumulate over time, and we don't really think about many of them that much. Every asset is important, however, when it comes time to do some estate planning. A valuable asset that many men and women in Ontario need to think about is their RRSP. How one chooses to distribute it after his or her death could have major implications for that person's heirs.

Granting power of attorney as part of estate planning

As cliché as it may sound, it is important for a person to have his or her affairs in order. Estate planning is best done as early as possible, and updated periodically, in order to have everything squared away before it is too late. A key, but too often overlooked, aspect of estate planning is granting power of attorney, so here are a few words about this vital subject.

Getting estate planning in order before it's too late

Most people hate thinking about growing old, and by the time they reach a place of acceptance, time may be running out for taking care of important matters. Estate planning isn't something many young or even middle-age people consider, but putting affairs in order while one is still mentally agile can save a lot of difficulty down the road. Dementia, in particular, is an alarming condition that affects many men and women in Ontario and may impede the ability to make good choices.

Consider a trust during estate planning for securing large assets

Some people are fortunate enough to have acquired assets during their lives of such value that they are deemed worthy of being preserved for future generations of their family. Guaranteeing the survival of a key asset is an important part of estate planning. And while a will is the most common way to bequeath an asset in Ontario, a trust can sometimes be a better choice, as was the case with a recent transfer in another jurisdiction.